Estate Planning Articles
Some of these articles have been written by our law firm and other articles are written by the American Academy of Estate Planning Attorneys and compliments of our law firm. Any feedback or questions about the articles can be addressed by contacting our office.
Most estate plans can benefit from the addition of a Medicaid planning component that helps ensure eligibility for Medicaid to help cover the high cost of long-term care (LTC) in the future. One of the many tools in the Medicaid planning arsenal is compensation paid as part of a personal services contract.
Terri Schiavo spent over ten years in a persistent vegetative state following a heart attack. During that time, her husband and parents waged an emotionally and financially draining legal battle that made it all the way to the President’s desk. It all could have been avoided had Terri executed an advance directive prior to her collapse back in 1990.
Not long ago, women rarely took much interest in estate planning for several reasons. Today, however, the need for estate planning is even greater if you are a woman. Debunking some of the common myths surrounding the concept of women and estate planning is a good place to start.
Protecting the family fortune requires more than just a basic estate plan. Contemplating the need to qualify for Medicaid to help cover the high cost of long-term care should be an integral part of any comprehensive estate plan. One frequently used Medicaid planning tool that can protect your assets from the Medicaid spend-down requirement is an Irrevocable Income Only Trust.
You may have heard friends and family members discussing the need to avoid probate; however, you may not understand why avoiding probate is so important. Now is the time to learn more about probate avoidance so you have plenty of time to start including appropriate strategies in your estate plan.
You likely worked hard, saved wisely, and invested prudently to acquire the assets you now have. Now, all you need to do is to protect those assets. To accomplish that goal, you need to understand how and why your assets might be at risk as well as learn more about asset protection tools and strategies.
Hiring an estate planning attorney has its challenges, especially if your current attorney is preparing to retire or relocate. Here are a few tips that can help you make the transition.
If you are a member of the United States military, you likely have more important things on your mind than taxes and retirement planning. You should, however, take a moment to learn how your combat pay is treated by Uncle Sam to ensure you receive the benefits to which you are entitled for your service to your country.
The Baby Boomers are reaching retirement. Some of them are financially ready for retirement; however, many are not. Even more have failed to plan their estate. No one likes to dwell on their own mortality, but failing to plan for it can have a significant financial impact on the next generation.
Nursing home costs can deplete a nest egg very quickly. Planning ahead to ensure you qualify for Medicaid can help immensely. However, do not make the mistake of assuming that Medicaid will cover your entire long-term care bill. Instead, be prepared for a share of cost.