The Medicaid program is important to many senior citizens because Medicare will not pay for long-term care. If you need assistance with your activities of daily living as a senior citizen, you will have to find a way to pay the bills, because this is considered to be custodial care. Medicare does not pay for … [Read More]
Do I Have to Pay Taxes When Someone Leaves Me Money?
It can sometimes seem as though you are taxed at every turn, and taxation potentially comes into play when you are planning your estate. We will look at the matter in this post. Inheritance Recipients If you are the recipient of an inheritance, do you have to pay income taxes on this windfall? This is … [Read More]
Should I Have a Durable Power of Attorney for Health Care?
Estate planning is usually thought of as being within the realm of financial planning. This is true on one level, but it also connects to elder law. You want to know all the facts and make preparations for the eventualities of aging. As a result, a comprehensive estate plan would include an incapacity planning component. … [Read More]
What Is a Power of Attorney in Hartford Connecticut?
In the legal field there are binding documents that are utilized to accomplish various different aims. One of them is the power of attorney. These legal devices are used within the [Read More]
What Is the Annual Gift Tax Exclusion in Hartford Connecticut?
You may hear that there is a federal gift tax that is unified with the estate tax. This is true. There is a unified exclusion or credit. It could be said that this is the amount that can be transferred before taxes would kick in. In 2014, the amount of the annual gift tax exclusion … [Read More]
What Is a Guardianship or Conservatorship?
With your estate plan you arrange for the distribution of your monetary resources after you die. However, a comprehensive estate plan should address the period of time that will precede your death. Many people go through a period of incapacity late in their lives. If you do nothing to prepare for this possibility, guardianship or … [Read More]
What Is a Supplemental Needs Trust?
The best way to plan your estate will depend on the exact circumstances. You may see websites that advertise do-it-yourself estate planning. DIY estate planning doesn’t make sense to many who are informed, because a layperson is not going to be aware of every relevant factor. This comes into play when you have someone with … [Read More]
Who Can Act as an Agent Under a Power of Attorney?
When you are planning ahead for the future you have to consider the eventualities of aging. As a senior citizen you may become unable to handle all of your own affairs. You can name someone to act on your behalf in the event of your incapacitation by executing a certain type of power of attorney … [Read More]
How Long Does the Probate Process Take?
If you maintain personal possession of your property up until the time of your death and arrange for its transfer through the terms of a will, it will become [Read More]
What Steps Can I Take to Preserve My Legacy?
When you are looking ahead toward the future you may start to think about your legacy. Indeed, there are a number of ways that you can proactively endeavor to have an influence even after you are gone. Charitable Giving One of the steps that you can take to preserve your legacy would be to set … [Read More]
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