There is nothing more rewarding than charitable giving. Clearly, you gain personal satisfaction when you are in a position to help worthy causes and institutions that are meaningful to you. At the same time, you may be able to gain tax advantages when you indulge your philanthropic urges. A charitable trust of some kind could be part of the plan. Let's look at some of the different types of charitable trusts that are used in the field of estate planning. Charitable Remainder Trusts A … [Read more...] about Are There Different Types of Charitable Trusts?
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Free Report: What is the Difference Between a General and A Limited Power of Attorney
For one reason or another, you may be in a position where you cannot take care of your affairs in person. Under these circumstances, you may need someone to act for you in a comprehensive manner. If you are in this situation, you could grant a general power of attorney. The person that you would name to act on your behalf is called the agent or attorney-in-fact. Don't be fooled by the term attorney-in-fact. Any adult who is mentally competent can act as the attorney-in-fact. You do not have to … [Read more...] about Free Report: What is the Difference Between a General and A Limited Power of Attorney
What Is the Medicaid Home and Community-Based Services Waiver Program?
The Medicaid Home and Community-Based Services waiver program is a government program that should be on your radar when you are looking ahead toward your elder years. This program can potentially provide you with financial assistance that would help you pay for in-home care as a senior if you ever need help with your activities of daily living. Most seniors are going to need living assistance at some point in time, and this is a stark fact of life. To be properly prepared, you should … [Read more...] about What Is the Medicaid Home and Community-Based Services Waiver Program?
How Expensive Is Long-Term Care?
When you are going through life and you have health insurance, you probably do not have any major concerns. Yes, there can be some out-of-pocket expenses, and no one wants to get sick. At the same time, you have insurance to prevent any financial catastrophes. This mentality can carry over when you are thinking about your elder years. You will qualify for Medicare at the age of 65, so you may assume that Medicare will pay for everything, including long-term care. In reality, Medicare does … [Read more...] about How Expensive Is Long-Term Care?
What is the Indianapolis Cost of Probate
What is the Indianapolis Cost of Probate from Paul Kraft Since probate is a legal process that takes place under the supervision of a court, the executor will often retain a probate attorney to assist The executor must notify creditors about the decedent's death, and final debts must be paid during probate. Learn more about Indianapolis Cost of Probate in this presentation. … [Read more...] about What is the Indianapolis Cost of Probate
Do Assets in a Living Trust Get a Step-Up in Basis?
A revocable living trust is an estate planning tool that provides certain benefits, but things essentially stay the same when you convey assets into this type of trust. The trust creator is called the grantor of the trust, and the trustee is the trust administrator. The grantor will typically act as the trustee throughout his or her life. If you create this type of trust, you still control the assets that you conveyed into the trust. You are retaining incidents of ownership in legal … [Read more...] about Do Assets in a Living Trust Get a Step-Up in Basis?
Should I Buy Long-Term Care Insurance?
Long-term care is a very serious matter to take into consideration when you are devising a retirement plan. It is an unpleasant reality to contemplate, but in fact, most elders will need help with their day-to-day needs at some point in time. Nursing homes are extremely expensive, and assisted living communities are also costly. People often spend multiple years receiving care, so the overall expenses can add up to consume everything that you have saved for retirement, and perhaps more. If … [Read more...] about Should I Buy Long-Term Care Insurance?
How Do I Change My Living Trust?
Before we look at the specific question that serves as the title of this entry, we should explain the value of living trusts for those who do not fully understand why you may want to use this type of trust. A living trust is an estate planning tool that provides a great deal of flexibility and control. You can act as the trustee while you are living, so you administer the trust throughout your life. As the creator of the trust, you can also serve as the beneficiary initially. There would … [Read more...] about How Do I Change My Living Trust?
Why Is Retirement Planning Essential?
Retirement planning may seem like something that is not necessary, because there is a societal plan already in place. Throughout your life, you earn retirement credits when you are paying taxes. As a result, you will qualify for Medicare at the age of 65, and you will start to receive Social Security when you reach the age of eligibility. Your confidence may be further bolstered by the fact that you have been contributing into a 401(k) plan through your place of employment. While the above … [Read more...] about Why Is Retirement Planning Essential?
Who Administers My Living Trust When I Die?
The living trust is an estate planning tool that is often overlooked by people who assume that a last will is the only way to go. However, you gain many benefits when you use a living trust, even if you are not wealthy, so you should be aware of the facts before you make any final decisions. Versatility and Control People sometimes think that when you create a trust, you are doing so with a note of finality. The idea is that everything is going to be permanently set in stone, and you will … [Read more...] about Who Administers My Living Trust When I Die?
