The following handout on the pitfalls of preparing LBJ deeds was presented at the 2008 Winter VBA Program in Burlington. It has been updated with information from the Vermont Department of Taxes on the PTR tax imposed on certain of such transfers. We have also added model language for joint representation, an issue raised during the two-hour program.
In a major departure from current tax policy, the Vermont legislature is considering a bill to impose the Vermont estate tax on some estates where currently no federal estate tax would be due.
Attorneys Paula McCann and Ron Morgan detail the proposed changes to the Vermont Medicaid Manual, potentially affecting whether and to what extent Vermont pays for an individual’s long-term care.
Attorney Paula McCann outlines a few basic rights that all Medicare beneficiaries have, starting with the most basic right of all—being treated with respect.
The Supreme Court’s 2005 decision in Estate of Mainolfi, 178 Vt. 588, illustrates the antiquated nature of Vermont’s probate laws and the need for reform efforts to instill certainty in the results of modern estate planning methods. Specifically, Mainolfi deals with the transfer of a home for estate planning purposes and the resulting implications of the statutory homestead interest for the surviving spouse. Neither the facts nor the law of the case are very clear from this 2-page decision, but the ruling casts uncertainty over any conceivable estate plan that involves the transfer of a home.
Situation: You are engaged in a good faith dispute over how much money someone owes you. That person writes you a check, and writes across it some words indicating that the payment is made in full satisfaction of the claim. If you intend to continue to dispute the claim, do not cash the check. An attempt to reserve rights and cash a check offered in satisfaction of a claim will not be effective.
These are interesting times for individuals trying to plan their estates. State and federal laws continue to be in flux. We would like to highlight some of the most significant changes.
This article was first published in Vermont Property Owners Report, a Montpelier-based subscription newsletter about Vermont and Vermont real estate.
Buying a home in Vermont has never been more challenging. But with the right guidance, you can still come out ahead.
Many people owning Vermont real estate today are not aware that the Vermont Department of Public Safety, Division of Fire Prevention (hereinafter, “DFP” and formerly known as “Labor and Industry”) has jurisdiction over their homes.