Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys At some point during your retirement years, there is a good chance you will need the type of medical care that only a long-term care (LTC) facility can provide. The cost of that care may cause you to turn to the Medicaid program for assistance. If you fail to plan ahead by including Medicaid planning in … [Read more...] about How Will Life Insurance Policies Impact Medicaid Eligibility?
Medicaid Gifts to Children
Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys At some point during your retirement years there is a very good chance you (and/or your spouse) will need long-term care. There is also a good chance that you will need to qualify for Medicaid benefits in order to cover the high cost of that care. Qualifying for Medicaid can be a complicated process given … [Read more...] about Medicaid Gifts to Children
A Nursing Home’s Take on the Need for Medicaid Planning
Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys There has long been a misconception that nursing homes and Medicaid planning are on opposing sides of the proverbial fence. That misconception is starting to change as many nursing homes begin to realize that Medicaid planning actually helps ensure that patients qualify for Medicaid. In turn this ensures … [Read more...] about A Nursing Home’s Take on the Need for Medicaid Planning
Passing Down the Family Farm or Ranch
Passing Down the Family Farm or Ranch Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys Family-owned farms and ranches were once the backbone of the American economy. Just a century ago those farms and ranches were still going strong throughout the U.S. Over the last few decades of the 20th century, however, most family-owned farms and ranches struggled … [Read more...] about Passing Down the Family Farm or Ranch
How Likely Is That To Happen?
How Likely Is That To Happen? Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys “How likely is that to happen?” You have undoubtedly heard these words spoken many times. You have possibly said them yourself when a well-meaning friend or family member tries to warn you about a risk that you perceive as unworthy of consideration. You may have even used … [Read more...] about How Likely Is That To Happen?
Understanding the Federal Gift Tax and its Implications
Understanding the Federal Gift Tax and its Implications Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys The reality is that few Americans will ever have to worry about the federal gift tax. The reason is simple: Federal gift taxes are calculated only on very large gifts you make. The exemption for 2015 is $5,430,000. In 2016, it increases to … [Read more...] about Understanding the Federal Gift Tax and its Implications
Gifting to Benefit Minor Children
Gifting to Benefit Minor Children Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys Each year, the IRS excludes from the gift tax certain gifts, including: Gifts to a U.S. citizen spouse; Gifts up to $14,000 annually to any individual; and Direct payments to an educational provider for tuition or to a medical provider for medical care When it … [Read more...] about Gifting to Benefit Minor Children
Planning for Adoption
Planning for Adoption Written By: The American Academy of Estate Planning Attorneys In 2013, a Florida court set aside an adoption in a case called Goodman v. Goodman. There was no upset child or devastated parents in this case, because Mr. Goodman adopted his adult girlfriend. Mr. Goodman and his ex-wife had created an Irrevocable Trust for their shared children, but the couple subsequently … [Read more...] about Planning for Adoption
This New Year, Resolve to Plan Your Estate
Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys The New Year brings with it a renewed outlook and fresh resolutions. We vow to get organized, eat healthier, and lose those last stubborn 10 pounds. But many of us overlook one simple and practical resolution that could have a profound effect on our lives, not to mention the lives of those we love. What’s … [Read more...] about This New Year, Resolve to Plan Your Estate
Three Simple Steps for Managing a Windfall
Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys We’ve all dreamed of suddenly becoming wealthy by winning a lottery jackpot, receiving an unexpected inheritance, or some other happy accident. However, few of us consider what steps we would take to manage a windfall. Without careful management, your dream come true could quickly turn into your worst nightmare. … [Read more...] about Three Simple Steps for Managing a Windfall