Some people drag their feet when it comes to estate planning because they don’t have enough basic information. With this in mind, we will provide a few tips in this post to give you some foundational knowledge to draw from going forward. Don’t fret about taxation unless you are a multimillionaire. You may assume that estate planning involves complicated steps that must be taken to minimize tax exposure. In reality, the tax situation for the vast majority of people is very favorable. There … [Read more...] about These Tips Can Jumpstart Your Estate Plan
Generation Y Members Need Estate Plans
The millennials, or “Generation Y,” are now between 25 and 40 years of age. According to a survey that was conducted by Caring.com, less than 30 percent of Americans in this age group have estate plans in place. Obviously, people do not usually pass away when they are in their 20s, 30s, or 40s, but it does happen each and every day. If you are in this group and you want to take a gamble as a single person, you may not be risking much, but the situation is very different for people with … [Read more...] about Generation Y Members Need Estate Plans
Your Estate Plan Should Be Updated Along the Way
A lot of people procrastinate before they put estate plans in place. Going forward, many do not take action to make revisions as things change because a new cycle of procrastination takes hold. This phenomenon applies to known circumstances, and there are people that have outdated estate plans because they are not aware of changes to relevant laws. With this in mind, we will provide some food for thought in this post. Starting Out You should have an estate plan in place as soon as you are a … [Read more...] about Your Estate Plan Should Be Updated Along the Way
Are Living Trust Distributions Taxable?
People often have questions about how taxes can impact inheritances, and we are going to look at taxation on living trusts in this post. But first, we will provide a general overview that will help you understand some of the benefits that these trusts provide. Simple, Efficient Estate Administration One of the most commonly held estate planning misperceptions is the notion that wills are very simple, and trusts are extremely complicated. The verbiage and the underlying principles that are … [Read more...] about Are Living Trust Distributions Taxable?
Estate Planning Guide: Important Factors to Consider
A lot of people that are unprepared from an estate planning perspective know that it is important. Many of them state that they are frozen with inaction because they simply do not know where to begin. This is understandable, and in this post, we will provide some basic facts to consider when you are thinking about the estate planning process. Nursing Home Asset Protection We are going to start with an area that can be easily overlooked. Your estate plan is going to have limited value if you … [Read more...] about Estate Planning Guide: Important Factors to Consider
Four Reasons to Steer Clear of DIY Wills
There are websites that sell generic, boilerplate legal documents, including DIY wills. Their marketing material makes it sound like it is easy for anyone to plan their own estate using DIY tools that can be purchased online. Since so many people put estate planning on the back burner, this can sound like a simple solution, but this is actually a shortsighted perspective. In this post, we will look at four reasons why you should probably steer clear of do-it-yourself estate planning … [Read more...] about Four Reasons to Steer Clear of DIY Wills
These Celebrity Estate Planning Mistakes Can Be Instructive
Over the years, celebrities have made estate planning mistakes that have yielded negative consequences. These scenarios can be instructive for others, because you see a practical example of the way things can go awry if you don’t take the right steps in advance. Let’s look at three of these situations that provide valuable insight. Former Football Star Steve McNair Steve McNair was one of the best quarterbacks in the NFL in his prime, and his life was snuffed out in violent fashion. In 2009, … [Read more...] about These Celebrity Estate Planning Mistakes Can Be Instructive
What Are the Medicaid Rules for Healthy Spouse Income?
Medicaid is relevant to senior citizens that will qualify for Medicare because Medicare does not cover long-term custodial care. This is the type of care that you would receive in a nursing home, and there are in-home caregivers that provide custodial care for seniors. Of course, Medicaid is a need-based program. In Connecticut, you cannot qualify if you have more than $1,600 in countable assets in your name. Plus, income that is brought in by the institutionalized spouse must be contributed … [Read more...] about What Are the Medicaid Rules for Healthy Spouse Income?
Estate Planning: Keep It Simple
The vast majority of American adults do not have estate plans in place, even though most people that are surveyed feel that inheritance planning is important. Why do they fail to take action if they know that this is a responsibility that should be addressed? There are a variety of different answers to this question, and one of them is the fear of the unknown. They view estate planning as a matter that is complicated if you look beyond a simple fill-in-the-blanks will that you buy … [Read more...] about Estate Planning: Keep It Simple
Estate Planning Missteps Can and Should Be Avoided
A wise man once said that “Experience is something that you get just after you need it.” Clearly, we learn from our mistakes, but these can be hard-won lessons. With this in mind, we are going to look at some of the commonly made estate planning errors in this post so you can learn from the mistakes that others have made. False Assumption About Medicare Most people are aware of the fact that they have to pay some out-of-pocket Medicare expenses. At the same time, they assume … [Read more...] about Estate Planning Missteps Can and Should Be Avoided