Planning Notes

Via this blog we address fundamental concepts and issues relevant to estate planning law (will, trust, probate, asset protection), business law (LLC), real estate law, & tax law. Published by Douglas K. Cook & Steven W. Cook.

Should I Put My Kids on My Bank Account?

January 9, 2017

When people have heard through the grapevine about the perils of the probate process, they often ask me if they should just add their kids to their bank accounts in order to avoid probate. Read More»

How are Employee Bonuses Taxed?

December 29, 2016

Bonuses are characterized as a special type of income called "Supplemental Wages." Read More»

Tax Plan Differences: Trump vs. House GOP

December 29, 2016

Although Trump and the Republicans in the House of Representatives generally agree on a number of significant tax reform issues, there are still a number of issues that need to be resolved. Read More»

Special Needs Trust Fairness Act Becomes Law

December 22, 2016

Congress has passed, and the President has signed, a significant change to the law Federal Medicaid laws applicable to supplemental needs trusts, commonly called special needs trusts. Read More»

Who Needs an Estate Plan, Anyway?

December 21, 2016

Almost everyone needs an estate plan, regardless of how much, or how little, property they own. Read More»

Will Arizona Medicaid (ATLCS) Take My Home?

December 20, 2016

The thought of losing their homes to pay for nurshing home or assissted living care, can be devastating for many people. Read More»

Arizona Medicaid Look Back Period

December 20, 2016

The look-back period is a period of time, currently 60-months, during which Arizona Medicaid (ALTCS) is required to look through your finances in order to determine if you made any uncompensated transfers, i.e. you gave away or sold assets for less than their fair market values. Read More»

Trump’s Estate Tax Plan

November 9, 2016

We can only presume this means there will be a step-up in basis for up to $10 million of property upon the owner's death and that any tax associated with the gain on the property will only be incurred if and when such property is sold. Read More»

Hillary Clinton’s Estate Tax Plan

October 18, 2016

Clinton would lower the estate tax exemption to $3.5 million per person and $7 million per couple, while raising the estate tax from 40 to 45 percent Read More»

Second Marriage? What Could Happen if You Don’t Have an Estate Plan

October 10, 2016

Did you know that if you die without a will that each state in the U.S. has already written one for you? Read More»