People that served in the United States armed forces make great sacrifices for the benefit of their country, and their family members do the same. Wartime veterans in particular deserve all the gratitude that we can bestow. Many veterans are eligible for a VA benefit that helps pay for long-term care when they are senior citizens. Veterans Aid and Attendance Pension We have all heard of the “retired pay” that veterans earn after spending at least 20 years in the military. There is … [Read more...] about Are You Aware of the Veterans Aid and Attendance Pension?
If a living trust is the centerpiece of your estate plan, you act as the trustee while you are alive and well. There is no loss of control of the assets, and you retain the right of revocation. As part of your estate plan, your trust allows you to direct the actions that must be taken after you pass away. To this end, you name a successor trustee to assume the trust duties after your death, and you name your beneficiaries. We will share some tips with regard to the trustee selection … [Read more...] about How Do You Choose a Successor Trustee?
The concept of “Medicaid planning” sounds completely counterintuitive. Why would you intentionally out yourself in a financially needy position? After all, you worked all of your life to avoid this fate. This makes sense on the surface, but there is a good reason why Medicaid should be on your radar. The United States Department of Health and Human Services reports that 70 percent of seniors will need some type of living assistance, and paid care is very expensive. Medicare does not pay … [Read more...] about Five Things You Need to Know About Medicaid Planning
People sometimes hear little bits of information about aspects of the estate planning process and they make assumptions. They may spread around, and over time myths that are perpetuated over the years become truth. These misconceptions can cause mistakes and yield negative consequences. Today, we will highlight four of them in this post. The administration process is simple when you use a will as your asset transfer vehicle. You may assume that the executor that is named in a will can … [Read more...] about Debunking Four Estate Planning Myths
Your initial estate plan will be based on a snapshot of your life at the time it is created. Over the years, it will invariably need revisions. There can be additions and subtractions to your family. Your marital status may change. Legislative changes can trigger the need for estate plan updates. Therefore, our recommendations might change. Any combination of these changes may put you in a very different family or financial position. Proposed legislative changes to the tax laws deserve … [Read more...] about These Two Bills Would Broaden Taxes on Inheritances
There are different types of trusts that are somewhat unusual, so they fly under the radar. When you are planning your estate, you should be aware of all the options that are out there, so we are going to look at five trusts that you may not be aware of in this post. Rabbi Trust The first trust that we will explain has a very unusual name, but it is receiving more attention. A rabbi trust would appear to have something to do with religion, but in fact, this is not the case at all. It … [Read more...] about A Look at Five Peculiar Trusts
The subject of taxation on inheritances can be a bit confusing. There are federal taxes, and you hear about state-level taxes. In this post, we will explain how an out-of-state tax can affect a resident of Oklahoma. Inheritance Tax An inheritance tax and an estate tax are two different types of taxes that can be levied when someone dies. Here we will look at the inheritance tax first. This tax can be imposed on transfers to each individual inheritor when one's estate is being … [Read more...] about Can an Out of State Inheritance Tax Affect You?
People sometimes think that a will is a simple device that will facilitate efficient asset transfers. By contrast, they may believe a trust is something that is very complicated. In fact, if you want to keep things simple and provide timely inheritances to your heirs, you should definitely consider a living trust. The Probate Process When a will is used, the executor cannot act independently. The estate would be opened with the probate court, and this court would provide supervision during … [Read more...] about Keep It Simple With a Living Trust
Estate planning is often looked upon as a purely financial endeavor. You facilitate postmortem asset transfers to your loved ones, and that’s the long and short of it. In reality, there is another important factor to consider, and we will examine it in this post. Cognitive Impairment and Physical Incapacity Elder law and estate planning attorneys have to address some realities that a lot of people do not like to think about. Even if you wish it was not so, you cannot change the nature of … [Read more...] about Take Proactive Steps to Prevent a Guardianship
If you are going to be the executor of an estate without any past experience, you are stepping into the great unknown. Whoever nominated you for this important responsibility has given you a JOB! With this in mind, we are going to share some simple steps that you will take when it is time for you to administer the estate. First Things First First, I will use the older term "executor" due to its long-time use. Today, many states refer to this person as the "personal representative". Now, to … [Read more...] about Steps That an Executor Must Take to Settle an Estate