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February 26, 2010
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Estate Planning News

 

 

The Changes Introduced Today Will Mean That Disabled People Will Be Able To Make A Positive Contribution

Reforms to Incapacity Benefit announced today were welcomed by the Disability Rights Commission (DRC).

DRC Chairman Bert Massie said that changes to automatic increases to Incapacity Benefit (IB) being linked to take up of employment and training opportunities, must coincide with the nationwide roll out of the Government’s successful Pathways to Work scheme.

Speaking today after the announcement Mr Massie said:

“Disabled people on Incapacity Benefit are living in poverty. The DRC welcomes the Government’s announcement today that those who are able to, and want to, will be supported into work. The changes introduced today will mean that disabled people will be able to make a positive contribution.

“But for these measures to work, high quality support will be needed from assessment of those deemed able to work, right through to finding and maintaining opportunities to work.”

Mr Massie continued:

“It is important that people on Incapacity Benefit who cannot do paid work are not penalised financially or made to feel guilty. I hope also that the incendiary debate over the last few months – which has done nothing to encourage disabled people into work and everything to make the most vulnerable members of our society extremely worried about possessing pretty paltry sums– can now end, and that we can now have a grown up conversation about the measures needed to help those that can, get back into work.

Pointing to the responsibility of employers to ensure disabled people are not excluded from work opportunities, Mr Massie said:

‘Let’s not forget that as long as employers continue to show disabled people the door rather than work to keep them in a job, we will still have an uphill battle to ensure that disabled people are genuinely able to participate fully in society. Over one third of calls to the DRC were about employers refusing to make adjustments that could keep disabled people in work. There must be more efforts to give employers advice and guidance on how this can be done.’

 

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Did You Know?    
 
 
A "Family Limited Partnership" can be used to own and manage your property
In a similar manner to a Trust, but allowing additional tax planning techniques to be employed. Family Limited Partnerships are typically used for those who have large estates and thus have a need for specialized estate planning in order to minimize federal and state estate/death/inheritance taxes as well as provide elements of asset protection.

 


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Estate Planning Terms

 


Today's Terms

Estate

Definition:
The total of all assets, all debts and other obligations of an individual. At the time of death the total amount of benefits (life insurance, annuity and retirement benefits) to be paid to beneficiaries are often also considered part of the estate for Federal Estate Tax purposes

Probate

Definition:
The process through which the legal title to property is transferred from a decedent to the beneficiaries. If a person dies with a will (testate), the probate court determines if the will is valid, hears any objections to the will, orders that creditors be paid and supervises the process to assure that property is distributed by the Personal Representative or Executor according to the terms of the will. If a person dies without a will (intestate) the probate court appoints an Administrator who receives all claims, pays creditors, and then distributes all property according to the laws of the state.

Family Limited Partnership

Definition:
A legal partnership agreement between members of a family for the management and control of property for the benefit of family members. Sometimes used to minimize transfer taxes.

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Estate Planning Hot Topics

 
Topics Related to Estate Planning:

  • Trusts
  • Wills
  • Uniform Probate Code
  • Gift Tax

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