If you decide that you are going to state your final wishes in a last will, you may not see the entire picture. Yes, you have to state your wishes in writing, but what will happen after you pass away? Who will make sure that your wishes come to fruition? The process of estate administration is a very significant factor to take into consideration when you are devising your estate plan. When a will is used as the centerpiece of an estate plan, the estate administrator is the executor or personal … [Read more...] about Estate Administration: See the Entire Picture
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What Happens to Assets That I Never Put Into My Living Trust?
A living trust is an estate planning device that can provide a host of benefits. When you find out about all of the advantages, it is easy to understand why these trusts are so popular. There are people who are reluctant to consider creating a trust because they are under the impression that trusts are complicated and confusing. It is true that there are complex legal devices that are used by people whohave advanced estate planning aims. However, revocable living trusts are rather simple and … [Read more...] about What Happens to Assets That I Never Put Into My Living Trust?
Gift Tax Exclusion to Remain Unchanged in 2016
The federal gift tax is in place to prevent people from giving gifts while they are living to avoid the estate tax. These two taxes are unified under the tax code. Before we explain some of the details, we should touch upon the marital gift/estate tax deduction. If the people involved are American citizens, unlimited assets can be transferred between spouses free of taxation. However, leaving everything to your spouse tax-free is not an estate tax efficiency strategy in and of itself, because … [Read more...] about Gift Tax Exclusion to Remain Unchanged in 2016
Inheritance Planning: Have You Forgotten Anyone?
When you get serious about inheritance planning, you are probably going to take the matter to heart. After all, you are preparing to pass along inheritances to the people that you love the most, and this is a profound act on many different levels. If we were to suggest that you may forget a loved one, you would probably be surprised. However, many people who have a great deal of love for their families do in fact overlook a valued member. Four-Legged Family Members A significant … [Read more...] about Inheritance Planning: Have You Forgotten Anyone?
Can an Inheritance Cause a Loss of Government Benefits?
Leaving someone an inheritance should be a positive thing on every level. However, there are different ways to go about it, and leaving a direct lump sum inheritance to everyone on your list is not always a good idea. With this in mind, let's look at people with special needs and the government benefit programs that they often rely upon. Medicaid and Supplemental Security Income Health insurance is obviously essential for people with special needs, and Medicaid is often the source. This … [Read more...] about Can an Inheritance Cause a Loss of Government Benefits?
A Medicaid Trust Can Keep Assets in the Family
A lot of people assume that trusts are only useful for people who are extraordinarily wealthy. Indeed, high net worth individuals often use trusts of various kinds, but certain types of trusts can be extremely beneficiary for those of us who are not in the upper economic stratosphere. Even if you are a person of relatively ordinary means, you may want to consider the creation of a Medicaid trust at some point in time. Let's look at the facts. Long-Term Care Expenses When you are relatively … [Read more...] about A Medicaid Trust Can Keep Assets in the Family
Can I Change My Living Trust Beneficiaries?
Many people become hardwired to the idea that a last will is the only logical estate planning document to use if you are not extraordinarily wealthy. In reality, this is not the case at all. Yes, there are trusts that are used by high net worth individuals who are exposed to estate taxes, but there is another type of trust that can be ideal for "the rest of us." The type of trust that we are referring to is a revocable living trust. Another misconception that people harbor about trusts is the … [Read more...] about Can I Change My Living Trust Beneficiaries?
How Soon Can I Receive a Social Security Benefit?
To be comprehensively prepared for the future, you should carefully consider the different stages of life that you will pass through as you get older. Your retirement plan will certainly address the active years that you have always looked forward to, and then there are the twilight years that will follow. You should plan ahead proactively as you take steps to prepare for the eventualities of aging. Social Security The Social Security program is very important for a significant percentage of … [Read more...] about How Soon Can I Receive a Social Security Benefit?
What is a Medicaid Trust?
A Medicaid trust is a type of trust that you could use if you want to qualify for Medicaid to pay for long-term care. Though most seniors will qualify for Medicare, the program does not pay for living assistance. Since 70 percent of seniors will need assistance with their activities of daily living, Medicaid is the solution for many elder Americans. Need-Based Program You may be aware of the fact that Medicaid is a government health insurance program for people with financial need. If you … [Read more...] about What is a Medicaid Trust?
What Happens If I Die Without a Will or Trust?
Estate planning is something that everyone should take seriously. Of course, as you are going through life, this is a delicate subject. At the same time, you have to make sure that your loved ones are provided for after you are gone. The statistics about estate planning preparedness are not encouraging. Studies consistently show that most American adults are not properly prepared for something that is definitely going to happen to each and every one of us. Intestacy If you die without a … [Read more...] about What Happens If I Die Without a Will or Trust?
