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Protecting Your Love Ones, Your Legacy, and Your Assets In the New Year Ahead

December 29, 2020

Protecting Your Love Ones, Your Legacy, and Your Assets In the New Year Ahead

Especially considering last year’s global health issues, the new year is an ideal time to refresh or create an estate plan to provide for those you love, protect your assets, and secure your legacy you’ve worked hard to build. By discussing your objectives with a team of trusted professionals—often including an estate planning attorney, financial advisor and tax planner—you can craft the very best solution for your loved ones.  In this article LeeAnn Hitchman, CLFP/MBA and Founding Partner at Hitchman Fiduciaries, explores strategies for special needs considerations and discretionary spending and why estate planning is so important.

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Tips for Successor Trustee Selection

October 23, 2020

Tips for Successor Trustee Selection

When it comes to selecting a successor trustee, there are many factors and choices that need to be considered when making this important decision. Family members and close friends are most often chosen for this role, because it can be perceived as an honor to serve the family in this way and there is an expectation this option will be less expensive. But, major issues and challenges can ensue when family members and friends serve in this way, that can cause major headaches and unneeded drama.

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Estate Planning Matters Especially In the Age of COVID-19

October 15, 2020

Estate Planning Matters Especially In the Age of COVID-19

The rapid escalation of the coronavirus pandemic has motivated individuals and families to be more proactive and get their affairs in good order. Many are reviewing and revising—or even creating for the first time—an estate plan with the support of an experienced attorney. Without an estate plan, you will become more reliant on state laws and probate courts to appoint someone who will be ultimately responsible for your financial affairs and critical health-care decisions.

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What to Look for in a Professional Fiduciary (Trustee)—Especially during a COVID-19 Pandemic and Aftermath

October 7, 2020

What to Look for in a Professional Fiduciary (Trustee)—Especially during a COVID-19 Pandemic and Aftermath

Has your estate planning or elder care attorney ever mentioned, “You’d be wise to get your affairs in order?”  For elderly individuals without immediate family members, it can be extremely difficult to decide who to appoint as their power of attorney or health care surrogate. Learn about the important role of a fiduciary— and how choosing the right one can provide support for you and/or your loved one during a difficult season in life. 

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Five Tips to Protect Against Elder Abuse during the Covid-19 Pandemic

September 24, 2020

Five Tips to Protect Against Elder Abuse during the Covid-19 Pandemic

As we continue to experience living in a Coronavirus/COVID-19 climate, we’ve learned elders are particularly susceptible to the effects of this illness and the many negative ways it has impacted their daily lives. As a result, many precautions have been taken to protect this demographic, especially with respect to exposure to the virus.

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Six Key Nutrients That Seniors Must Have for Better Health—Now More Than Ever!

April 22, 2020

Six Key Nutrients That Seniors Must Have for Better Health—Now More Than Ever!

Considering the challenge that the COVID-19 crisis has created, especially for seniors, now more than good nutrition is more important than ever before.  Getting to the grocery store is more difficult, even with set aside hours for the elderly. And with over-loaded, on-line, food-delivery services, meal-planning for seniors just got a whole lot more complex.

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ABLE Accounts – Tax Advantages for Those Living with Disabilities

April 15, 2020

ABLE Accounts – Tax Advantages for Those Living with Disabilities

The Achieving a Better Life (ABLE) Act of 2014 allows States to establish programs, for eligible individuals with disabilities, and enable them to participate in a tax advantaged savings program. This benefit does not impact the “government means test benefits,” as long as the account within the account is under the allowed maximum.

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Special Needs Trustees – Should They Always Encourage Beneficiaries to open ABLE Accounts

April 1, 2020

Special Needs Trustees – Should They Always Encourage Beneficiaries to open ABLE Accounts

In this blog post we examine who qualifies for an ABLE account, as they can be wonderful tools for the trustee. If the beneficiary of a Special Needs Trust becomes disabled prior to the age of 26, the trustee can fund an ABLE account, regardless of the  kind of special needs trust.

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Market Fluctuations and Special Needs Trusts

March 4, 2020

Market Fluctuations and Special Needs Trusts

The recent US stock market swings have been front and center in the news recently, as we witnessed The Dow Jones Industrial Average plunge more than 12% in a week. 

Special Needs Trust investments are subjected to these market swings, but ideally they are invested in a relatively conservative portfolio. When it comes to investing, special needs trusts are all about the “spend down” and how long the funds will last during the beneficiary’s life time. 

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ABLE Accounts Pay Shelter and Food through Special Needs Trusts

March 3, 2020

ABLE Accounts Pay Shelter and Food through Special Needs Trusts

Using ABLE accounts in conjunction with Special Needs Trusts are an excellent way to effectively increase income to SSI beneficiaries. As long as there is careful monitoring of the account, this is a wonderful tool for special needs trustees and should be part of the overall annual cost analysis. 

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