Wills and Trusts 101 from Paul KraftYou may think that you don’t need a will if you have a trust. In fact, if you have a living trust, you should also have a pour-over will. This document would allow the trust to absorb assets that were never conveyed into the trust. Learn more about wills and trusts 101 in this presentation.
Have You Considered the Estate Administration Process from Paul KraftThe executor will assume a lot of responsibility, and the estate administration process can be time intensive in some cases. Your executor should be a business savvy individual who is ready, willing, and able to take on these tasks. Anticipated longevity and geographical location will be factors to consider, and impartiality would also be a consideration. Learn more about the estate administration process in this presentation.
Eight Things You Need to Know About Taxation and Estate Planning from Paul KraftIf you leave inheritances to your loved ones, they will not be required to report the bequests as income for regular income tax purposes Capital Gains Taxes. Learn more about eight things you need to know about taxation and estate planning in this presentation.
Is Joint Tenancy a Good Estate Planning Solution from Paul KraftJoint tenancy can involve right of survivorship. This enables the surviving joint tenant to inherit the deceased tenant’s share of the property. Learn more about is joint tenancy a good estate planning solution in this presentation.
What Does Estate Planning Accomplish from Paul KraftWhen you are planning your estate, you should consider the possibility of incapacity late in your life. An incapacity plan will typically include the execution of durable powers of attorney. With these legally binding instruments, you name agents to make decisions on your behalf in the event of your incapacitation. Learn more about what does estate planning accomplish in this presentation.
Navigating Medicaid: Part1 from Paul KraftMedicaid is a state-managed program that can cover the costs of your long-term care for an indefinite period of time, provided that you meet certain income and asset eligibility requirements. Learn more about navigating medicaid in this presentation.
Navigating Medicaid: Part2 from Paul KraftWhen you transfer your assets into a trust in this manner, you ensure that they will still be there for your heirs when you are gone, and help to avoid having them included as wealth when Medicaid calculates your eligibility. Learn more about navigating medicaid in this presentation.
The Trust: Pros and Cons from Paul KraftA trust is a legal arrangement where you give your assets to someone else to manage for the benefit of a third party. With a trust, you create a legal entity that retains ownership of those assets, appoint a trustee to manage the trust, and designate the beneficiaries you want to receive the trust’s benefits. Learn more about Indiana trust in this presentation.
Power of Attorney: Pros and Cons (Part 2 of 2) from Paul KraftA durable power of attorney grants your chosen attorney-in-fact the ability to act in your stead in all matters outlined in the empowering document. You can make those powers broad or limited, much as you would with the general or limited power of attorney. With the durable power of attorney. however, the power to act is present as soon as the document is executed, and can continue even if you are incapacitated. This offers many advantages, and a few disadvantages as well. The durable power of attorney provides a [Read more…]
The Basics of Medicaid from Paul KraftFor seniors, the Medicaid program is an essential component of the long-term care health system. In fact, Medicaid pays for more nursing home care than any other payment source out there. If you’re in need of long-term care, this program is likely to be one of the funding options you consider. Learn more about the basics of medicaid in this presentation.