You may wonder why Medicaid would be relevant to you if you are going to qualify for Medicare coverage when you reach retirement age. After all, Medicaid is a health insurance program for financially needy people, right? Medicaid is a need-based health insurance program. To qualify, you must be able to stay within income and asset limits. If you have Medicare coverage, you will have health insurance. You would not need Medicaid, and you would not qualify if you retired with a reasonable store … [Read more...] about What Are the Disadvantages of a Medicaid Trust?
Famous Estates – Legacy Champ or Chump?
William E. Boeing (1881-1956) - Aviation Pioneer William Boeing was an American aviation pioneer who founded The Boeing Company. In 1916, Boeing co-founded B & W with George Conrad Westervelt. Boeing also founded the Pacific Aero Products Company, which produced the Boeing Model 1 airplane. In 1917,when America entered the First World War, Boeing changed the name of Pacific Aero Products Company to Boeing Airplane Company. The company obtained orders from the United States Navy for 50 … [Read more...] about Famous Estates – Legacy Champ or Chump?
The Death of Robin Williams Highlights Privacy Concerns When Estate Planning
Millions of fans around the world are mourning the death of comedian and actor Robin Williams following his recent suicide. Best known by older fans as “Mork from Ork” on the 1970s sitcom “Mork and Mindy”, Williams went on to show the breadth and depth of his acting ability is films such as “Good Morning, Vietnam” and “Good Will Hunting”. As is so often the case, the media began discussing details of the actor’s estate before he was even laid to rest. While this is hardly unusual, the … [Read more...] about The Death of Robin Williams Highlights Privacy Concerns When Estate Planning
What Are the Advantages and Disadvantages of Guardianship?
As we age, so do our parents and grandparents. Although it may be difficult to face, you may have a parent or grandparent who has been hit particularly hard by the aging process and now needs your help. Alzheimer’s and other age related dementia diseases, for example, can cause an elderly loved one to be at high risk for physical injury or financial victimization by unscrupulous predators who prey on the elderly. You may need to consider guardianship for your loved one. Before doing so, … [Read more...] about What Are the Advantages and Disadvantages of Guardianship?
Will My Trust Need to Be Changed If I Buy or Sell Assets?
In the not so distant past, trusts were considered the purview of the rich and famous only. The average person rarely included a trust in his or her estate plan. Instead, trusts were used to funnel family wealth from one generation to the next while maintaining a certain degree of control over the use of the trust assets. Today, however, including a trust in an estate plan is almost routine for the average person. Questions about how a trust works though are common. For example, people … [Read more...] about Will My Trust Need to Be Changed If I Buy or Sell Assets?
Famous Estates – Legacy Champ or Chump?
Helen Grace Hunt (1949- ) and Swanee LaKelly Hunt (1950- ) - Philanthropists The Hunt sisters, daughters of Texas oil mogul H.L. Hunt, were born and raised in Dallas, Texas. Swanee Hunt has a BA in philosophy, two master's degrees, and a doctorate in theology. Hunt is also an expert on women in politics, having conducted research, training, and consultations with women leaders in some 60 countries. She is the chair of the Washington-based Institute for Inclusive Security (including … [Read more...] about Famous Estates – Legacy Champ or Chump?
What Is the Cost When One Spouse Dies?
When a spouse dies, there are practical and legal considers that must be addressed amidst the grieving. The decedent’s estate must be probated, for example, and estate taxes paid, when applicable, to the federal government. In fact, one of the most important reasons to create a comprehensive estate plan is to decrease the estate’s exposure to both the probate process and the payment of estate taxes. People often wonder “What is the cost when one spouse dies?” The answer … [Read more...] about What Is the Cost When One Spouse Dies?
What Is a Letter of Instruction?
An estate plan is made up of a number of legal documents that contain the instructions necessary to determine things such as the division of your estate assets after death or who will control those assets should you become incapacitated. While all of these legal documents are necessary to ensure that your wishes are honored, there may be additional information that you wish to leave behind that is not included in any of the plan documents. This is where a Letter of Instruction comes in … [Read more...] about What Is a Letter of Instruction?
Life Care Planning in Houston
As the population of Texas ages, life care planning in Houston is becoming an increasingly important service. The fact is that the majority of senior citizens will eventually need assistance with their day-to-day needs. Sometimes family members and friends can provide help, but sometimes, this is simply not possible despite the best efforts of everyone involved. Paid in-home caregivers can be engaged under some circumstances. In other cases, people who need help with daily activities will be … [Read more...] about Life Care Planning in Houston
Who Is the Trustee of My Family Wealth Trust?
Trusts are a common addition to a comprehensive estate plan because of the numerous and varied benefits a trust offers as well as the flexibility offered by the terms of a trust. Although the name implies the need to be “wealthy”, family wealth trusts are frequently used by families with moderate to large estates as a way to pass down the family assets. If you are considering the addition of a family wealth trust to your estate plan, you may be asking yourself “Who is the trustee of my family … [Read more...] about Who Is the Trustee of My Family Wealth Trust?
