You should definitely discuss things with a licensed elder law attorney if you want to be comprehensively prepared for the latter portion of your life. Topics covered in this report include: How do I know if I will be eligible for Medicare coverage as a senior citizen?Will Medicare take care of all of my health care needs?Can I just pay out-of-pocket?Is it likely that I will need long-term care?I'm not poor, but I'm not rich. How can I prepare for these costs?Can I give away my assets to … [Read more...] about Free Report: What Questions Should I Ask an Elder Law Attorney in Indiana?
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What Happens to a Living Trust When One Spouse Dies?
To a large extent, you control the outcome when you plan your estate. This is what it is all about. Legally binding documents do not rule you; it is the other way around. You utilize specific documents to facilitate the fruition of your wishes. With this in mind, let's look at the question that serves as the title of this post. Separate Living Trusts for Married Individuals When you create a living trust, you have a great deal of control over the terms of the … [Read more...] about What Happens to a Living Trust When One Spouse Dies?
When Is an Estate Tax Return Due?
When you start to plan your estate in earnest, you may wonder if you have to file an estate tax return. You do not have to file an estate tax return unless the taxable value of your estate exceeds the amount of the federal estate tax exclusion. Let's look at the details so that you can proceed in an informed manner. Parameters of Federal Estate Tax Everyone does not have to file an estate tax return because there is a federal estate tax credit or exclusion. This is the line that … [Read more...] about When Is an Estate Tax Return Due?
How Do You Find the Right Elder Law Attorney?
Elder law is the legal specialty that is focused on the needs of senior citizens. If you are concerned about the eventualities of aging, you should definitely discuss the future with a licensed elder law attorney. There are a number of different relevant elder law issues that you should be aware of, but the matter of long-term care is at the top of the list. According to the United States Department of Health and Human Services, 70 percent of senior citizens will someday need help … [Read more...] about How Do You Find the Right Elder Law Attorney?
Revocable Living Trusts: What Is a Successor Trustee?
If you are not particularly wealthy, you may assume that you should use a last will to facilitate the transfer of your monetary assets after you die. You can go this route if you want to, but the postmortem process is something to take into consideration. The executor that is named in the will would have to admit the will to probate. This is a legal process, and it comes with a number of pitfalls. Probate can be costly, it is time-consuming, and probate records are available … [Read more...] about Revocable Living Trusts: What Is a Successor Trustee?
Is There a Medicaid Asset Limit?
Before we examine the Medicaid asset limit question, we should explain why Medicaid is important to many seniors who will qualify for Medicare coverage. If you earn sufficient retirement credits while you are working, you will qualify for Medicare when you reach the age of 65. Medicare is a government health insurance program that you pay into when you are paying your taxes throughout your life. You can earn as many as four retirement credits per year, and you need 40 credits to … [Read more...] about Is There a Medicaid Asset Limit?
What Is a Grantor Retained Annuity Trust?
Estate planning takes on an added layer of complexity when you are faced with federal estate tax exposure. To determine your position relative to the estate tax, you must compare the value of your estate to the federal estate tax credit or exclusion. For the rest of 2014, the federal estate tax exclusion stands at $5.34 million. You can transfer this much tax-free, but transfers that exceed this amount are potentially subject to the death tax and its 40 percent maximum … [Read more...] about What Is a Grantor Retained Annuity Trust?
What Is the Medicaid Monthly Maintenance Needs Allowance?
Before we explain the Medicaid Monthly Maintenance Needs Allowance, we should look at the value of Medicaid planning for people who were never financially needy. Long-Term Care Costs If you have worked throughout your life prior to retirement, you are going to qualify for Medicare coverage. In fact, the eligibility requirements are quite modest. You earn retirement credits when you are working and paying taxes. Each year you can earn as many as four retirement credits. … [Read more...] about What Is the Medicaid Monthly Maintenance Needs Allowance?
When Would I Create a Special Needs Trust?
There are numerous different ways to provide for your loved ones when you are planning your estate. It is important to gain an understanding of all of your options so that you are proceeding the optimal fashion. It is possible to make mistakes that result in negative consequences, even though you have very positive intentions. With this in mind, we would like to look at the value of special needs trusts. Medicaid and Supplemental Security Income You may have a loved one … [Read more...] about When Would I Create a Special Needs Trust?
What Is the Annual Gift Tax Exclusion?
What is annual gift tax exclusion from Paul Kraft If there was no gift tax, you could just give away your assets while you are living to avoid the estate tax. The estate tax and the gift tax are unified under the tax code. Learn more about the annual gift Tax exclusion in this presentation. … [Read more...] about What Is the Annual Gift Tax Exclusion?
