In a recent case in Virginia, a mother transferred her money to her daughter without reservation. Some years later, the daughter filed for bankruptcy and the bankruptcy trustee went after mom’s money as well. Mom claimed the money was really hers and that she only put it in her daughter’s name to “qualify for Medicaid.” The Judge wasn’t impressed by her claim that while the documents said one thing, they really meant something else altogether. The Court found mom's … [Read more...] about Tricking the Courts Isn’t A Good Strategy
Medical Powers Of Attorney
If you own life insurance, congratulations. Sadly, most of us put off this critical element in our family’s financial planning, which may have devastating consequences on the loved ones left behind. In this free report, you'll learn the secrets of using an Irrevocable Life Insurance Trust to maximize your benefits and protect your loved ones. Click Here to view the report. … [Read more...] about Free Report! Get the Most Out of Your Life Insurance
People with special needs may qualify for government benefits, including Medicaid and Medicare. While their names are similar, these programs are completely different and have different eligibility requirements and benefits. … [Read more...] about Medicaid vs. Medicare – What’s the Difference?
Postmortem planning is the process of considering what will be taking place after you pass away. Stating your wishes in writing is part of the equation, but the plan must spring into action. … [Read more...] about Inform Executor of Life Insurance Policies
Life insurance is the ideal vehicle for income replacement. This is why it is important to carry adequate coverage so your family members will be able to weather the storm financially in the event of your passing. It is also used in the field of estate planning to balance inheritances among children, pay estate taxes and for succession planning in small businesses. … [Read more...] about Are Life Insurance Beneficiaries Taxed?
Life insurance is a rudimentary component within many estate plans, and it is the most widely utilized income replacement vehicles that we have. But, in addition to the simple utilization of life insurance as a way to provide your family with a safety net in the event of your sudden death, it is often utilized in more complex estate plans for a number of legitimate reasons. … [Read more...] about Life Insurance: Consider Tax Consequences
The Benefits of Joining the State’s Long Term Care Partnership Long term care is a difficult subject for the aging American population. As life expectancy rises, retired individuals are concerned not only about maintaining a comfortable lifestyle on their retirement savings but also worried about the eventual need for quality long term care and its associated costs. One way to plan for long term care is through the state’s long term care partnership. What Does Long Term Care Partnership … [Read more...] about The Benefits of Joining the State’s Long Term Care Partnership
Selecting the right type of life insurance can be a daunting task because there are so many different policies available to consumers. The most appropriate type of life insurance policy for individuals will depend greatly upon their ages and family status. One common misconception dating back to the days when women typically were not in the workforce as they are today is that women do not need life insurance. Working women of all ages should carry life insurance to protect their families or as … [Read more...] about Life Insurance Basics
Probate is a legal process that allows the court to ensure all your assets are distributed to the appropriate heirs. This can be in accordance with the terms of your Will or, if there is no Will, in accordance with the state’s intestacy laws. But there are some assets, like life insurance, that don’t require probate to be distributed to your heirs. This is because your beneficiary is designated in the policy document itself so it doesn’t need a court to decide how to distribute the … [Read more...] about Is Life Insurance Part of the Probate Process?