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Estate planning can be looked at in a couple of different ways. You could do the bare minimum so that you have basic protections in place, or you could go the extra mile and engage in the process of legacy planning. When you proactively shape your legacy, you take control of the way that you… Read more »
Before we provide an explanation of the Medicaid look-back, we should explain why Medicaid should be on your radar if you are going to qualify for Medicare coverage at the age of 65. It is true that Medicaid and Medicare are both government run health insurance programs. If you qualify for Medicare when you attain… Read more »
When you are planning your estate, passing along resources directly with no strings attached can be perfectly acceptable for some established people on your inheritance list. At the same time, there could be people in the family who could use some guidance. Under these circumstances, you could consider the creation of an incentive trust. With… Read more »
The question of taxation is naturally going to come to your mind when you are devising an estate planning strategy. Your heirs will be receiving windfalls of property, so you could assume that they would be forced to report the inheritances when they file their annual income tax returns. When it comes to the subject… Read more »
The Medicaid program will pay for long-term care. You may hear this statement and shrug your shoulders, because you will never qualify for Medicaid, and you will qualify for Medicare by the time you require living assistance. This reaction makes sense on the surface, but when you dig into the facts, you will see a… Read more »
Anyone who has ever served honorably in the United States Armed Forces has done a great deal for our country, and veterans deserve rewards for their service. However, the matter is even more profound when you have served your country during a time of war. This is the ultimate sacrifice. If you have served our… Read more »
When you hear the term “nursing home asset protection,” you may scratch your head a bit. First of all, you may assume that it is unlikely that you will ever need nursing home care. Secondly, you may be under the impression that Medicare will pay for nursing home care if you ever need it. In… Read more »
Medicaid is a need-based, government run health insurance program that pays for most of the nursing home care that is received by seniors in the United States. As a result, Medicaid planning is important to a significant percentage of seniors, but some people do not understand why. It can be difficult to seriously consider contingencies… Read more »
People sometimes make assumptions with regard to estate planning that are incorrect. You may assume that assets are distributed immediately after your death when you use a last will to facilitate asset transfers. This is not the case. Before the heirs receive their inheritances, the estate must pass through the process of probate. Estate Administration… Read more »
The process of estate planning is often whittled down to the creation of a last will. This is a shortsighted viewpoint, because there are other options, and a last will might not be the best choice. Many people do not understand the fact that a will must be admitted to probate, and there are some… Read more »
