If you have a Last Will and Testament, you can use it to state your final wishes about your property and heirs, and name your estate executor. If you are the parent of a minor child, your Will can also be used to name a guardian. There are, however, many things Wills do not cover. Jointly Owned Property If you own property in joint tenancy with someone else or in tenancy by entirety with your spouse, you cannot use your Will to leave that property to someone else. You can only leave … [Read more...] about What a Last Will and Testament Does Not Cover
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Ease Estate Settlement for Your Loved Ones
Settling an estate takes time and money. You can ease the settlement process for your own estate by planning ahead. Here are three ways to help your family member’s navigate your affairs when you pass away. Safe Storage of Documents Upon your death your family will have to gather up all of your estate documents and meet with an attorney. You can make this process easier by storing your documents in a safe but easy to find location. Some common storage places include: safe deposit boxes, … [Read more...] about Ease Estate Settlement for Your Loved Ones
What is a “Look Back” Period?
When people refer to a "look back" period, more than likely they are talking about the period of time that Medicaid can look back to see if someone has transferred assets for less than fair market value. This is to see if a person qualifies for Medicaid, which is a needs based program. To qualify for Medicaid, a single person cannot have more than $1,500 in assets. Medicaid can "look back" 5 years to see if the person has transferred assets within that time frame. If so, a period of … [Read more...] about What is a “Look Back” Period?
When to use a Q-Tip
When do you use a Q-Tip? We are not talking about the cotton swab but a Trust that can be used to accomplish your estate planning goals. You might want to consider establishing a Q-Tip, or Qualified Terminable Interest Trust, if you are: Concerned about your spouse remarrying and your money benefiting the new spouseWorried your spouse will not pass on your money to your childrenAfraid that creditors will attach your surviving spouse's propertyConcerned your spouse is unsophisticated about … [Read more...] about When to use a Q-Tip
Should Young People Buy Long Term Care Insurance?
A well known financial personality often talks about long term care insurance on his radio program. When people call in and ask when should they start buying LTC insurance, he says at about age 60. That may make perfect sense, because at age 60, you might be pretty healthy and can still qualify for long term care insurance, and your annual premium (for now at least) would be fairly affordable. But there are 1 in 2 odds that someday you will need long term care insurance, and you are not … [Read more...] about Should Young People Buy Long Term Care Insurance?
Will Estate Tax Get Life Support?
George Steinbrenner, owner of the New York Yankees, really hit a ball out of the park. He died on July13, allowing his beneficiaries to win the estate tax lottery. That is because the estate tax expired in 2009, so no tax has been imposed on estates in 2010, including the more than $1.15 billion he left. But the tax will come back in some form in 2011, and at what percentage and exemption level is of extreme importance to estate planning lawyers and their clients. The House of … [Read more...] about Will Estate Tax Get Life Support?
Pet Trusts Ensure Your Animals' Well Being
If you worry about what will happen to your pets should you die , you are not alone. Leona Helmsley, New York real estate magnate, dubbed “The Queen of Mean” because of how she treated her employees, died in 2007 and left roughly $12 million to her dog, Trouble. A judge later reduced that amount to $2 million. Most of our pets, even the spoiled ones, could get by on a lot less. Thanks to a change in the 1990 Uniform Probate Code, most states now allow you to provide for pets in estate … [Read more...] about Pet Trusts Ensure Your Animals' Well Being
Disability Insurance Protects Your Income
You have your life insurance in place, your 401(k), and you are starting to save for your kids' college or your dream retirement home. Think you have it all covered? What if you have a serious accident or contract a life threatening illness? Your health insurance would pay for the medical bills, and long term care insurance might kick in at some point if it were serious enough. But these would not pay your bills or provide income. You could run through all of your money and lose … [Read more...] about Disability Insurance Protects Your Income
Developing A Retirement Plan
Although everyone should be saving for retirement, few actually are. According to statistics published by the Employee Benefit Research Institute, approximately 60% of adults in the workforce are actively saving for retirement and only 65% of those that are saving have more than $50,000 saved. The worst statistic, however, is only about half the savers actually crunch the required numbers to know how much they need to save. Before you can make a plan, you need to know a few things: 1) What … [Read more...] about Developing A Retirement Plan
Bequeathing the Family Vacation Home
It’s hosted countless get-togethers with family and friends. Your grandchildren loved spending summers there; diving into the lake, roasting marshmallows and discovering just how fascinating nature can really be. You remember the first time your grandson caught a fish and the first time he caught poison ivy. In fact, many of your most treasured memories happened there. The family vacation home holds a wealth of memories and traditions - traditions your family members will likely want to … [Read more...] about Bequeathing the Family Vacation Home
