When you are receiving an inheritance, you may wonder if you are required to pay a tax on the inheritance. The answer is probably not. The recipient of an inheritance is not going to be paying transfer taxes on the inheritance unless there is an inheritance tax in the state within which the recipient resides. Only six states have an inheritance tax (though Kentucky is one of them). There is no federal inheritance tax. An inheritance tax is not the same thing as an estate tax. An … [Read more...] about Do I Pay an Inheritance Tax When Someone Leaves Me Money?
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Can a Trust Provide Asset Protection in Charlotte NC?
There is no one way to plan an estate. This is something to keep in mind if you are tempted by websites advertising do-it-yourself estate planning. You may find your way to a site that will allow you to download a generic last will or perhaps a living trust. It looks like all you have to do is pay a fee, download a form, and fill in some blanks, and you are all set. First off, consumer watchdogs such as Consumer Reports have advised against do-it-yourself estate planning because unintended … [Read more...] about Can a Trust Provide Asset Protection in Charlotte NC?
Florence Elder Law Lawyer Can Help With Nursing Home Issues
The prospect of requiring living assistance can be the last thing on your mind when you have been fully capable of handling all of your own day-to-day tasks throughout your life. Undeniably, this is not a subject that most people want to consider. However, you should be aware of the facts when you are devising a plan for aging. In this article, our Florence elder law lawyer will discuss some of the most important issues relating to nursing home issues and how to plan for the future. How Likely … [Read more...] about Florence Elder Law Lawyer Can Help With Nursing Home Issues
Can Life Insurance be Paid to a Trust?
If your family is supported by two incomes, have you considered what would happen if you suddenly lost one of those incomes? Being prepared for this type of unexpected occurrence is part of what estate planning is all about. While many clients believe that estate planning is only important for seniors, that is certainly not the case. In fact, it may be more important for young adults and new families to take steps to plan. Life insurance is one of the most common ways to prepare for the … [Read more...] about Can Life Insurance be Paid to a Trust?
Can Ashland Elder Law Attorney Help With Difficult Issues?
Incapacity is something that most of us never want to think about and hope will never become an issue for ourselves or our loved ones. If it appears that your parent or loved one is exhibiting signs of decline in their mental sharpness, it would be a good idea to start considering how to make sure they can take care of themselves. Common signs of possible incapacity are disorientation and memory loss. If you have noticed either of these signs or anything else that may concern you, discuss your … [Read more...] about Can Ashland Elder Law Attorney Help With Difficult Issues?
Charlotte Medicaid Planning to Protect Eligibility
There are many limitations imposed by Medicaid on the financial resources of applicants. If you wish to protect your eligibility for Medicaid benefits in the future, it is important to discuss your options with our Charlotte Medicaid planning attorney. Issues to consider during your Charlotte Medicaid planning should also include how and when you can transfer assets out of your estate. The cost of long-term care is extremely high and continues to rise. According to some reports, the national … [Read more...] about Charlotte Medicaid Planning to Protect Eligibility
What Do You Need to Know About the Estate Administration Process?
There is a lot you should know about the estate administration process especially if you will serve as an executor for a loved one’s estate. This article will share with you some of the most important things an executor should know. When a loved one asks you to serve as an executor of an estate, chances are that your first thought isn’t about all the work that job requires. If you’re like most people, there’s an initial rush of satisfaction and a feeling that you’ve just been given an incredible … [Read more...] about What Do You Need to Know About the Estate Administration Process?
Answering a Common Social Security Question
If you find that your Social Security check is not going to be enough to fund your lifestyle as a senior citizen, what do you do? The logical course of action would be to continue working until you reach the point where it is simply not necessary anymore. One very common question that arises with regard to working and Social Security involves a potential reduction in Social Security benefits. The age of full Social Security eligibility varies depending on the year of your birth. For those … [Read more...] about Answering a Common Social Security Question
Opportunists, Predators Prey On Elderly
Within the elder law community, there is a great deal of concern about the apparently burgeoning plague of elder financial abuse. According to a Consumer Financial Protection Bureau report (summarized in an article from the Northern Kentucky Tribune), this problem is on the rise, costing seniors (and their eventual heirs) billions of dollars. The CFPB broadly describes two different types of scenarios that are common within this arena. One of them involves crimes of opportunity. These … [Read more...] about Opportunists, Predators Prey On Elderly
Latest Long Term Care Costs Are In
When Ashland KY elder law attorneys assist clients who are preparing for the costs of aging, they look in particular at potential long term care costs. If you have not done any research into the subject, you may be quite shocked to hear just how expensive this care has become in the United States. Genworth's Cost of Care Survey summarizes the long term care costs in America. If you had spent a single day in a private room in a nursing home in the United States in 2018, the national median … [Read more...] about Latest Long Term Care Costs Are In
