There are many different ways to facilitate asset transfers. It is important to consider the life situation of every person on your inheritance list. The right way to provide for one person may not be appropriate for the next. This definitely enters the picture when it comes to estate planning for people with special needs. Government Benefits In the United States, most people get health insurance through their employers. Unfortunately, a significant percentage of folks with disabilities … [Read more...] about Special Needs Planning: Life Enhancements With No Loss of Benefits
Five Ways a Trust Can Be Better Than a Will
Many people equate estate planning with the creation of a last will. In fact, most individuals would be better served by utilizing a revocable living trust. In this post, we will share five compelling reasons why you should use a living trust instead of a will. 1. Probate Avoidance You may have watched a movie or a television show that depicted a scene taking place after a funeral. People gather at someone’s home after the service. Certain individuals are then called into the study for the … [Read more...] about Five Ways a Trust Can Be Better Than a Will
Do All Estate Transfers Go Through Probate?
Probate is a legal process that will enter the picture if you use a simple will to state your final wishes. The probate court also presides over intestacy cases. This is the situation that arises when someone passes away without a will or any other estate planning documents. Creditors are given an opportunity to come forward seeking payment during probate. The court examines the will to determine its validity. If anyone wanted to contest the will, they could come forward during probate to … [Read more...] about Do All Estate Transfers Go Through Probate?
Are Living Trust Distributions Taxable?
A living trust is the ideal estate planning tool for a wide range of different people. We are going to look at the tax implications in this post. Before we get there, however, we will explain some of the benefits living trusts provide. Simplified Estate Administration Many people think the estate administration process is very simple when you use a will. They also believe trusts are extremely complicated. In reality, nothing could be further from the truth. If you use a will, you name an … [Read more...] about Are Living Trust Distributions Taxable?
Remarriage Can Create Estate Planning Concerns
There are many different legal devices that can be used to satisfy a wide range of estate planning objectives. You should never assume that you have to settle for an arrangement that is less than ideal. An attorney from our firm can gain an understanding of your wishes and make sure they come to fruition, and we are always here to help. With this in mind, let’s look at a very effective approach to estate planning for parents that are getting remarried. Premarital Agreement If you are a … [Read more...] about Remarriage Can Create Estate Planning Concerns
If You Own Out of State Property, You Need a Living Trust
You should discuss your situation with an estate planning lawyer because you may not be aware of certain legal details. They are not complicated after you learn about them, but you are not going to be aware of every estate related law, and why would you be? The matter of probate is one of those details. We will provide you with an explanation in this post. Estate Administration A lot of people think that the executor can transfer assets to the people named in a will shortly after the death … [Read more...] about If You Own Out of State Property, You Need a Living Trust
Estate Planning: Don’t Get the Wrong Idea About Taxes
It seems as though you have to report income that you receive from any source. This means that a lot of people assume they are going to get stuck with a tax bill when they inherit money. Of course most of us have heard of estate and inheritance taxes, so it sounds like taxation is going to hit you hard. Is this really true? There is rarely any good news to pass along about state and federal taxes, but this is an exception. Income Tax There is some logic behind the way the IRS and state tax … [Read more...] about Estate Planning: Don’t Get the Wrong Idea About Taxes
Does Medicare Pay for Nursing Home Care?
Medicare is a health insurance program that exists to address medical costs that are incurred by senior citizens. You gain Medicare eligibility by earning retirement credits when you pay taxes. Each year, you can get a total of four credits, and you are eligible when you have 40 credits. The eligibility age is 65 at the present time. Even if you do not work enough to accumulate the 40 credits and if you are married, you can qualify on your spouse’s work record. Convalescent Care vs. … [Read more...] about Does Medicare Pay for Nursing Home Care?
Address End of Life Challenges When You Are Planning Your Estate
A lot of people think that estate planning is strictly about the events that will take place after you are gone. This is certainly at the core of the matter. You should, however, consider some other facets if you want to be fully prepared for the future. Incapacity Among Elders Sometimes you have to confront some uncomfortable facts of life. As elder law attorneys, we are forced to meet them head-on. Most people do not pass away after being in perfectly good health for the days and weeks … [Read more...] about Address End of Life Challenges When You Are Planning Your Estate
Know the Facts When You Plan Your Estate
Surveys that are conducted show that most people in the United States do not have estate plans in place. Obviously, dying is at the bottom of your to do list. You may not want to think about it until you are an elder and the reality of it is staring you in the face. This is not hard to understand, everybody dies, and most people have assets. It is just a fact of life, and you should take it seriously because there are no guarantees. People pass away at all ages every day, and their families … [Read more...] about Know the Facts When You Plan Your Estate
