You have to consider the matter of estate administration when you are planning your estate. Letting your family know where your estate planning documents are located is fine, but what do they do next? Making your wishes as stated in writing become a reality is going to take the efforts of individuals with certain types of expertise. If you are using a revocable living trust to arrange for the distribution of your resources to your heirs after your passing, you would do well to … [Read more...] about Who Will Administer Your Estate?
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Minimal Social Security COLA Announced
Retirement planning involves having an understanding of the Social Security program. When you do examine the details you find that your benefit alone is probably not going to provide you with the income that you need to truly enjoy your retirement. In fact, you may not be able to retire at all if Social Security is your only source of income. If you are in fact living on a fixed income you are faced with challenges because the prices of things steadily rise while your income … [Read more...] about Minimal Social Security COLA Announced
Unmarried, Childless People Need an Estate Plan Too
Estate planning is something that is relevant to all self-supporting adults. While it is true that married couples who have children may be more concerned about the future than single individuals, unmarried people should take estate planning seriously as well. Some single people feel as though they have less to be concerned about because no one is relying on them. But at the same time, single individuals are going to age like anyone else and they are going to accumulate personal … [Read more...] about Unmarried, Childless People Need an Estate Plan Too
The Limitations of Living Trusts
Living trusts are often utilized by people who would like to arrange for the eventual transfer of assets to their loved ones outside of the probate process. When you use a last will to direct the transfer of your assets after your passing the estate must be probated. During this process the probate court supervises the administration of the estate. The heirs to the estate will not receive their inheritances until this process has run its course. Depending on the specifics of the case … [Read more...] about The Limitations of Living Trusts
End of Year Signals End of Unique Opportunity
Estate planning should be viewed as an ongoing, dynamic process. Things do not stand still, and events can and do take place that can make an estate plan revision necessary. We are experiencing one of these events at the present time. There are significant changes to the estate/gift tax parameters on the horizon in 2013, and because of these changes you may want to take certain actions before 2012 comes to a close. At the present time the unified gift/estate tax exclusion … [Read more...] about End of Year Signals End of Unique Opportunity
Does Medicaid Count Your Home as an Asset?
Many people think of Medicaid as a program that provides very low income people with access to medical care, and this was the original intent of the program. However, the Kaiser Family Foundation states that seven out of every 10 seniors who are residing in nursing homes are using Medicaid to pay for their care. The truth is that not all of these individuals are poverty-stricken. Why can't they just write out a check if they would not describe themselves as being poor? The fact … [Read more...] about Does Medicaid Count Your Home as an Asset?
Update on Hemsley Estate Challenge
The probate court in El Paso, Texas is going to preside over a trial that is scheduled to commence on October 31 in an effort to resolve the Sherman Hemsley estate case. News was circulating a while back about a man named Richard Thornton stepping forward claiming to be the late actor's brother. He is challenging Hemsley's will. In the will, Hemsley leaves everything to his "beloved partner" (this is the term used in the will) Flora Enchinton. Things have been in limbo since … [Read more...] about Update on Hemsley Estate Challenge
Is Retired Military Spouse Protected?
When you serve in the military for at least 20 years you are entitled to a retirement pension. Recognizing the fact that you will have this ongoing stream of income to go along with your Social Security benefit can make retirement planning a pleasure. Service members who want to take advantage of the opportunity to receive a retirement pension have a couple of different options available to them with regard to a long-term career path. You can spend your entire working career in the … [Read more...] about Is Retired Military Spouse Protected?
Examine Insurance Policy Before Selecting Long-Term Care Facility
If you are a serious minded individual you are going to want to develop a relationship with a good Indianapolis elder law attorney as retirement starts to come into focus. Most people are going to have questions along the way, and if you take action without consulting with your lawyer you may make decisions that you regret at some future point in time. With the above in mind there was a case decided by a court in Kentucky recently that is of interest to the elder law … [Read more...] about Examine Insurance Policy Before Selecting Long-Term Care Facility
More Senior Couples Eschewing Marriage
An interesting elder law trend has emerged involving the numbers of seniors who are in relationships who decide not to get legally married. According to United States Census statistics, if you compare findings from 2005 through 2007 to the 2008-2010 figures, the number of Americans in their 60's who are unmarried but living with partners has increased by 14%. There are a variety of different financial reasons why more people are deciding to remain unmarried. One of them involves … [Read more...] about More Senior Couples Eschewing Marriage
