As a layperson, you are simply not going to understand every aspect of the estate planning process. One factor that people often overlook is the estate administration component, and we will look at an important facet in this post. Estate Administration When you plan your estate, you have to record your final wishes in a will or some type of trust. At the same time, you should also consider the process that will unfold after your passing, because there is a human element. If you use a will … [Read more...] about Include a Letter of Final Instructions
As elder law and estate planning attorneys, we can help you prepare for the future in a holistic manner. One stage leads to another, so it is important to meet the eventualities of aging head-on as you create a pragmatic plan for your twilight years. Medicare Falls Short If you work and pay taxes for at least 10 years, you will qualify for Medicare when you reach the age of 65 under currently existing laws. It should be noted that you would qualify if you have not met this requirement as long … [Read more...] about Consider a Medicaid Trust
It is important to be absolutely certain that you are providing for everyone that you love in the ideal manner when you plan your estate. This is why personalized attention is key, because if you make mistakes, your good intentions could ultimately yield negative results. With this in mind, we will look at the value of a third-party special needs trust in this blog post. Need-Based Government Benefits If you have someone with a disability in your family, you may want to make this loved one … [Read more...] about What Is a Third Party Special Needs Trust?
Unfortunately, we sometimes speak with clients that come to us after a loved one has passed away. They are in difficult situations because of the mistakes that were made by their deceased family members. We do what we can to provide damage control, but our options are usually quite limited. This is disturbing, because in many cases, the negative outcomes could have been prevented if the appropriate steps had been taken in advance. In this post, we will share a few of the scenarios that we run … [Read more...] about Avoid These Estate Planning Mistakes
Estate planning is considered by many to be a purely financial exercise. Without question, you have to decide how you want your assets to be distributed after you are gone and state your wishes in a legally binding manner. However, a well-constructed estate plan will include another component. Sadly, many people become unable to communicate at the end of their lives. Decisions may present themselves, and it is wise to anticipate all possibilities in a proactive manner. This is partially done … [Read more...] about Are Your Advance Directives in Place?
You have options when you are planning your estate, and you should understand them thoroughly so you can make informed decisions. A lot of people assume that a last will should be the centerpiece in almost all cases unless you are very wealthy, but this is not really the case. In many instances, a revocable living trust would be a better choice. This is just one of a number of different types of trusts, but we will focus on the revocable living trust here. Probate Avoidance One of the … [Read more...] about Why Would You Use a Living Trust?
We are going to share some important facts about the Medicaid program here, but before we do, we must provide some background information. On a surface glance, a lot of people would have no interest in this subject, because they know that they will qualify for Medicare when they are seniors. Why would you need Medicaid if you going to have Medicare coverage? And if you are going to have some resources, you wouldn’t qualify for Medicaid anyway, right? This logic is understandable, but there … [Read more...] about Connecticut Medicaid Planning Facts and Figures
One of the things that would naturally enter your mind when you are planning your estate is the question of taxation. Will your heirs be required to pay taxes on inheritances that you leave to them? For the most part, the answers are encouraging, but there is one looming threat to your legacy. The Good News Inheritances are not considered to be taxable income by the IRS, so an heir does not have to claim an inheritance on regular income tax returns. Another positive applies to the capital … [Read more...] about Will My Heirs Pay Taxes on Their Inheritances?
COVID-19, the novel coronavirus, has been a challenge confronting countries around the world. While healthcare systems have fought the virus, economies have been hurt by the social distancing required to combat the virus. However, there may be an opportunity for those wishing to do certain types of Estate Planning. Read on to learn more. Read on to learn more … [Read more...] about Economic Fallout from Coronavirus May Provide Opportunities
The novel coronavirus, COVID-19, is spreading in the United States and across the globe. Social distancing and self-quarantine can help slow the spread. The virus is a particular threat to residents of nursing homes. Read on to learn more about the threat and how you can keep your loved ones safe. Read on to learn more … [Read more...] about Coronavirus and Nursing Homes