The COVID-19 pandemic has placed our lives into an extended state of suspended animation in many ways. We have been forced to put certain responsibilities on the back burner, but now that there is widespread vaccine availability, the great thaw is happening before our eyes. From an estate planning perspective, it is time to revisit your plan with an attorney so you can make the necessary revisions. In addition to the fact that there is no reason to procrastinate any longer, there are some … [Read more...] about Now Is the Time to Schedule an Estate Plan Review
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Incapacity Planning: Prepare for the Twilight Years
Estate planning is often looked upon as a purely financial endeavor, and this is definitely a large part of the process. At the same time, you should also address the eventualities that you may face during your twilight years. Aging, Alzheimer’s Disease, and Incapacity Your life expectancy is at least 85 years after you celebrate your 67th birthday, and Alzheimer’s disease is quite common among people in this age group. The Alzheimer’s Association tells us that 32 percent of the oldest old … [Read more...] about Incapacity Planning: Prepare for the Twilight Years
These Four Trusts Fly Under the Radar
You should work with an attorney to develop your estate plan because as a layperson, there is no reason why you would understand all the tools that are available to you. There are many different types of trusts that can satisfy specific objectives, and you should be aware of your options. We endeavor to explain them here on this blog, and in this post, we will look at four trusts that typically fly under the radar. Secret Trusts The “secret trust” is a legal device that was sometimes used … [Read more...] about These Four Trusts Fly Under the Radar
Do IRA Transfers to a Beneficiary Go Through Probate?
An individual retirement account can ultimately be part of your estate if you are not going to need the money when you are a senior. Probate is the legal process of estate administration, and some asset transfers are subject to probate after someone passes away. This process is time-consuming and expensive, and the records are available to the general public. Because of these drawbacks, people often try to avoid it. This begs a question: does an individual retirement account transfer go … [Read more...] about Do IRA Transfers to a Beneficiary Go Through Probate?
Does Medicaid Recover the Remainder in a Special Needs Trust?
People sometimes hear bits and pieces about certain aspects of the estate planning process, and they come away with misconceptions that are built on kernels of truth. This will sometimes enter the picture when it comes to the interpretation of Medicaid estate recovery. In this post, we will look at the subject as it applies to assets that remain in a special needs trust. Government Benefit Eligibility Most Americans get health insurance through their jobs, but many people with disabilities … [Read more...] about Does Medicaid Recover the Remainder in a Special Needs Trust?
Elder Law News: Medicare Eligibility Age My Be Reduced
Elder law attorneys keep a finger on the pulse of laws that impact programs for seniors. Changes are always possible via legislative mandate, and now that there is a new power dynamic in Washington, we may see movement over the coming months and years. With this in mind, an attention-getting proposition has been presented that would significantly impact the Medicare program, and will take a look at it here. Eligibility Age You earn retirement credits that lead to Medicare eligibility when … [Read more...] about Elder Law News: Medicare Eligibility Age My Be Reduced
The QDOT Solution for Non-Citizen Spouses
There are targeted estate planning tools that can be used to satisfy very specific objectives. One of them is the QDOT, and we will look at this highly effective legal device in this post. Federal Estate Tax The acronym “QDOT” stands for a qualified domestic trust. You can use this type of trust to gain estate tax efficiency if you are married to citizen of another country. This tax is a looming threat to your legacy if you have been very successful from a financial standpoint, because it … [Read more...] about The QDOT Solution for Non-Citizen Spouses
Are You Sure Your Kids Want Your Stuff?
A lot of people make estate planning assumptions that are a bit self-serving. Since you have an emotional investment in your belongings, you may assume that your children are on the same page. In reality, this may not be the case at all. Your Home The house that you live in may be the same property that your children grew up in, and it is a repository of many cherished memories. Even if this is not the case, you chose the home because it appeals to your sensibilities, and it is a source of … [Read more...] about Are You Sure Your Kids Want Your Stuff?
Elder Care Planning: Dissolve the Psychological Barrier
There is a tongue-in-cheek truism that goes like this: “Experience is something you get just after you need it.” Indeed, you are sometimes blind to a reality that becomes very clear after you have had the experience, and it’s hard to imagine how you could have missed it. This definitely enters the picture when it comes to planning ahead for your elder years. Retirement Planning When you get your first career position, you are introduced to the concept of retirement planning. You are given … [Read more...] about Elder Care Planning: Dissolve the Psychological Barrier
Five Tips for Planning Your Estate Effectively
A lot of people without estate plans do not take action because they don’t know where to begin. With this in mind, let’s look at five tips that should provide some insight and motivation. Focus on Your Family Estate planning can seem like a somber responsibility that is easy to put off, and the years of inaction can start add to up. You may know that you should put a plan in place, but it is easy to convince yourself that there is time to do it later on. Indeed, you may live a natural … [Read more...] about Five Tips for Planning Your Estate Effectively
