Estate planning is not a one-size-fits-all endeavor. A well constructed estate plan will be thoughtfully prepared. If you make assumptions and take action without all of the relevant information, unintended negative consequences can result. With the above in mind, let's look at the value of supplemental needs trusts. Need-Based Government Benefits If you have someone with special needs in the family, you must take government benefit eligibility into account when you are planning your … [Read more...] about SSI, Medicaid and Supplemental Needs Trusts
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When Will My Heirs Receive Their Inheritances?
There are various different ways to get assets into the hands of your loved ones after you pass away. The most commonly utilized estate planning document is the last will. You may assume that the heirs to your estate receive their inheritances right after you die when you use a last will to state your final wishes. Unfortunately, things don't happen very quickly when you use a last will to facilitate the distribution of your personally held assets. Before inheritances can be distributed, the … [Read more...] about When Will My Heirs Receive Their Inheritances?
What Is the Difference Between a Guardianship and a Power of Attorney?
Estate planning involves planning ahead for the things that will take place after you pass away. While this is an important part of the process, you should also consider the eventualities of aging and the potential for a guardianship proceeding. Incapacity Among Seniors Clearly, this is not the most pleasant subject to consider, but incapacity looms as a very distinct possibility. The oldest segment of the population is growing faster than any other. Once you reach the age of 65, it … [Read more...] about What Is the Difference Between a Guardianship and a Power of Attorney?
Can I Use a Trust for Medicaid Planning Purposes?
At first, you may not understand why Medicaid planning is important to many senior citizens. After all, most people are going to qualify for Medicare coverage when they reach the age of 65. In addition to this, Medicaid is a need-based program. The majority of people who retire are going to have some resources, so they wouldn't qualify for Medicaid. All of the above is true, but nonetheless, Medicaid planning is quite relevant to most people who are entering their retirement … [Read more...] about Can I Use a Trust for Medicaid Planning Purposes?
Free Report: What is the Unlimited Marital Estate Tax Dedcution in Indiana?
Most families do not have to pay the federal estate tax because of the existence of the federal estate tax exclusion. Topics covered in this report include: Federal Estate Tax Federal Gift Tax Unlimited Marital Estate Tax Deduction Click here to read the whole article or download the PDF. … [Read more...] about Free Report: What is the Unlimited Marital Estate Tax Dedcution in Indiana?
When Would a Guardianship Be Necessary?
The matter of guardianship is something to take into consideration when you are planning your estate as a parent of a minor child. It can also come into play when you are preparing for the eventualities of aging. In this post we will look at some of the details. Nominating a Guardian If you have minor children still in the home, estate planning is a must for a number of different reasons. You want to make sure that your family has a financial underpinning to draw from if … [Read more...] about When Would a Guardianship Be Necessary?
How Does Medicaid Apply to Married Couples?
When you are planning ahead for the future, you should take potential long-term care costs very seriously. The majority of elders will eventually need assistance with their activities of daily living. Medicare will not pay for long-term care, but Medicaid will. As a result, Medicaid planning is very important for many people. Financial Need As you go through life, you endeavor to put yourself in a position to enjoy your retirement years to the fullest. Most people will qualify … [Read more...] about How Does Medicaid Apply to Married Couples?
Can I Just Buy Estate Planning Documents Online?
The Internet makes it relatively easy to do various different things for yourself. There are instruction booklets that you can buy, and you can visit forums to get advice from others. You can even buy worksheets and downloads online that guide you as you create estate planning documents. While you can purchase these documents, you may want to take pause. There are various different reasons why do-it-yourself estate planning is risky business. Choosing the Right … [Read more...] about Can I Just Buy Estate Planning Documents Online?
Does Medicaid Pay for In-Home Care?
When you hear mention of the word Medicaid, you may lose interest because you will qualify for Medicare when you reach the age of 65. Medicaid is only of value to people with very limited resources, right? Medicaid is a need-based health insurance program that is theoretically in place to provide a health care safety net for financially needy people. However, a very significant percentage of elder Americans ultimately apply for Medicaid, even if they were qualified for Medicare … [Read more...] about Does Medicaid Pay for In-Home Care?
What Is the Most Important Estate Planning Document?
A comprehensive estate plan will include a number of different legally binding documents. While there are always those who are looking to prioritize, this is simply not necessary. You have estate planning objectives, and it takes certain documents to bring your wishes to fruition. There is no need to look for a pecking order. Let's look at some important estate planning documents that could be part of a well constructed estate plan. Transferring Assets: The Last … [Read more...] about What Is the Most Important Estate Planning Document?
