When you think about estate planning, you probably focus on naming the people and/or organizations who will inherit from you. Choosing those primary beneficiaries is important, but it is only part of the picture. A complete plan also considers what happens if a beneficiary cannot accept the inheritance. This is where contingent beneficiaries come in, and it is a detail that is often overlooked until it is too late. What Is a Contingent Beneficiary? A contingent beneficiary is a person or … [Read more...] about Does Your Estate Plan Include Contingent Beneficiaries?
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Medicaid Planning: What Can a Healthy Spouse Keep?
When one spouse needs long-term care, qualifying for Medicaid can feel overwhelming. Costs for nursing home care or long-term care services are high, and without careful planning, a family’s financial picture can shift dramatically. For married couples, one of the most common and important questions in Medicaid planning is this: What resources and income can the healthy (or community) spouse keep while the other spouse qualifies for Medicaid long-term care coverage? The answer isn’t … [Read more...] about Medicaid Planning: What Can a Healthy Spouse Keep?
Assets & Probate Law: Back To The Basics Of Estate Planning
We all own assets. And, when we pass, all of the assets we own at our death go through Probate. They go through Probate according to your will - unless you don't have one in which case they will be block while the government chooses the best way to deal with your assets. It's important to remember that every single one of us will have to go through this process - whether you only know $100 in assets or over $100 Million in assets. … [Read more...] about Assets & Probate Law: Back To The Basics Of Estate Planning
Life Care Planning: What Is It?
Life care planning is a process of developing a comprehensive plan for the long-term care and support of an individual with a chronic illness or disability. It involves identifying the individual's current and future needs. Then it involves determining the best way to meet those needs, and implementing a plan to ensure that those needs are met. The goal of life care planning is to provide individuals with the best possible quality of life, given their condition and circumstances. It is a … [Read more...] about Life Care Planning: What Is It?
Don’t Overcomplicate the Estate Planning Process
A lot of people say that they do not have estate plans in place because they don’t know where to begin. Others say that it is too time-consuming. As a result, there is this idea that estate planning is extremely complex. It seems intimidating, so people just put it on the back burner. When you understand the basics, you see that it is really not that complicated. With this in mind, we will break it down to the essential components in this post. Asset Transfers Obviously, the first order of … [Read more...] about Don’t Overcomplicate the Estate Planning Process
Will Your Estate Plan Still Work If You Move?
Before the pandemic, Americans were more mobile than ever. When you move, you have to change your address, your voter registration, and all sorts of other things. But, do you need to revise your estate planning documents? Like with many things in law, it depends on your situation. by Steve Hartnett In the prior decade, millions of Americans moved each year. Here’s a link for more information on moving in America. Often, people wonder, “What happens to my estate plan if I move?” … [Read more...] about Will Your Estate Plan Still Work If You Move?
