Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys Over half of all seniors who need long-term care end up turning to Medicaid for help covering the cost of that care. Many of them know little, or nothing, about the Medicaid eligibility rules because they never needed Medicaid prior to their retirement years. The result is that there are a number of misconceptions surrounding the Medicaid rules, particularly when it comes to making financial gifts … [Read more...] about Frequently Asked Questions About Gifting and Medicaid Eligibility
A Nursing Home’s Take on the Need for Medicaid Planning
Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys There has long been a misconception that nursing homes and Medicaid planning are on opposing sides of the proverbial fence. That misconception is starting to change as many nursing homes begin to realize that Medicaid planning actually helps ensure that patients qualify for Medicaid. In turn this ensures that the patient’s financial obligation to the nursing home is covered. Without Medicaid … [Read more...] about A Nursing Home’s Take on the Need for Medicaid Planning
Medicaid Gifts to Children
Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys At some point during your retirement years there is a very good chance you (and/or your spouse) will need long-term care. There is also a good chance that you will need to qualify for Medicaid benefits in order to cover the high cost of that care. Qualifying for Medicaid can be a complicated process given the complex eligibility guidelines. The asset transfer rules, in particular, are a source of … [Read more...] about Medicaid Gifts to Children
Loaning Family Money – What You Need To Know
Loaning Family Money – What You Need To KnowWritten By: The American Academy of Estate Planning Attorneys People lend money to family members for a variety of reasons. For example, lending your son money to buy his first home, or lending your daughter money to start a new business. At some point, you may find yourself in a similar situation. Therefore, it is important to know how this will impact you from a tax standpoint. Are you charging the borrower interest on the loan? If so, you must … [Read more...] about Loaning Family Money – What You Need To Know
Estate Planning is Essential for Same-Sex Couples
Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys You might not realize it, but you already have an estate plan. Even if you’ve never created a Will, never set foot inside an estate planning attorney’s office, and never given estate planning a second thought. Here’s why: each state provides every citizen with a default estate plan. This estate plan comes in the form of intestacy law – a set of basic, one-size-fits-all rules for … [Read more...] about Estate Planning is Essential for Same-Sex Couples
What to Expect at Your First Estate Planning Consultation
Compliments of Our Law Firm,By: The American Academy of Estate Planning Attorneyswww.aaepa.com Your first meeting with an estate planning attorney may seem a little daunting,especially if you’ve never consulted an attorney before. There’s no need toworry, however. This meeting is just a conversation in which your attorney willfind out about you, your family, and your goals. After you’ve shared thisinformation, your attorney will be able to recommend a range of estate planningtools, helping … [Read more...] about What to Expect at Your First Estate Planning Consultation
Five Things Every Woman Should Know About Estate Planning
Compliments of Our Law Firm,Written By: The American Academy of Estate Planning Attorneys Not long ago, wives were “silent partners” when it came to estate planning.Husbands were the ones in charge of long-term planning and major financialdecisions. In fact, estate planning attorneys often advised wealthy men to leavetheir assets in trust for their wives, so that a trustee other than their wifecould manage and preserve the family fortune. It was assumed that a widow wouldnot have the skill or … [Read more...] about Five Things Every Woman Should Know About Estate Planning
Five Non-Tax Reasons You Need an Estate Plan
Compliments of Our Law Firm,By: The American Academy of Estate Planning Attorneys One of the biggest myths about estate planning is that it is something only wealthy people need because the only reason for having an estate plan is to minimize estate taxes. The truth is, estate taxes are only a tiny piece of the estate planning puzzle – and every adult needs an estate plan. Here are just a few non-tax reasons to plan: Put the Appropriate People in Charge. An estate plan allows … [Read more...] about Five Non-Tax Reasons You Need an Estate Plan
Why Everyone Needs an Estate Plan
Compliments of Our Law Firm,By: The American Academy of Estate Planning Attorneys Estate Planning. To many people, it sounds complicated and foreign, something only the wealthy or the elderly need to worry about. It is often not at the top of the priority list for single people or for young couples. Even parents with young children, who know they should at least have a Will, tend to think of estate planning as somehow beyond their reach. In truth, regardless of your age, your situation in … [Read more...] about Why Everyone Needs an Estate Plan
How Low Interest Rates Can Influence Your Estate Plan
Compliments of Our Law Firm,By: The American Academy of Estate Planning Attorneys We all know that low interest rates can create excellent opportunities to buy or refinance real estate. But did you know that a low interest rate environment can have an impact on your estate planning options as well? The four corners of a solid, basic estate plan remain the same no matter the economic climate. Interest rates do not determine the effectiveness of a Living Trust, Pourover Will, General Durable … [Read more...] about How Low Interest Rates Can Influence Your Estate Plan