Wills and trusts are legal documents that are widely used in the field of estate planning. There are different types of wills and trusts, and there are intricacies that many people do not understand. In an effort to provide clarity, we will take a look at some of the basics in this blog post. Last Wills First, let's look at wills. There are different types of wills, but the will that most people have heard of is the last will or last will and testament. This document can be used to direct … [Read more...] about Wills and Trusts: A Primer
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Estate Planning: Put the Procrastination Behind You in 2016
Estate Planning: Put the Procrastination Behind You in 2016 from Paul Kraft The overarching point that we are trying to make is that estate planning is an ongoing process. It is not something that you accomplish in a single sitting, unless you plan your estate on your deathbed. Learn more about Estate Planning in this presentation. … [Read more...] about Estate Planning: Put the Procrastination Behind You in 2016
Medicaid, Power of Attorney and Legal Liability
If you have parents who are getting older, you may have concerns about their ability to handle their own day-to-day needs. You may be able to provide a certain amount of assistance if you live in the same area, but at some point in time, they may require more care than family members and friends are capable of providing. Many people are surprised when they hear long-term care statistics. You could assume that only a small percentage of elders ultimately reside in nursing homes. In fact, this … [Read more...] about Medicaid, Power of Attorney and Legal Liability
Indiana Does Not Have an Inheritance Tax Anymore
People sometimes hear bits and pieces about estate planning topics, and they go forward with certain misconceptions. We endeavor to clear up some of these misunderstandings from time to time, and we will address one of them in this blog post. Death Taxes Taxes can come into play after someone passes away when assets are being transferred. There are federal taxes, and there are also a state-level taxes. While there is no tax that is formally called a "death tax," this term is often used to … [Read more...] about Indiana Does Not Have an Inheritance Tax Anymore
Does Medicare Pay for Long-Term Care
Does Medicare Pay for Long-Term Care from Paul Kraft Medicaid is a need-based government run health insurance program, and it will assist with long-term care costs. Since it is only available to people with financial need, there is an asset limit of $2000 for an individual applicant. Learn more about medicare pay for long-term care in this presentation. … [Read more...] about Does Medicare Pay for Long-Term Care
Medicaid Planning: Are Your Parents Getting Prepared?
When you hear the term "Medicaid planning," it may sound like an oxymoron. Since Medicaid is a safety net health insurance program for people who have fallen on hard financial times, why would anyone plan ahead to try to be in this situation? This is a logical line of thinking, but as we all know, the government sometimes goes about things in rather confusing ways. In fact, a very significant percentage of older Americans can benefit from the process of Medicaid planning. If you are an adult … [Read more...] about Medicaid Planning: Are Your Parents Getting Prepared?
Estate Planning Lawyers Protect Families
Attorneys create legal documents, and this can paint a certain picture in your mind. There are legal necessities, but there is a human element behind it all. Estate planning lawyers are not motivated by document creation in and of itself. They use the documents to protect families. Consider the Magnitude People are sometimes flippant about the subject of estate planning. They assume that they will always have time to quickly draw up some type of will when they are senior citizens, and they … [Read more...] about Estate Planning Lawyers Protect Families
State-Level Estate Taxes: Are You in the Clear?
When you hear about estate taxes, you may immediately think about the federal level. Many people are aware of the fact that the exemption on the federal level is quite high, so you could go forward with the impression that your estate will not be in taxable territory. It is true that there is a relatively high estate tax exclusion or exemption. In 2016, the amount of this exclusion is $5.45 million, and the top rate is 40 percent. Only the portion of an estate that exceeds the amount of this … [Read more...] about State-Level Estate Taxes: Are You in the Clear?
Can My Son's Creditors Take His Inheritance?
Some people are not good with money, and others run into financial problems that they really didn't cause on their own. This can be something that crosses your mind when you are engaged in your inheritance planning efforts. Clearly, if you were to leave a direct inheritance to a loved one through the terms of a last will, the assets would be in the direct personal possession of the inheritor. They would be treated like any property, and the inherited assets would be available to creditors … [Read more...] about Can My Son's Creditors Take His Inheritance?
Who Will Handle the Business of Your Estate?
The estate administration process should be addressed when you are devising your estate plan. You have to make sure that you empower someone to handle the business of your estate after you are gone. If you decide to use a last will to direct the distribution of your personally held property, the person who would handle the estate administration tasks is the executor or personal representative. When you draw up the will, you can nominate someone to act as the executor. Of course, you have … [Read more...] about Who Will Handle the Business of Your Estate?
