A Pandemic is a Pretty Good Time To Prepare or Update Your Estate Plan

by Andy Gutwein & Laura Vogler

With the COVID-19 pandemic showing no signs of slowing, many of us are recognizing the harsh reality that we're all vulnerable. There are so many factors outside of our control, we can't possibly know what the future holds for us. Our faith can help us cope with that reality, but it doesn’t change it. As we've all said before (and will say again), these are extraordinary times -- unimaginable just months ago.

Our law firm, Gutwein Law, remains open for business. All of our team members are back in the office and taking the necessary precautions to keep each other and our clients safe.

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Here's How Those Stimulus Checks Could Impact Your Medicaid Coverage

by Andy Gutwein

As an Elder Law attorney, I know many of my clients receive Medicaid benefits to help with the costs of long-term care -- whether they're in a facility, in assisted living utilizing a waiver, or at home receiving waiver services. So, when the government announced the stimulus payments of $1,200 per adult and $500 per dependent child, immediately the Elder Law community wondered how the payments would be treated by Indiana Medicaid. And rightfully so.

Since stimulus payments started to be issued, I have received many inquiries from Medicaid recipients and other professionals with the most common question being:

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Is it a Great Time for a GRAT? Maybe So.

by Andy Gutwein

At its core, a Grantor Retained Annuity Trust (GRAT) is a tool used to make a tax-free gift. And it may be just the right time to consider setting one up for yourself.

Here's how it works: the donor creates a trust which calls for certain payments to be made to themselves over a period of time, and then whatever is left in the trust passes to the beneficiaries named by the donor. 

Specifically, the tax-free part is accomplished by a complex calculation that "zeros out" the GRAT. Zeroing out simply means that the anticipated value of the remaining assets in the trust (the part that is paid to the beneficiaries) is expected to be zero. 

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The SECURE Act – What Does It Mean to My Estate Plan?

by Andy Gutwein

A traditional IRA allows money to grow tax deferred (not tax free).  But, eventually, when that money is withdrawn from the IRA, it is subject to income tax.  IRAs are subject to required minimum distributions. The SECURE Act changed the minimum distribution requirements for inherited IRAs. 

Historically, one could spread out the distributions of the inherited IRA over their own lifetime. After the SECURE Act, a non-spouse who inherits an IRA must withdraw the entire amount within 10 years. Exceptions to the 10-year rule are minor children, disabled or chronically ill individuals, and beneficiaries less than 10 years younger than the decedent.

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A Peek Inside Our Firm's Culture During COVID-19

by Sean McCarthy

It's no secret COVID-19 (the Coronavirus) is causing a huge deal of uncertainty within companies across the globe. From the glaring financial and supply chain impacts to the less obvious cultural adjustments, there's a lot for business leaders to figure out.

With that in mind, I wanted to share how Gutwein Law is navigating the COVID-19 pandemic from an operations and cultural standpoint in hopes it could help some companies still struggling to find their feet.

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