The Medicaid program is in place to provide health insurance for people who have very limited financial resources. If you have had health insurance through your job or through a private relationship with an insurer throughout your life, Medicaid can seem irrelevant to you. Plus, when you are a senior citizen, you will have health insurance through Medicare. All of this makes sense on the surface, and most of us do not think much about Medicaid while we are relatively young adults. However, the … [Read more...] about Free Report: Can I Qualify for Medicaid If I Own a Home?
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Free Report: Will My Heirs Be Forced to Pay an Inheritance Tax
An inheritance tax is a tax that is imposed on transfers to each individual nonexempt inheritor. As a result, multiple impositions of the tax could potentially be applied when one estate is being administered. When you think about taxation, you have different levels. On the federal level, there is no inheritance tax at all, but there are a handful of states in the union that impose state-level inheritance taxes. We have offices in North Carolina and Kentucky. Fortunately, there is no inheritance … [Read more...] about Free Report: Will My Heirs Be Forced to Pay an Inheritance Tax
Will My Estate Definitely Pass Through Probate?
You may assume that you should use a last will to state your final wishes for your asset. It can seem like the simplest estate planning document so it is natural to think that assets would be distributed right after your death if you use a will. While this may seem logical, things actually take place slowly when you use a will as a vehicle of asset transfer. The executor or personal representative would be required to admit the will to probate after you pass away, and the inheritors would not … [Read more...] about Will My Estate Definitely Pass Through Probate?
Don’t Be Intimidated By Irrevocable Trusts
If you have never looked into the subject closely, when you think about trusts, you may paint with a broad brush assuming that they all do more or less the same thing. In fact, all trusts are not created equal, and there are some big differences between the different types of trusts. One major distinction between trusts is the right to revoke. The revocable living trust is a widely used estate planning tool. This type of trust can be useful for people who are not necessarily multimillionaires. … [Read more...] about Don’t Be Intimidated By Irrevocable Trusts
What Does the Executor of a Will Do?
Things do not fall into place automatically after you pass away, even if you have a last will. In your will, you would name an executor of a will to handle the estate administration tasks. The executor of a will has many different responsibilities. We will look at some of them here, and it all starts with the probate process. In addition to the heirs that are named in the last will, there can be other interested parties. Creditors have the right to seek satisfaction from the estate before the … [Read more...] about What Does the Executor of a Will Do?
How to Find the Right Estate Planning Attorney
Estate planning is a dynamic, ongoing process that is actually an extension of the financial planning that you have done throughout your life. You make sure that you have sufficient resources to draw from for your own purposes, and you simultaneously have your legacy goals in mind. When you are going to make investments, if you are not a professional, you are probably going to enlist the services of a financial adviser. This makes a lot of sense, and you should apply this logic to your estate … [Read more...] about How to Find the Right Estate Planning Attorney
Estate Planning: The Holistic Approach
When you think about estate planning, and you have not looked into it thoroughly, you may reduce the matter to the creation of a last will. You do have to utilize asset transfer methods when you plan your estate, but there is considerably more to think about if you want to be fully prepared. Leaving the people that you love behind will have many effects on those people. Yes, it is important to think about financial matters, but there are also matters of the heart that can enter the … [Read more...] about Estate Planning: The Holistic Approach
Trust Administration: Foresight Prevents Future Problems
When you are planning your estate, you have different options with regard to the legal device or devices that you use to facilitate the transfer of assets. One option is a last will, but you may want to consider a revocable living trust as an alternative. Let's look at the value of a living trust, and we will also pass along some useful information about the trust administration process. Why Use a Living Trust? The process of probate is something to be aware of when you are planning your … [Read more...] about Trust Administration: Foresight Prevents Future Problems
The Perils of Making a Will as a High Net Worth Individual
Making a will can seem like the responsible thing to do when you have wealth to pass along to your loved ones. However, in reality, making a will can have some serious drawbacks for high net worth individuals because of the wealth protection factor. The concept of wealth protection can seem odd. You have been able to accumulate wealth throughout your life, and you have paid taxes. What exactly are you protecting your wealth from? There is a federal estate tax in the United States, and it … [Read more...] about The Perils of Making a Will as a High Net Worth Individual
The Medicaid Solution for North Carolina Seniors
Custodial care is not covered by Medicare. This is the type of care that you would receive in a nursing home or assisted living community. Medicare will only pay for convalescent care after a three day hospital stay for a period of up to 100 days. This presents a challenge for many individuals because the majority of Americans will eventually need long-term care. A stay in a nursing home or assisted living community is extremely expensive. Most people cannot comfortably pay these expenses … [Read more...] about The Medicaid Solution for North Carolina Seniors
