You should take a comprehensive approach when you are planning your estate. The facilitation of postmortem asset transfers is one element of the process, but you should also consider end-of-life eventualities. Cognitive Impairment and Physical Incapacity No one is anxious to think about some of the unpleasant eventualities that people face when they reach an advanced age, but sticking your head in the sand is not going to change anything. You should understand the facts and react to them to … [Read more...] about Inconvenient Truths Make Incapacity Planning a Must
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Trust Administration: Where Do You Begin?
The revocable living trust is the estate planning device that is the best choice for a wide range of people. We are going to look at trust administration in this post, but first, we will explain why you may want to use a living trust instead of a simple will as the centerpiece of your plan. Probate Avoidance The executor of a will is required to admit the document to probate, and the Surrogate’s Court provides supervision during the estate administration process. It serves a purpose, because … [Read more...] about Trust Administration: Where Do You Begin?
Four Key Facts About Medicaid Planning
Medicaid should be on your radar even if you will qualify for Medicare as a senior because Medicaid will pay for long-term care. That’s right, Medicare does not cover the custodial care that nursing homes provide. Just over half of seniors will need some type of paid care, and 35 percent of elders will reside in nursing homes eventually. You certainly don’t want to pay these costs out of your pockets unless they are as deep as the Grand Canyon. The median annual charge for a private room … [Read more...] about Four Key Facts About Medicaid Planning
CRT: Best Tool for Proposed Tax Changes?
Tax proposals would increase capital gains rates, among other things. These proposed changes could make a Charitable Remainder Trust look even better. A Charitable Remainder Trust can earn the donor an income tax deduction upfront and defer gains on its sale of assets. Read on to learn more. … [Read more...] about CRT: Best Tool for Proposed Tax Changes?
Medicare Eligibility Age May Go Down
Elder law attorneys pay close attention to potential legislative changes that impact senior citizens, and there is something major brewing at the present time. If this proposed change becomes a reality, many older Americans will celebrate. Medicare Eligibility The Medicare program was originally established in 1966, and the eligibility age has been 65 every step of the way. We should point out the fact that you do not automatically qualify for Medicare when you reach this age. When you work … [Read more...] about Medicare Eligibility Age May Go Down
