The debate in Washington D.C. regarding the debt ceiling will continue, with ramifications for programs such as Medicaid. Medicaid was designed to offer financial support to those who need long term care – if, that is, they qualify – meaning they have a certain maximum level of income and assets. There are “countable” assets, then there are “exempt” assets such as one’s home. There is a primary budget-cutting stage in Congress that will not affect Medicaid, but the second stage, which has a … [Read more...] about Medicaid Changes Likely as Congress Debates Debt Ceiling and Spending
Managing Those Documents and Records: A Pain or a Blessing?
Whether it’s for you or for your loved ones, managing those endless documents and records that relate to an estate can be quite the challenge. Most of us don’t like the task, but good record keeping will be a blessing when that day comes: a death; disability; maybe a divorce affecting you or a loved one or a son or daughter. These days, managing important records and documents can be more difficult than in the past. With many transactions taking place online today – protected by user names … [Read more...] about Managing Those Documents and Records: A Pain or a Blessing?
Four Items a Will Should Have
Creating a will is the cornerstone of estate planning, don’t underestimate the need for a valid, legal will. It is necessary, even if you have a living trust, to name an executor for your estate, to name a guardian for any children under the age of 18 and to distribute or ‘pour over’ any property not owned by a living trust. The popularity of do it yourself will kits and forms has increased over the past decade, but there are four things that may be missing from this estate planning document … [Read more...] about Four Items a Will Should Have
The Living Trust as a Flexible, Protective Estate Planning Tool
Most people have heard of “trust funds” but many of us don’t understand what a Living Trust is, how it works, who can benefit, and how it needs to be managed. The Living Trust is a legal tool within the family of Estate Planning. Though it costs more to create a Living Trust as compared to a Will, a Living Trust offers many more advantages than a Will, both to the trustor (the one who creates the Trust) and to the trustor’s intended heirs. As you may know, when a Will is the primary legal … [Read more...] about The Living Trust as a Flexible, Protective Estate Planning Tool
Understanding Probate: When It’s Triggered, When Not, and How to Avoid Probate
Probate, or the settlement of an estate in the courts, is triggered upon the death of a person who has a Will as his or her Estate Planning legal tool. Probate also happens when there is no Will. However, there are cases when Probate is not automatically triggered. For example, when there were legal documents in place which will keep the estate out of Probate. The most common Estate Planning documents that help people avoid Probate fall under the category of Trusts. However, avoiding … [Read more...] about Understanding Probate: When It’s Triggered, When Not, and How to Avoid Probate
Today’s e-Based Transactions Can Be a Record-Keeping Challenge for Successor Trustees and Executors
If you’ve been designated as a successor trustee of a Trust for a loved one, parent or friend, you probably know that one of your roles is (or will be) to gather all necessary documents and transactional information relating to bank accounts, funds, creditor information and the like. The same is true if you will be the executor of a Will for an estate to be settled in the courts (Probate.) As recent as the last generation, most such records were on paper: receipts, check books, savings … [Read more...] about Today’s e-Based Transactions Can Be a Record-Keeping Challenge for Successor Trustees and Executors
Tips for Medicaid Estate Planning
Many people get Medicaid confused with Medicare, but there are many distinctions between the two programs. Medicaid, simply put, is a medical assistance program that's designed for disabled persons and low income, older people. It can also cover younger people who are receiving welfare from the government. Medicare, on the other hand, offers identical benefits to anyone enrolled regardless of their income level. Medicaid is actually managed by the individual states, so eligibility … [Read more...] about Tips for Medicaid Estate Planning
Should You Challenge A Will?
A will is meant to be used the same as instructions being given by the person who wrote the will, referred to as the testator. Wills are typically upheld simply because the person who wrote it is no longer here to express their wishes and concerns. Although almost all wills go through probate without incident, there are times when a will becomes challenged. But when is the right time to challenge a will? The rule behind challenging a will is that you can either challenge the validity of … [Read more...] about Should You Challenge A Will?
Estate Planning Basics
Many people find the term “estate plan” somewhat confusing. A very large percentage of the population do not really understand what an estate plan is or what types of documents are included in an estate plan, or may believe that estate planning is only for the wealthy. The truth is that nearly everyone has some type of estate, even if that only consists of a small bank account and an automobile. Whatever you leave behind when you die is considered to be your estate; this also includes your … [Read more...] about Estate Planning Basics
What Are Green Funerals?
When you think about the typical funeral it involves numerous steps which ultimately place a lot of chemicals into the ground. From metal coffins, to the concrete vault, to the plastic lining in the coffin, and the chemicals used in the embalming process, it creates quite a toxic list that has to be buried. But there are ways to reduce this amount by going green when it is your time to go. Start with the burial location. Believe it or not there are actual “green” cemeteries. These … [Read more...] about What Are Green Funerals?
