When you think about how senior citizens who need living assistance get the care that they require, nursing homes may come to mind. But it is important to understand that nursing homes are very expensive. It is not uncommon for people to spend multiple years receiving care toward the end of their lives. Given the current state of nursing home costs this could result in hundreds of thousands of dollars in expenses. Medicare is not going to pay for long-term care. Medicaid can fill the gap in … [Read more...] about Assisted Living: Consider All Options
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Many Parents Put Minor Children at Risk
If you were to ask the typical couple about their priorities, they would almost certainly say that their children come first. In spite of this, a significant percentage of parents with minor children are going through life without an estate plan. Doing this is a calculated gamble. The profound thing about this type of gamble is that you are gambling with the well-being of your children. Do people usually pass away while their children are still minors? Obviously, the answer is … [Read more...] about Many Parents Put Minor Children at Risk
Is a Private Foundation the Right Choice?
It is said that giving is its own reward, and this is certainly true. When you are planning your estate you may find that you are in a position to provide monetary resources to causes that you find to be worthwhile. Making charitable giving a part of your legacy can be a profound undertaking, and for some people it can have spiritual significance. However, in addition to the intangible rewards you can also gain some tax savings when you give to charity. One way of doing so is to create a … [Read more...] about Is a Private Foundation the Right Choice?
How Does “Cliff” Deal Impact Estate Tax?
Throughout 2012 there was a lot of uncertainty about the estate tax parameters that would be in place for 2013. Last year the estate tax exclusion was $5.12 million and the maximum rate of the tax was 35%. These provisions resulted from the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010. This act was scheduled to sunset at the end of 2012. If Congress had not passed new legislation, the estate tax exclusion would have decreased to $1 million, with an increase … [Read more...] about How Does “Cliff” Deal Impact Estate Tax?
Make Sure Health Care Proxy Can Access Health Care Information
If you have not done so already you may want to discuss incapacity planning with an estate planning lawyer as soon as possible. Incapacity planning is important for people of all ages, and while it includes both property and health care issues, the document most people are familiar with is a living will. To see why this is important, look no further than the case of Terri Schiavo. This young woman fell into a vegetative state after suffering full cardiac arrest while she was in her 20s. She … [Read more...] about Make Sure Health Care Proxy Can Access Health Care Information
Elder Law Alert: Increased Medicaid Limits in Place for 2013
Many Americans will rely on Medicaid to pay for long-term care as senior citizens. According to the United States Department of Health and Human Services you have a four in 10 chance of needing nursing home care eventually once you reach the age of 65. 10% of people who require such care are going to need it for at least five years. The average annual charge for a private room in a nursing home in 2012 was over $90,000, so this expense could be devastating if you had to pay … [Read more...] about Elder Law Alert: Increased Medicaid Limits in Place for 2013
Alzheimer’s Research Pushes Forward
We live during an era when the population of the United States is aging very rapidly. The baby boomer generation is starting to get up there in years, and this is having a very big impact within the elder law community. As we all know Alzheimer's disease is something that for the most part impacts people after they reach an advanced age. So, given the aging of the population a significant increase in Alzheimer's cases is expected in the coming years. The reach of this disease is vast indeed; … [Read more...] about Alzheimer’s Research Pushes Forward
Income, Security, & Savings With Alaska Trusts
Many individuals will choose to avoid probate through the use of a revocable living trust rather than a last will. Since you are placing personal assets into a trust you may think that you are removing these resources from your estate for tax purposes. You may also make the assumption that these resources are out of the reach of litigants or creditors. Unfortunately this is not true. Assets that you placed into a revocable living trust are indeed subject to attachment and they are considered a … [Read more...] about Income, Security, & Savings With Alaska Trusts
Study: High Percentage of Americans Die With Nothing to Leave Behind
Estate planning is all about arranging for the distribution of your remaining financial resources after you pass away. Many people have quite specific ideas about what they would like to be able to do for their families and they take the appropriate action with the assistance of a good inheritance planning lawyer. However, recording your final wishes in writing is not going to do much good if you have nothing left to leave behind. Researchers are finding that a very significant percentage … [Read more...] about Study: High Percentage of Americans Die With Nothing to Leave Behind
Five Things Your Estate Planning Attorney Needs to Know
If you want to walk out of the office with a comprehensive inheritance plan that perfectly reflects your wishes you must make sure that you fill your attorney in on all relevant details. With this in mind we would like to highlight five things that your estate planning lawyer definitely needs to know. Do Previously Executed Legal Documents Exist? To be certain that your current wishes are carried out to the letter you must let your attorney know if you have ever executed a will or any other … [Read more...] about Five Things Your Estate Planning Attorney Needs to Know
