Seniors are often surprised when they realize they may need to rely on Medicaid to help them cover the high costs associated with long-term care. Even more worrisome are the eligibility guidelines that include both income and asset limits that can put your retirement nest egg at risk if you failed to plan ahead. The best way to prevent that from happening to you is to know what assets you can have and still qualify for Medicaid in Indiana. By including a Medicaid planning component in your … [Read more...] about What Assets Can You Have and Still Qualify for Medicaid in Indiana?
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Is An Inherited IRA Taxable to the Beneficiary?
In the latter half of the 20th century, employer-sponsored pensions fell out of favor leaving workers to fend for themselves when it came to retirement planning. Today, most workers start planning for their retirement early using tools such as a 401(k) or an Individual Retirement Account (IRA). When the owner of an IRA dies, the person(s) designated as the beneficiary inherits the funds remaining in the account. Both the account holder and the beneficiary need to know if an inherited IRA is … [Read more...] about Is An Inherited IRA Taxable to the Beneficiary?
What Is a Community Spouse?
Are you prepared for the very real possibility that you, or your spouse, will need long-term care when you are older? If not, now is the time to start preparing by incorporating Medicaid planning into your overall estate plan. Doing so may also help dispel some of the myths and misconceptions you have about Medicaid, such as the widely held belief that your spouse will end up with nothing if you need to qualify for Medicaid to help pay for nursing home care. The Indianapolis Medicaid lawyers at … [Read more...] about What Is a Community Spouse?
How Might Estate Taxes Threaten Your Assets?
When most people think about the need for an estate plan, they focus on the desire to control how their estate assets are handled after they are gone. While this certainly remains an important aspect of estate planning, a comprehensive estate plan should also protect those assets while you are alive so there are assets left to pass down when you are gone. Toward that end, it is imperative to recognize, and plan for, the various potential threats to your assets within your estate plan. For … [Read more...] about How Might Estate Taxes Threaten Your Assets?
Documents Needed for Estate Planning
Creating an estate plan can be an intimidating prospect if you know nothing about estate planning. In fact, one of the most common reasons people offer for not having an estate plan in place is that they simply don’t know where or how to start. Because every estate plan is uniquely geared toward the specific needs and goals of the creator, you should always consult with an experienced estate planning attorney when you are actually ready to get started on your plan. In the meantime, however, it … [Read more...] about Documents Needed for Estate Planning
Will Medicaid Pay for In-Home Care?
At some point during your retirement years, you may experience physical and/or mental deterioration that makes independent living difficult. You may not yet need the type of around the clock care offered by a nursing home though. Understandably, you may wish to remain in your home as long as possible. Moreover, you may be able to do so with the assistance of in-home care. The cost of that care, however, can be prohibitive if you are forced to pay out of pocket. The Indianapolis Medicaid … [Read more...] about Will Medicaid Pay for In-Home Care?
What Is Elder Law?
Just as you would undoubtedly not consult with a pediatrician if you needed surgery to remove a brain tumor, you should not consult with a criminal defense attorney if you need your Last Will and Testament updated. Knowing which type of attorney you need, however, can be confusing given that the average person only interacts with an attorney a few times in their entire lifetime. In fact, it can be very difficult to know when the need for an elder law attorney arises given the fact that elder law … [Read more...] about What Is Elder Law?
What Is Considered a Countable Asset for Medicaid
If you have even a rudimentary estate plan in place already, you are ahead of the game considering the fact that over half of all Americans do not have any type of estate plan in place. Do not stop there though. While even a simple estate plan is better than no plan, creating a comprehensive plan can help you achieve a wide range of inter-related goals. For example, as you near retirement age, Medicaid planning should be part of your estate plan. As part of your Medicaid planning component, you … [Read more...] about What Is Considered a Countable Asset for Medicaid
Carmel Probate Steps for the Beginner
When a loved one passes away, the survivors go through a period of mourning that is typically marked by grief and other strong emotions. For one person, however, the mourning process must give way to the legalities of the decedent’s death. Whoever was appointed as the Executor in the decedent’s Last Will and Testament must find a way to focus on the administration of the decedent’s estate, a process referred to as “probate.” If you find yourself the Executor of the estate of a recently deceased … [Read more...] about Carmel Probate Steps for the Beginner
What Happens If a Prenuptial Agreement Clashes with a Will?
When a spouse passes away, the legal steps that must be taken afterward can be exhausting in light of the grief you are also experiencing. In a perfect world, the decedent’s Last Will and Testament is submitted to the court for probate and his/her assets are eventually distributed to the beneficiaries named in that Will. What happens though, if you entered into a prenuptial agreement with your spouse prior to your marriage and the terms of that agreement now clash with the terms of the … [Read more...] about What Happens If a Prenuptial Agreement Clashes with a Will?
