And so we begin…
Photo Credit: http://www.pgsuite.com/stories/2009/09/Eldercare.jpg
As a result, Carol made gifts to her two brothers. Since she made gifts of over $12,000 in a year, she is now exposed to a gift tax at a rate of 50%.
To have avoided the confusion over who had legal decision making authority, it would have been wise for Sam to plan his estate. The benefits of avoiding the disorganization described above can be achieved through the establishment of a trust or will.
To learn more information about setting up a trust or will, contact Gerald Turner at 781-239-8900 or email at Kthompson@oarlawyers.com.