Although it may seem unlikely to you right now, there is a very good chance you will need to qualify for Medicaid during your retirement years. If that does indeed come to pass, you may find that the combined value of your non-exempt assets is a potential bar to eligibility. Looking ahead, it helps to know what assets are considered countable resources and which assets are not considered countable … [Read more...]
How to Purchase Long-Term Care Insurance
Although the primary focus of your estate plan may be to ensure that your estate assets are distributed according to your wishes after you are gone, another important component of a comprehensive estate plan is long-term care planning. The high cost of nursing home care, and other types of long-term care (LTC), in the United States makes planning ahead imperative. One way to do that is to purchase … [Read more...]
What Happens If an Estate Lacks Sufficient Liquid Assets to Pay Creditors?
At some point in your life, you may find yourself appointed to be the Executor of an estate, or you might volunteer to oversee the administration of an intestate (without a Will) estate. As the Executor or Personal Representative of the estate, you will need to pay approved claims using the available assets. What happens though if the estate lacks sufficient liquid assets to pay all the creditors? … [Read more...]
Beneficiary Designations, etc., Aren’t a True Substitute for a Trust
TOD / POD, beneficiary designations, and joint tenancy can be simple ways to transfer assets at death. However, these simple methods lack some of the benefits of a trust. Read on to learn more.Beneficiary Designations, etc., Aren’t a True Substitute for a Trust … [Read more...]
What Can a Beneficiary Do If the Trustee Isn’t Abiding by the Trust Terms?
When a trust is created, the Trustee of that trust is appointed by the Settlor. A Settlor may appoint anyone he/she wishes as the Trustee. That Trustee has a fiduciary duty to the beneficiaries of the trust, meaning that the Trustee must treat the trust assets with more care and invest with more caution that he/she would with his/her own assets. In addition, a Trustee is legally required to follow … [Read more...]
What Should I Look for in a Nursing Home?
Whether it is for a parent or for a spouse, deciding that a loved one needs the type of care that can only be provided in a nursing home is never an easy decision to make. Once the decision is made, however, the next step is to choose a facility. Given the importance of your choice, deciding on a nursing home can be a very stressful process. What should you look for in a nursing home? What … [Read more...]
Steps Involved in Creating a Trust
For most people, a Last Will and Testament serves as their entire initial estate plan. Over time, however, the need for a more comprehensive plan arises as assets increase in value and the need to protect a family becomes important. At that point, additional estate planning tools are usually incorporated into an estate plan. One of the most common of those tools is a trust, due in large part to … [Read more...]
The Little Things May be the Most Important
Your estate may be worth a little or a lot at your death. The items which your beneficiaries might cherish could be the sentimental ones. Read on to learn how your will or trust could provide the ability for you to keep a list and update it without needing to see your lawyer every time you change your mind on an item.The Little Things May be the Most Important … [Read more...]
Domestic Asset Protection Trusts
Domestic Asset Protection Trusts are spreading to more jurisdictions. However, their protections may be waning. Read on to learn more about Domestic Asset Protection Trusts.Domestic Asset Protection Trusts … [Read more...]
What Is the Difference between SSI and SSDI?
Very few of us can get by for very long without regular income. While we may try to save for the proverbial “rainy day,” a lengthy period of incapacity can wipe out a rainy day fund in no time. Furthermore, your odds of experiencing that period of incapacity are likely higher than you realize. While the odds of becoming incapacitated do increase with age, one in five Americans will experience a … [Read more...]
