Even if you have gone your entire life without the need for Medicaid, there is a strong chance that you will need government assistance at some time during your “Golden Years.” This reality is largely due to the high cost of long-term care. Something most of us will need in our later years. Medicaid eligibility depends, in part, on income and assets. Consequently, you may have heard your share of horror stories. Couples have been known to deplete their entire life savings in order for one … [Read more...] about How Can I Protect My Spouse When I Apply for Medicaid?
When Should You Talk to an Estate Planning Attorney about Creating Your Estate Plan?
Creating an estate plan is a bit like going to the dentist; in that most of us know we should do it, but there's always an excuse to put if off a little while longer. In fact, over half of all Americans have yet to create an estate plan. One common excuse people give for not having an estate plan is they don't yet need one. So, when should you talk to an estate planning attorney about creating your estate plan? The answer is simple. Every adult should have at least a basic estate plan in place. … [Read more...] about When Should You Talk to an Estate Planning Attorney about Creating Your Estate Plan?
What Happens to a Living Trust When One Spouse Dies?
A married couple is certainly not required to create their estate plans together; however, it is often preferred due to shared assets that must be addressed in each estate plan. One estate planning tool that is frequently used by married couples is a living trust. A living trust can help accomplish a myriad of estate planning goals and objectives while also remaining flexible enough to be easily tailored to the needs of each trust maker. It’s an ideal addition to any estate plan. So, it’s no … [Read more...] about What Happens to a Living Trust When One Spouse Dies?
What Is a Living Trust?
Although a Last Will and Testament generally serves as the foundation of any comprehensive estate plan, most plans also include a variety of additional documents and strategies. One of the most common additions to an estate plan is a trust agreement. If you plan to include a trust agreement in your estate plan you will need to decide which type of trust is right for your plan. Understanding the difference between a testamentary trust and a living trust is essential to deciding which type of … [Read more...] about What Is a Living Trust?
Famous Estates-Champ or Chump? George H.W. Bush
George H.W. Bush (1924-2018) 41st President of the United States, 1989-1993 Political Life In the words of President Harry Truman and President Ronald Reagan, "There is no limit to the amount of good you can do if you don't care who gets the credit.” President George H.W. Bush embodied these words. In his early life, H.W. became one of the youngest aviators in the Navy, graduated from Yale University, and reached millionaire status all before the age of 40. As the President of the … [Read more...] about Famous Estates-Champ or Chump? George H.W. Bush
What Happens to Creditors of a Decedent during Probate?
Probate is the legal process that is typically required after the death of a decedent. Most people think of probate in terms of the distribution of estate assets. However, this is only one aspect of the probate process. Have you ever wondered, for example, what happens to creditors of a decedent during probate? Few people die completely debt-free. Therefore, most decedents leave behind some creditors. Knowing how those creditors are handled during probate is important if you are directly … [Read more...] about What Happens to Creditors of a Decedent during Probate?
What Medicaid Covers
You make reach a point in your life when it becomes clear that Medicaid is the only option for help with your long-term care expenses. If you have never participated in the Medicaid program, however, you may have a number of questions and concerns about everything from the program eligibility requirements to what Medicaid covers. Because there are so many factors that can impact the benefits you receive as a Medicaid recipient it is always best to consult with a Medicaid attorney if you have … [Read more...] about What Medicaid Covers
Advanced Directives – Do You Need One?
You are likely accustomed to making decisions for yourself, from small, seemingly insignificant decisions to major decisions. What happens, however, if you suffer from a terminal illness or a catastrophic accident that leaves you incapacitated and unable to make decisions for yourself? If that does come to pass, the only way you can be sure your wishes will be followed is if you executed an Advanced Directive that covers the situation. Advanced Directives are legal documents that allow you to … [Read more...] about Advanced Directives – Do You Need One?
Questions To Consider When Choosing a Guardian for Minor Children
When most people think of the purpose of a Last Will and Testament they envision the distribution of estate assets after death. While your Will does allow you to decide who will receive which assets after your death, it can also serve one other vitally important purpose – allowing you the opportunity to nominate a guardian for minor children. In fact, your Will is the only chance you will have to officially tell a judge who you would want to assume the care of your children if you are gone. … [Read more...] about Questions To Consider When Choosing a Guardian for Minor Children
Top Three Reasons to Create Your Estate Plan
You have likely been inundated with advice by well-meaning friends, family members, and co-workers about how important it is to create an estate plan. Like the majority of Americans, however, you have yet to take their advice. If you are like many people, the reason you have yet to create your estate plan is as simple as the fact that you don’t see a need for one. You do need one though, even if you are unaware of the need. Take a moment to consider the following “Top three reasons to create … [Read more...] about Top Three Reasons to Create Your Estate Plan
