Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys There has long been a misconception that nursing homes and Medicaid planning are on opposing sides of the proverbial fence. That misconception is starting to change as many nursing homes begin to realize that Medicaid planning actually helps ensure that patients qualify for Medicaid. In turn this ensures that the patient’s financial obligation to the nursing home is covered. Without Medicaid planning, a … [Read more...]
Medicaid Gifts to Children
Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys At some point during your retirement years there is a very good chance you (and/or your spouse) will need long-term care. There is also a good chance that you will need to qualify for Medicaid benefits in order to cover the high cost of that care. Qualifying for Medicaid can be a complicated process given the complex eligibility guidelines. The asset transfer rules, in particular, are a source of much … [Read more...]
Loaning Family Money – What You Need To Know
Loaning Family Money – What You Need To Know Written By: The American Academy of Estate Planning Attorneys People lend money to family members for a variety of reasons. For example, lending your son money to buy his first home, or lending your daughter money to start a new business. At some point, you may find yourself in a similar situation. Therefore, it is important to know how this will impact you from a tax standpoint.Are you charging the borrower interest on the loan? If so, you must pay … [Read more...]
Estate Planning is Essential for Same-Sex Couples
Compliments of Our Law Firm, Written By: The American Academy of Estate Planning AttorneysYou might not realize it, but you already have an estate plan. Even if you’ve never created a Will, never set foot inside an estate planning attorney’s office, and never given estate planning a second thought.Here’s why: each state provides every citizen with a default estate plan. This estate plan comes in the form of intestacy law – a set of basic, one-size-fits-all rules for what happens to property … [Read more...]
What to Expect at Your First Estate Planning Consultation
Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys www.aaepa.com • blog.aaepa.comYour first meeting with an estate planning attorney may seem a little daunting, especially if you’ve never consulted an attorney before. There’s no need to worry, however. This meeting is just a conversation in which your attorney will find out about you, your family, and your goals. After you’ve shared this information, your attorney will be able to recommend a range of … [Read more...]
Five Things Every Woman Should Know About Estate Planning
Compliments of Our Law Firm, Written By: The American Academy of Estate Planning AttorneysNot long ago, wives were “silent partners” when it came to estate planning. Husbands were the ones in charge of long-term planning and major financial decisions. In fact, estate planning attorneys often advised wealthy men to leave their assets in trust for their wives, so that a trustee other than their wife could manage and preserve the family fortune. It was assumed that a widow would not have the … [Read more...]
How the American Taxpayer Relief Act Will Affect You
Compliments of Our Law Firm, By: The American Academy of Estate Planning AttorneysWith the fiscal cliff looming, Congress passed the American Taxpayer Relief Act of 2012 on January 1, 2013. This law averts a number of the automatic tax increases set to take effect at the beginning of this year.If you’re among the 77% of Americans who are affected by the end of the Payroll Tax Cut, you’ve likely noticed a slight decrease in your paycheck. The social security payroll tax returned to 6.2% … [Read more...]
Five Non-Tax Reasons You Need an Estate Plan
Compliments of Our Law Firm, By: The American Academy of Estate Planning AttorneysOne of the biggest myths about estate planning is that it is something only wealthy people need because the only reason for having an estate plan is to minimize estate taxes.The truth is, estate taxes are only a tiny piece of the estate planning puzzle – and every adult needs an estate plan.Here are just a few non-tax reasons to plan:Put the Appropriate People in Charge. An estate plan allows you to … [Read more...]
This New Year, Resolve to Review Your Estate Planning Options
Compliments of Our Law Firm, By: The American Academy of Estate Planning AttorneysThe holiday whirlwind is over, you’ve packed up the decorations, and life is settling into its familiar routine. Your thoughts are likely turning to the coming year, and the things you’d like to accomplish over the next twelve months.Maybe you have ten pounds to lose. Perhaps you want to learn a new language, or set aside more time for family and friends. No matter what your resolutions are this New Year, … [Read more...]
What You Should Know About Seminars on Wills & Living Trusts
Compliments of Our Law Firm, By: The American Academy of Estate Planning AttorneysAvoid Information OverloadEstate planning is a complex topic, and it can involve abstract concepts that are only familiar to experienced estate planning attorneys. If you Google “estate planning,” “will” or “living trust,” you’ll likely be faced with information overload. You’ll have mountains of loosely related bits of information, but no real way to connect all the dots to form a clear picture of what you … [Read more...]
