For the uninitiated, the prospect of creating an estate plan can be intimidating. Most of the concepts, tools, strategies, and even terminology is foreign to someone who is new to estate planning. As the old adage says – knowledge is power. The more you learn about the estate planning process, the less intimidating it will be for you. In addition, by learning as much as possible before actually … [Read more...]
What Assets Can You Have and Still Qualify for Medicaid in Florida?
Although you may never before have had a need to qualify for Medicaid, you may find that changes at some point during your retirement years as a result of the high cost of long-term care. If you find yourself in need of the benefits offered by Medicaid, and you failed to plan for the possibility, you may also find that your retirement nest egg is at risk. The best way to avoid that is to know … [Read more...]
When Should I Review My Estate Plan?
If you have a comprehensive estate plan in place, you are ahead of over half of all Americans. While you should certainly feel good about taking the steps necessary to protect yourself, your assets, and your loved ones, do not make the mistake of stopping now. That estate plan needs to be reviewed and revised both routinely and when life events require in order to continue to protect everything … [Read more...]
Conservatorship vs. Guardianship
At some point in your life, you may be faced with the deteriorating mental capacity of a parent or other loved one. You could also face your own declining mental abilities at some point as a result of an Alzheimer’s diagnosis. In either case, there may come a point at which guardianship needs to be considered. You may already be somewhat familiar with the terms “guardianship” and … [Read more...]
Giving Back
Giving back provides many benefits, whether in life or at death. The article explores ways of giving back and some of the tax benefits available, both during life and at death. The article provides a couple strategies to maximize the tax benefits, such as grouping deductions and doing a charitable IRA rollover. Giving Back … [Read more...]
Veterans Aid & Attendance Program Announces Changes
Veterans, and their dependents, are entitled to a number of benefits and qualify for numerous assistance programs as a result of their service. One program that can help veterans and their spouses put off the need to move to long-term care is the Veterans Aid & Attendance program. The VA&A program is not a well-known program; however, the benefits it provides can make a huge difference to … [Read more...]
Can I Be the Trustee of My Own Revocable Living Trust?
Like many people, you may be considering the inclusion of a trust in your comprehensive estate plan. If you ultimately decide to create a trust there will be a number of decisions you need to make that pertain to the trust, such as what type of trust will best help you achieve your goals and who to appoint as the Trustee of your trust. You may even want to appoint yourself as the Trustee of your … [Read more...]
Prenuptial Agreements Can Provide Remarriage Protection
Requiring a prenuptial agreement before your spouse remarries can provide peace of mind and protect your spouse, your children, and their inheritance. If you leave your assets in a trust for your spouse and children, you can require your spouse obtain a prenuptial agreement before remarriage. This can protect your loved ones. Read on to find out more about prenuptial agreements. Prenuptial … [Read more...]
Aretha Franklin Died Intestate: What Does It Mean for Her Family?
Aretha Franklin died intestate. Intestacy has definite drawbacks. Read on to see what this means for her family, financially and in other ways. Aretha was the Queen of Soul, but her lack of planning caused consequences she did not consider. Aretha Franklin Died Intestate: What Does It Mean for Her Family? … [Read more...]
Long-Term Care Planning Month Should Prompt You to Start Planning
A well-rounded estate plan should do more than just ensure your assets are distributed according to your wishes at the end of your life. It should also help ensure that you are financially stable throughout your lifetime and well cared for during your retirement years. To accomplish these additional goals, long-term care planning should be included in your estate plan. Each year, October is … [Read more...]
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