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Proper funding is an essential step in the estate planning process. Funding is designating beneficiaries on your accounts and policies, as well as transferring assets into the name of your trust.  Making sure you have your funding complete means your estate plan will work how you intend it to.  Naming beneficiaries on your account can help ensure who receives your assets. If you have no listed beneficiary, then the state controls who gains possession of your assets. For some, this would be...

If you read our last post on the different things that can go into an estate plan, you may have thought to yourself, “I had a basic will and powers of attorney drawn up years ago, I’m all covered” and went about your day. But, if that is the case, ask yourself has anything changed in your life since you have made your plan? A follow up question is, will the plan still work?  For your estate plan to work properly it...

The third week of October has been designated by Congress as National Estate Planning Awareness Week. The goal for this week is to highlight the importance of estate planning and how planning can benefit you.  The Resolution by Congress noted "the implementation of an estate plan starts with sound education and planning," and then the drafting of legal documents.  Our office couldn't agree more, and we are dedicating this week to articles, quick posts to think about, and a webinar on our...

Schools across the United States are preparing plans on the safest ways to welcome back students for the 2020-21 year. Elementary through High Schools are figuring out whether remote, in-person, or some hybrid makes the most sense for their districts. Meanwhile, some universities have begun to permit their students to move back to campus and for parents all around this can be a nerve-wracking time. Under “normal” circumstances for those of you who are parents of college students, you would likely...

With everyone spending significantly more time at home, many people have taken time to work on projects they had previously put off, learn new skills, and organize their living spaces. But, while cleaning your basement, learning how to give your dog a trim, or remodeling a room in your house are all beneficial, there are certain projects you should think twice before you try to "Do It Yourself." An estate plan you can try to create for yourself but it may...

June 15th is World Elder Abuse Awareness Day (WEAAD). An estimated 1 in 10 Americans over the age of 60 have experienced some form of abuse or mistreatment. WEAAD was created in 2006 to promote a better understanding of elder abuse and educate individuals on how to identify, address, and prevent abuse in the future. Elder abuse can take many different forms – physical, verbal, emotional, sexual, financial exploitation, or neglect. There are various warning signs that can help individuals identify when an elderly loved one is...

Photo by Sharon McCutcheon on Unsplash Is it a gift or a loan? Different requirements and issues are raised depending on how this question is answered. If it’s a gift . . . Most gifts do not require paperwork or IRS Forms to be filled out. In fact, presently individuals can gift up to $15,000 per recipient per year without paying any gift taxes, and married couples can combine their gifts and give up to $30,000 per recipient per year. Any amount over that $15,000 means the...

The Law Office of Matthew A. Ferri would like to congratulate Nash on achieving his therapy certification. As a therapy dog Nash will be able to visit hospitals, nursing homes, schools, and other facilities to help people take the time to “paws awhile for love.” We are excited for him to meet our clients and friends. Here he is resting after the test! ...

Today, we are celebrating 10 years, yes 10 years in business! Just as in the beginning, we are excited to continue helping small businesses and families with their planning and achieving their goals.  We are thankful for all of our clients and friends we have made along the way. We appreciate the ability to give and gain advice throughout our journey.  We look forward to continuing this path and look forward to the next ten years....

General Motors is currently offering buyouts to 18,000 salaried employees who have 12 or more years of experience. Employee buyout packages can come in the form of a one-time lump sum payment, which without proper planning, can have tax and estate implications. If you decide to take the buyout, there are a few things to consider. Where is the money going to be deposited? If you deposited the money into a bank account and were to pass away without designating beneficiaries, then...