There are acronyms in the estate planning field that are used to shorten the names of legal terms, and one of them is “QDOT.” These letters stand for the qualified domestic trust, and we will explain why these trusts are used in this post. Federal Estate Tax In order to understand the reason why people … [Read More]
Veterans Aid and Attendance Pension Can Defray Long-Term Care Costs
The most pressing elder law issue is the matter of long-term care and the costs that go along with it. Just over 50 percent of seniors will need some type of paid care according to the United States Department of Health and Human Services, and Medicare does not pay for custodial care. According to Genworth … [Read More]
What Is HIPAA?
Your estate plan should go beyond the purely financial part of the equation. Yes, you have to express your final wishes with regard to postmortem asset transfers, but end-of-life issues should be addressed as well. We are going to look at the implications of the Health Insurance Portability and Accountability Act (HIPAA) here, but before … [Read More]
Top 5 Reasons to Use a Living Trust
A lot of people think that estate planning boils down to the creation of a simple will. You can go that route, but there are actually some good reasons to utilize a living trust as the centerpiece of your estate plan. Let’s look at five compelling reasons to use a living trust to facilitate asset … [Read More]
Four Frequently Overlooked Estate Plan Details
Estate planning is sometimes misunderstood. Yes, a will or trust is necessary to facilitate asset transfers, but there are other considerations. With this in mind, let’s look at four estate plan details that are often overlooked. Letter of Last Instructions Stating your intentions in writing is one thing, but you should also consider the situation … [Read More]
Is My Home Part of My Taxable Estate?
We are going to cover the matter of real property as part of your taxable estate in this post. In order to get there, we have to provide a general overview about taxes on inheritances, so we will start there and proceed to the question of property ownership. Income Taxes on Inheritances Generally speaking, inheritances … [Read More]
Understanding the Medicaid Caregiver Child Exemption
To fully grasp the relevance of the Medicaid Caregiver Child Exemption, you have to understand an unpleasant truth about Medicare and long-term care. In this post, we will provide some background information, and we will then focus on this very useful exemption. Medicare and Long-Term Care Expenses You will qualify for Medicare when you are … [Read More]
Elder Law Responses to the Eventualities of Aging
For the most part, estate planning is devoted to events that will take place after you pass away. At the same time, from an elder law perspective, you should also address the eventualities of aging, and life as an octogenarian can be quite challenging. Cognitive Impairment A lot of people become incapacitated late in their … [Read More]
Can You Give Lifetime Gifts to Avoid Estate Taxes?
Estate taxes can enter the picture when assets are being transferred after you pass away. There is a federal estate tax, and here in Connecticut where we practice, there is a state-level estate tax. Let’s look at the parameters and explore the possibility of giving gifts to avoid estate taxes. Federal Estate Tax Overview The … [Read More]
Don’t Take Chances With Iffy Probate Avoidance Solutions
Probate avoidance is a common goal in estate planning. With this in mind, many people turn to so-called “simple solutions” like payable on death (POD) accounts and joint tenancy. While these methods can bypass probate, they come with significant drawbacks and limitations. This blog will explore these issues and point you toward an estate planning … [Read More]
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