There are many parts to an Estate Plan. The Revocable Trust is just one part. It’s important to coordinate the various parts of the Estate Plan. Read on to learn more. … [Read more...] about It’s Important to Have a Coordinated Estate Plan
Estate planning is sometimes reduced to the execution of a simple will, but there are some other details to take into consideration. If you want to make sure that all your bases are covered, you should take a more comprehensive approach. With this in mind, we will look at some frequently overlooked components in this post. Letter of Last Instructions The executor is the administrator when a will is used, and a trust is administered by a trustee. Leaving instructions with regard to the way … [Read more...] about Your Estate Plan May Have Missing Parts
This is the second in a two-part series on Roth IRAs. The first part reviewed the basics of Roth IRAs. Read on to learn more. … [Read more...] about Roth IRAs Can Be a Great Planning Strategy: Advanced
People sometimes make assumptions based on extrapolations that are incorrect, and this enters the picture when it comes to the need for probate. You may hear that the probate process is necessary when someone passes away without a will or a trust. This can lead to the belief that probate would not be needed if you do in fact execute a simple will. In fact, this is not the case at all. If you are passing assets on to your family with a will, the executor that is named in a will would admit … [Read more...] about Is Probate Necessary If You Have a Will?
In this post, we are going to look at the provisions that are made for a healthy spouse when their spouse is applying for Medicaid. Why should you worry about Medicaid eligibility when you will qualify for Medicare when you are 65? Simply put, Medicare does not cover long-term care. Nursing homes and in-home caregivers are very expensive, and 52 percent of elders will need paid care at some point according to the United States Department of Health and Human Services. Medicaid will pick … [Read more...] about Medicaid Planning: What Happens to the Beneficiary’s Income?
There is a great deal of legislation pending and much is uncertain. But this much is certain, the estate tax exclusion will go down by half beginning 2026 under current law. Now is the time to plan for your clients and yourself. Read on to learn more. … [Read more...] about Plan Now for the Incredible Shrinking Exclusion
ABLE accounts are a nice, flexible way to supplement the usefulness of a Special Needs Trust. But certain limits apply. Read on to learn more. … [Read more...] about ABLE Accounts Complement Special Needs Trusts
If you have agreed to be the executor of an estate, you may have some questions about the tasks that must complete to settle the estate. In this post, we will provide a basic overview that will demystify the process to some extent. Find the Physical Document The person that asked you to be the executor of the estate will probably tell you where you can find the will, but this is not a given. They may feel as though it is not important that they get your approval at first, and they may never … [Read more...] about How Is an Estate Settled When There Is a Will?
The Academy takes learning seriously. The Academy’s Spring Summit included numerous substantive legal education sessions, as well as sessions on marketing and law office management. The virtual conference also included opportunities for networking and fun. Read on to learn more. … [Read more...] about Learning and Camaraderie at the Academy Summit
The Medicaid program should be on your radar even if you have health insurance and you are going to qualify for Medicare as a senior citizen. Why would this be the case? Medicare does not pay for a stay in a nursing home, and it does not cover in-home custodial care. This is a big deal, because nursing homes and in-home caregivers are extremely expensive. You are looking at somewhere in the vicinity of $170,000 for a year in a nursing home in the Rochester area. The annual rate for a … [Read more...] about What Is the 2021 New York Medicaid Asset Limit?