If you've ever come across an estate planning workshop, book, or any other type of similar material, you've probably noticed that most of the advice contained within is aimed at seniors and married couples. There is very little information out there about how a single person should begin estate planning, or even why a single person needs an estate plan. Though single people are the least likely to have any kind of estate plan, they are in just as much need as their married counterparts. Let's … [Read more...] about The Importance of Estate Planning for Singles
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Estate Privacy and Living Trusts
We recently blogged about how Joe Paterno's estate asked a court to seal the late football coach's will and how the family subsequently released it. This has led some to wonder if there is anything you can do to keep your estate details private. While you cannot normally keep your will private, that doesn't mean there aren't other methods available that provide much more privacy. One of the best of these is to create a living trust, sometimes known as a revocable trust or an inter vivos … [Read more...] about Estate Privacy and Living Trusts
Financial Questions When Diagnosed With a Terminal Illness
As a recent article in Forbes Magazine points out, people who are diagnosed with terminal illnesses have several financial issues they should address. Though it's not always possible to address them quickly or easily, getting advice from your accountant, estate planning attorney, and other professionals will go a long way in ensuring that your family is looked after once you die. Here are a couple of questions you'll want to answer if you've been diagnosed with a terminal disease. Question 1: Is … [Read more...] about Financial Questions When Diagnosed With a Terminal Illness
Myths About Medicaid Payments for Long-Term Care
If historic trends continue, it's estimated that about 43% of baby boomers will need some type of nursing home or extended living care at some point after they reach the age of 65. Daily costs for nursing home care can exceed $300 per day, making paying for such care very difficult for many people. That's why about 50% of all nursing home residents use Medicaid to pay for long-term care costs. However, not everyone qualifies for Medicaid, and there are many myths surrounding the program and what … [Read more...] about Myths About Medicaid Payments for Long-Term Care
Supreme Court Limits Health Care Law’s Medicaid Punishment Provisions
The Supreme Court of the United States recently issued its ruling on the Patient Protection and Affordable Care Act, declaring that the law's “individual mandate” is constitutional and can stand as written. However, it also ruled that the Medicaid expansion provisions as written in the law are not allowable. Under the health care law, states will have to expand Medicaid coverage to include anyone who qualifies under specific income guidelines. Previously, only the impoverished, elderly, those … [Read more...] about Supreme Court Limits Health Care Law’s Medicaid Punishment Provisions
