Bridgeriver LLC - October 2021

Bridgeriver LLC - October 2021

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OCTOBER 2021

3 Little-Known Estate Planning Techniques Want to Get Ahead of the Curve? Here’s How

As a financial advisor for 25 years, I have plenty of experience helping clients manage their assets and estate plans. Every day, I deal with potential issues that can occur without the proper guidance of an attorney or financial advisor like myself. I’ve learned a lot of things that most people don’t know or expect as they plan for their retirement, including what might happen to their assets if the unexpected happens.

Here are three of those little-known tips that will help your estate planning go as smoothly as possible.

No. 1: Add children to your bank accounts under a trust, not directly. In order to make it easier for children to access their checking accounts when they pass or while alive, some parents will put their children’s names on the checking account. In the short term, this does simplify how the kids can access the money. However, let’s say your kid gets married (or is married). Under a checking account in your child’s name, it becomes marital property — in other words, you’re legally commingling the assets. If your kids ever endure a divorce or get sued, their spouse or opposing party can go after those funds. The solution is to change the name of your checking account to the name of the trust instead. This will ensure that, no matter what, your intended inheritance funds will go to your intended beneficiaries — the loved ones you want to protect most. No. 2: Title your home to your trust — it could save you tens of thousands. If you want to give your home to your child, you might feel tempted to put their name on your house deed. However, by doing that, your child could lose the opportunity to benefit from one of the biggest tax breaks in the U.S. tax code — the step-up in basis provision.

date of death. Put your children’s names on the deed, and the stepped-up basis is lost. Changing the deed of your home to the trust accomplishes passing this important asset to your children while also keeping the stepped-up basis. No. 3: Putting your home into a trust could protect it from Medicaid claims. In the future, you or your spouse may need to undergo special care, which may be covered by Medicaid. When both spouses die, however, Medicaid can go after their home and seize assets to pay for their care. This is traumatizing for families and often betrays the intention of the passed away family members, even with a will. Putting your home under protection of a trust, however, can ensure your kids will get your house. The state cannot touch assets or money left under a trust to pay for Medicaid. Most people don’t know that and may skip establishing a trust in hopes of avoiding extra steps. Don’t! It’ll save your family so much heartache in the future.

Let’s say, at the day of your death, your home was worth $500,000. If your kids sell the home after, they will only pay capital gains taxes on the gains from the

In short, you don’t want an estate plan that excludes creating a trust. These are just three reasons, among many. Thanks so much for reading this, friends. If you have any interest in or questions about these topics, please call your estate planning attorney or give me a call. I can certainly help point you in the right direction to get started.

More Income and Less Taxes in Retirement Seminar

Oct. 12, 14 — 6:30 p.m. Andiamo (Bloomfield Hills) Oct. 19, 20 — 6:30 p.m. Camp Ticonderoga (Troy) Oct. 26, 28 — 6:30 p.m. Maggiano’s (Troy)

Register today at BridgeriverLLC.com! Free dinner provided.

-Dan Casey

248.785.3734 1

YOU CAN USE WHAT TO TIDY UP?! 4 DEEP-CLEANING HACKS TO PREP FOR THE HOLIDAYS

Cleaning Balls

Prepping for the holidays is exciting and fun, but it requires tons of planning, cooking, decorating, and cleaning. To avoid getting bogged down while preparing for cheerful celebrations with friends and family, try these easy ways to get your house sparkling clean and ready to host.

Utilizing tennis balls for your house chores may sound strange. However, when drying a bulky bed comforter in your dryer, adding a few tennis balls will ensure the stuffing does not gather all to one side. The balls help keep everything nice and even.

Roll the Ceilings

When it comes to ceilings, especially if they are textured, thoroughly cleaning off dust, dander, and cobwebs can be challenging. When you use a broom, chunks typically go flying around and make a larger mess. However, if you whip out a painting roller, dampen it, and roll your ceilings just like you are painting, you are sure to get the job done!

Pillowcases and Fans

Socks on Your Hands

Your ceiling fans collect all of the nasties — dirt, dust, bugs, and allergens. For an easy way to clean them without spreading all the grime around your home, turn to old pillowcases! Simply slip the pillowcase over each individual fan blade and then wipe. All of the debris will end up in the pillowcase itself. A clean home is the key to happy living and is paramount for hosting over the holidays. With these tricks up your sleeve, you are now a cleaning expert!

Have you ever run a finger along a panel of your blinds and it comes up black? Blinds tend to be huge dust collectors. By throwing some socks on your hands, you can get back to clean blinds. All you have to do is find a pair of old socks, “glove up,” and dampen them. From there, if you grip each individual blind panel and slide your hand along the length of it, you will gather tons of nasty dirt and dust onto the sock.

WHAT’S THE DEAL WITH PFAS?

STUDY FINDS TOXIC CONTAMINATION IN POPULAR MAKEUP You might’ve heard about the toxic makeup controversy due to the

The most disturbing detail, though? Of the 29 products that contained PFAS chemicals, 28 did not disclose them on the product’s label. “Some of it could be unintentional, due to manufacturing issues, but there are several products where the levels are so high, they had to be intentionally added for something like durability or water resistance, because that’s what PFAS do very well,” says study author Graham Peaslee, a professor of physics, chemistry, and biochemistry at the University of Notre Dame. Additionally, about 88% of the tested products failed to disclose any ingredients that would explain those chemical markers, despite the Food and Drug Administration requiring such explanations. How do you avoid PFAS risk? According to the study, the highest levels of PFAS were found in foundations (63%), waterproof mascara (82%), and long-lasting lipstick (62%). To get started, use the Skin Deep >Page 1 Page 2 Page 3 Page 4

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