You are not compelled to give gifts to anyone during your life, and if you do give gifts, what you want to give is entirely up to you. People are supposed to politely accept your decisions and be appreciative for whatever they may receive. The same principle would logically apply to the process of inheritance planning. However, when you are engaged in your inheritance planning efforts, you may want to be sensitive to the family dynamic that will be left behind in light of your … [Read more...] about Inheritance Planning Choices Can Impact Family Harmony
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Lack of Planning Can Yield Negative Consequences
People sometimes avoid the subject of estate planning for decades on end, because they assume that there would be no negative consequences if they do nothing to prepare for the inevitable. There are laws in place to take care of everything, right? In reality, a lack of planning can yield some very negative consequences. If your failure to act only impacted you, it could be a risk that you are willing to take. However, when you go through life without a plan for aging and eventual death, it is … [Read more...] about Lack of Planning Can Yield Negative Consequences
Medicaid Look-Back: An Exception to the Rule
Most people are aware of the fact that the Medicaid program is a government health insurance program that is for financially needy people who cannot get health insurance any other way. The majority of working Americans are never going to qualify for Medicaid, so it could be completely off your radar as you are traversing your career path. When it comes retirement planning, in the back of your mind, you recognize the fact that you will become eligible for Medicare coverage as a source of … [Read more...] about Medicaid Look-Back: An Exception to the Rule
Don’t Automatically Disinherit a Child With Special Needs
The Medicaid program is a government health insurance program. This program is administered by the federal government along with each state government in a joint effort. To qualify for Medicaid, an applicant must be able to clearly demonstrate a significant level of financial need. There is a limit on countable assets of just $2,000. As you might imagine, many children with special needs are enrolled in the Medicaid program. This can be absolutely necessary, because care and treatment for a … [Read more...] about Don’t Automatically Disinherit a Child With Special Needs
What Is the Veterans Aid and Attendance Special Pension?
The Veterans Aid and Attendance Special Pension is a benefit that many veterans are eligible for, but unfortunately, a lot of people are not aware of this benefit. This pension is something that sits apart from the military retirement pension that veterans earn after at least 20 years of service. Many elders require help with their activities of daily living at some point in time. In fact, the figure is 70 percent according to a government agency. Medicare does not pay for long-term care, and … [Read more...] about What Is the Veterans Aid and Attendance Special Pension?
Can I Create a Trust for the Benefit of My Pet?
When you create a trust, you name someone that you love as the beneficiary. Usually, this beneficiary is going to walk on two legs. However, it is also possible to create a trust that would benefit a furry loved one who walks on four legs. Most states in the union do allow for the creation of pet trusts. We practice law in the state of Indiana, and it is possible to create a trust for the benefit of a pet in our state. In fairness, if you are a relatively young adult with an immediate … [Read more...] about Can I Create a Trust for the Benefit of My Pet?
What Is End of Life Planning?
Taking care of things that will occur after you are gone is clearly at the core of the process of estate planning. However, to be comprehensively prepared, you should take end of life planning into consideration as well. There are many possible contingencies, and you should address them when you are fully capable of making preparations. If you do nothing, difficult circumstances could be that much worse. Alzheimer's Disease Though this is not a pleasant subject to contemplate, a very … [Read more...] about What Is End of Life Planning?
Is There an Estate Planning Solution for Small Business Partners?
Your estate plan should be crafted to suit your specific needs. There are those who think that there are limited possibilities, but in fact, there are estate planning solutions that can match virtually any set of circumstances. Some people are faced with confusing situations, and this would extend to small business partners. How do you plan your estate if the value of your share in your business is a large part of your net worth? This is a good question, but there is an estate … [Read more...] about Is There an Estate Planning Solution for Small Business Partners?
Free Report: What Are the Indianapolis Gift Tax Exclusions?
There is a federal gift tax in place, and it has been around continuously since 1932. To provide some historical background information, the estate tax was enacted in 1916. During the first few years, people who were exposed to the estate tax gave gifts to their family members to avoid the tax. The gift tax was enacted in 1924 to close this window of opportunity. Some people were not happy with this arrangement, so pressure was applied, and the gift tax was repealed in 1926. In 1932, the gift … [Read more...] about Free Report: What Are the Indianapolis Gift Tax Exclusions?
What Happens If I Accidentally Leave Assets Out of My Living Trust?
If you have always assumed that you should use a last will as the centerpiece of your estate plan, you may want to take pause. Even if your situation is not extremely complicated, you may find that a living trust is a better choice once you become apprised of all of the facts. When you establish a living trust, you do not surrender control of the assets. While you are alive and well, you can direct the actions of the trust, because you can act as the trustee. You can also be the beneficiary … [Read more...] about What Happens If I Accidentally Leave Assets Out of My Living Trust?
