There are numerous different types of legal devices that can be used in the field of estate planning. It is unrealistic to expect a layperson to be aware of all of them. This is one of the reasons why it is important to work with a licensed estate planning attorney when you are making preparations for the future. Different circumstances will call for different courses of action, and there is the "right tool for the right job." With this in mind, let's look at the QTIP trust. Protecting … [Read more...] about What Is a QTIP Trust?
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Do I Maintain Control of Property I Convey Into a Revocable Living Trust?
You may take pause before creating a trust because you are concerned about losing control of the assets that you convey into it. It is important to understand that there are different types of trusts. There are revocable trusts, and there are irrevocable trusts. When you create an irrevocable trust, generally speaking you are surrendering personal control of the assets. These trusts are used by those who want to gain tax or asset protection. Because you do relinquish incidents of ownership, … [Read more...] about Do I Maintain Control of Property I Convey Into a Revocable Living Trust?
What If I Create a Joint Tenancy With My Child?
There are various different ways that you can transfer property to someone else, either while you are living, or after you pass away. To create an effective estate plan you should consult with an estate planning attorney, gain an understanding of all of your options, ask questions, and make informed decisions. If you buy into some easy answers that you hear people talking about around the water cooler, negative consequences could result. One of these notions is the idea that joint tenancy is a … [Read more...] about What If I Create a Joint Tenancy With My Child?
Is Medicaid Only for the Poor?
Medicaid is a government health insurance program that is potentially available to people who can demonstrate significant financial need. To put it bluntly, Medicaid provides health insurance for people who are considered poor. However, it gets complicated when it comes to long-term care. If you are not poor, you will qualify for Medicare when you reach the age of 65; and Medicare will pay for medical or convalescent care. The majority of American senior citizens will eventually need help with … [Read more...] about Is Medicaid Only for the Poor?
Can I Keep My House When I Apply for Medicaid?
The Medicaid program is relevant to many senior citizens. While most people are going to qualify for Medicare coverage initially, Medicaid enters the picture because Medicare will not pay for long-term care. If you need help with your day-to-day needs, the care is considered to be custodial care rather than medical or convalescent care. Custodial care is not covered by Medicare. A very significant percentage of seniors do eventually need help with their activities of daily living. According … [Read more...] about Can I Keep My House When I Apply for Medicaid?
Does a Revocable Living Trust Protect Family Wealth?
People often harbor certain misconceptions about trusts. They paint with a broad brush without recognizing that there are a number of different types of trusts that serve different purposes. With this in mind, let's look at what a revocable living trust can and cannot accomplish. Revocable Living Trusts Revocable living trusts are very useful, but they have limitations. A primary reason why you may want to utilize a revocable living trust would be to facilitate the transfer of your assets … [Read more...] about Does a Revocable Living Trust Protect Family Wealth?
What Assets Can I Keep When My Spouse Qualifies for Medicaid?
Medicaid is important to many senior citizens, because Medicare will not pay for custodial care. This is the type of care that you would receive in a nursing home or assisted living community. These facilities are cost prohibitive for many Americans. Our firm practices in Kentucky and North Carolina. The average annual cost for a private room in a nursing home in these states exceeds $80,000. According to a National Nursing Home Survey, the average length of stay is 835 days. Ten percent of … [Read more...] about What Assets Can I Keep When My Spouse Qualifies for Medicaid?
What Is the Asset Maximum That Medicaid Will Allow?
The Medicaid program is relied upon by a high percentage of senior citizens who require long-term care. This is because of the fact that Medicare does not pay for custodial care. Medicare will pay for convalescent care for up to 100 days, but it does not pay for custodial care. It takes careful planning to be able to qualify for Medicaid if you have never been financially needy, because there are upper asset limits. The ceiling on countable assets is $2000 for an individual in most … [Read more...] about What Is the Asset Maximum That Medicaid Will Allow?
When Does a Power of Attorney Go Into Effect?
A power of attorney is a document that is used to give someone else the ability to make legally binding decisions on your behalf. The document is meant to serve your needs, and you can shape it to do just that. Incapacity Planning The type of power of attorney that is used for incapacity planning purposes is the durable power of attorney. This type of POA will remain active if you become incapacitated. When you have a durable power of attorney in place, your hand-picked representative will be … [Read more...] about When Does a Power of Attorney Go Into Effect?
What Is a POD Account in Charlotte North Carolina?
There are so-called "simple solutions" that some people buy into when it comes to estate planning. One of them involves the creation of something called a POD account. What Is a POD Account in Charlotte North Carolina? A POD account is a bank account or a brokerage account that has a beneficiary. The acronym POD stands for "payable on death." These accounts are alternately referred to as transfer on death accounts or TOD accounts. While you are alive, the beneficiary that you select does not … [Read more...] about What Is a POD Account in Charlotte North Carolina?
