The process of estate planning should be viewed in a holistic manner. Yes, you want to make sure that your loved ones receive their inheritances when the time comes, but you should also consider end-of-life eventualities. Anticipated Longevity It can be difficult to imagine a time when you will be unable to handle all of your own affairs. This being stated, when you see someone that is in their 80s, you would not be surprised to find out that they were experiencing some level of cognitive … [Read more...] about Proper Planning Can Prevent a Conservatorship
The pandemic has forced many people to put some non-essential responsibilities on the back burner. This holding pattern may apply to your periodic estate plan review, but it is now time for action. If you know that a revision is necessary because of a life change, we are here to help, and general reviews are recommended. This being stated, at this particular juncture, there are a couple of pieces of legislation pending that would have a direct impact on many estate plans. Adjustments will … [Read more...] about The Tax Man Cometh: Adjust Your Estate Plan Now
The majority of people in the United States get their health insurance through their employer provided plans. Unfortunately, a high percentage of people with disabilities are not in a position to hold jobs, so this is not an option for them. Everyone needs health insurance, but it is especially important for these folks, so the void is a big deal. Fortunately, a safety net exists in the form of the Medicaid program. It is a need-based benefit, so you can potentially qualify if you have less … [Read more...] about Does Medicaid Seize Remaining Assets in a Special Needs Trust?
A living trust is a highly effective estate planning tool that can be the ideal asset transfer vehicle. When you establish a living trust, it is important to fund the trust right away, because it serves no purpose if the assets that comprise your estate have not been conveyed into the trust. All different types of resources can be signed over to the trust, including your bank and brokerage accounts, your home and other real property, commodities, antiques and other valuable collectibles, and … [Read more...] about What Happens to Assets Outside of My Living Trust?
It is natural to assume that your health insurance needs will be satisfied for life after you qualify for Medicare coverage. Unfortunately, there is a significant expense that most senior citizens will face that is not covered by the program. Medicare will not pay for a stay in a nursing home, and it doesn’t cover custodial care that is provided by an in-home caregiver. You can expect to pay over $150,000 for a year in a nursing home in the Hartford area, and in-home care comes with a price … [Read more...] about Medicaid Planning 101
A post that we shared a number of weeks ago highlighted a piece of legislation that was introduced into the House of Representatives. It was being called SECURE Act 2.0 because it is an expansion of changes that have already been implemented via the SECURE Act. The first measure was enacted in December of 2019, and it went into effect the following year. It is relevant to estate planning and elder law attorneys because it changed the guidelines for individual retirement accounts. In this … [Read more...] about Securing a Strong Retirement Act Clears First Hurdle
When you are planning ahead for your senior years, you should anticipate some significant expenses that are lurking over the horizon. According to the United States Department of Health and Human Services, 52 percent of seniors will need some type of paid long-term care. Over one third of them will reside in nursing homes, and some folks can receive the care they need in their homes. In Connecticut, the median annual charge for a stay in a private room in a nursing home was $167,900 last … [Read more...] about This Veterans Benefit Can Defray Long-Term Care Expenses
A lot of people that know they should put an estate plan in place drag their feet because they have certain unanswered questions in their minds. In this post, we are going to share three tips that will help to demystify the process. Taxation may not be a problem. It is natural to assume that the tax man will want a share of your legacy, but in reality, this may not be the case at all. A direct inheritance that is received through the terms of a will would not be subject to regular income … [Read more...] about Three Tips to Jump-Start Your Estate Planning Efforts
When you look back on your life, you invariably recognize the fact that you would act differently in some ways if you could consult with your future self. Indeed, it is said that experience is something that you get right after you need it. How can you be prepared for a situation that you have never experienced before? In some cases, you can analyze statistics and gain an understanding of potential outcomes based on the experiences of others. This definitely enters the picture when it … [Read more...] about Elder Care: Evolved Thinking Can Preserve Your Legacy
You may look at estate planning as a one-way street. The decision-making is up to you, and you record your choices in a will or trust. This is certainly a large part of the equation, but the recipients are also part of the loop. If you leave a child out of your plan, or if you slight them, an estate challenge could be presented. A contested situation can cause a great deal of acrimony, and it will slow down the estate administration process. The entire family will suffer to one extent or … [Read more...] about Four Tips to Help You Prevent Estate Challenges