Life insurance is a contract between the insurer and an individual in which a benefit is paid to a beneficiary if a covered event occurs. Life insurance is a valuable estate planning tool, but how much do you really know about this complex subject? We discuss five items that many people are not aware of when it comes to life insurance and estate planning: 1. Life insurance policies are not covered in wills or probate. Since a life insurance policy is a contract and has designated … [Read more...] about Five Facts You May Not Know About Life Insurance
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Special or Supplemental Needs Trusts
A Supplemental Needs Trust, also known as a Special Needs Trust, is an estate planning tool used to allow assets to be held in Trust for the benefit of a physically or mentally challenged individual, or a person with a chronic or acquired illness. This type of Trust allows supplemental and extra care over and above any benefits provided by the government. Why would someone creating an estate plan choose to use a Supplemental Needs Trust rather than simply leaving them money? Assets of an … [Read more...] about Special or Supplemental Needs Trusts
What is Asset Protection and How Does it Fit into an Estate Plan?
Asset protection is an important aspect of completing a comprehensive estate plan, but exactly what does it do and when would you need it? Many consider asset protection to be a business strategy or financial strategy used by those owing debt to protect their assets from being seized by creditors. While this is certainly a component of asset protection, estate planning considers asset protection for other purposes as well, such as: Protecting the assets of those unable to manage … [Read more...] about What is Asset Protection and How Does it Fit into an Estate Plan?
The Difference Between Nursing Homes and Skilled Nursing Facilities
Many use the terms nursing homes and skilled nursing facilities interchangeably, but these terms actually determine how the expense is covered for senior citizens. While most senior citizens are familiar with Medicare and its health benefits to those 65 and older, many people don’t realize that Medicaid is also an important benefit for seniors, particularly when it comes to nursing homes. Medicaid is a joint state and Federal program that will pay most nursing home costs for some people with … [Read more...] about The Difference Between Nursing Homes and Skilled Nursing Facilities
Deciding on a Long-Term Care Facility
It is conceivable that the majority of us will need some type of assisted care during our lifetimes. Of those over the age of 65, it is estimated that 50% of women and 25% of men will need to enter a long-term care facility at some point. Fortunately most of these are short stays for rehabilitation services, but there are still many that will stay longer. Recent surveys indicate that of all of the people that enter long term care facilities; about one third of them will be there longer than a … [Read more...] about Deciding on a Long-Term Care Facility
