A lot of people procrastinate before they put an estate plan in place, and once they finally take action, they breathe a sigh of relief. The documents are tucked away somewhere for safekeeping, and they feel as though the responsibility has been fulfilled. It's certainly a good feeling to have an estate plan completed and in place. However, estate planning should be looked at as an ongoing process. There are various life situations that can call for an estate plan review, we will provide an … [Read more...] about Has Your Estate Plan Been Reviewed?
Medicaid is an important part of the elder law equation because it covers the custodial care that nursing homes provide, and Medicare will not pay for long-term care. Most seniors will need help with their activities of daily living, and 35 percent of elders will eventually reside in nursing homes. These facilities come with some hefty price tags so it is impossible for most people to pay for them out of pocket comfortably. Qualifying for Medicaid Since Medicaid is only available to … [Read more...] about Medicaid Allowances for Spouse and Caregiver Child
A revocable living trust is a very versatile estate planning device that can be the right choice for many people. The first thing that you should know about this type of trust is that you do not have to be extremely wealthy to reap the benefits. When you convey property into a living trust, you are making the trust the owner of the property, but you would essentially be the trust in a figurative sense. You would continue to control and access the resources as usual. The idea is to use the … [Read more...] about Choose Your Living Trust Trustee Carefully
The biggest elder law issue at the present time is the matter of long-term care and the costs that go along with it. Medicare does not pay for living assistance, and the vast majority of seniors will need some form of long-term care. In fact, more than one third of seniors will eventually reside in nursing homes. Medicaid is another government health insurance program that does pay for living assistance. Most people in nursing homes are enrolled in the Medicaid program, and a high percentage … [Read more...] about Five Things You Need to Know About Medicaid Planning
Retirement planning can seem like it is completely focused on the active years that you will be able to enjoy shortly after you put your working years behind you. This is certainly an important consideration, and your golden years can be quite satisfying if you are properly prepared for them. At the same time, it is wise to budget for the years that will follow when you are not as capable as you once were. The United States Department of Health and Human Services tells us that seven out of … [Read more...] about Don’t Assume You Will Never Need Long-Term Care
Caring.com conducts surveys periodically to keep a finger on the pulse of the estate planning preparedness of Americans. The results are never encouraging, but things are actually getting worse. Their latest survey that has been conducted this year has found that the number of people who have a will or another estate planning document in place has decreased by 25 percent over the last three years. At this time, just 32 percent of adults in the United States have made the appropriate … [Read more...] about Estate Planning: Emotions Often Lead to Inaction
A lot of people think that legal advice is not necessary when it comes to estate planning because it is a very simple endeavor. You take a few minutes to draw up a will when you are old and gray, and that’s the long and short of it. People that adopt this perspective assume that trusts are only for the wealthy. In reality, this is a gross oversimplification. It is true that there are certain types of trusts that are used by affluent individuals who are exposed to estate taxes. However, there … [Read more...] about Choose the Right Inheritance Planning Tools
The Social Security program is extremely important to a significant percentage of American senior citizens. However, you should certainly recognize the limitations because benefits are often quite modest. At the same time, the income will help. You may hear that you could start to collect a monthly Social Security benefit when you are 62 years of age. This is true, assuming you paid into the program sufficiently during your working career. The FICA or self-employment taxes that you pay go … [Read more...] about When Do You Qualify for Social Security?
We often get questions about the most important estate planning document. Because so many people have made no preparations at all, they want to know where to begin. They figure that they should start with the piece that is absolutely essential and go from there. In a way, this makes sense, but there is no single answer that is right for everyone because primary estate planning objectives vary from person to person. What is most important for one individual may not be to the next … [Read more...] about What Is the Most Essential Estate Planning Document?
A lot of people are under the impression that a last will is the preferred estate planning document. They shy away from trusts for a couple of different unfounded reasons. One of them is the idea that a will is the right choice if you are not extremely wealthy. The second one is a fear of permanently losing control of assets that are conveyed into a trust. Let’s clear up these misconceptions. Essentially, there are two different classes of trusts: revocable trusts and irrevocable trusts. … [Read more...] about Trusts Are Often Misunderstood