Estate Planning Articles
Some of these articles have been written by our law firm and other articles are written by the American Academy of Estate Planning Attorneys and compliments of our law firm. Any feedback or questions about the articles can be addressed by contacting our office.
Like most seniors, you probably own at least one life insurance policy. Will that policy interfere with your eligibility for Medicaid benefits if you need them down the road? If you are unsure, now is the time to learn how Medicaid evaluates life insurance policies.
You likely worked hard, saved wisely, and invested prudently to acquire the assets you now have. Now, all you need to do is to protect those assets. To accomplish that goal, you need to understand how and why your assets might be at risk as well as learn more about asset protection tools and strategies.
If you are a member of the United States military, you likely have more important things on your mind than taxes and retirement planning. You should, however, take a moment to learn how your combat pay is treated by Uncle Sam to ensure you receive the benefits to which you are entitled for your service to your country.
The longer you live, the better the odds are you will one day need long-term care (LTC). For the average person, the cost of that care can be prohibitive. Moreover, you cannot count on Medicare nor your basic health insurance to cover costs associated with LTC
The Baby Boomers are reaching retirement. Some of them are financially ready for retirement; however, many are not. Even more have failed to plan their estate. No one likes to dwell on their own mortality, but failing to plan for it can have a significant financial impact on the next generation.
Nursing home costs can deplete a nest egg very quickly. Planning ahead to ensure you qualify for Medicaid can help immensely. However, do not make the mistake of assuming that Medicaid will cover your entire long-term care bill. Instead, be prepared for a share of cost.
Ideally, retirement planning should begin early in your life and should be part of your overall estate plan. Like many people, you may consider including an IRA in your retirement plan. However, is a Traditional IRA or a Roth IRA more appropriate for you? To make an informed decision, you need to know more about both types of IRAs.
There is a very good chance that you, or your spouse, will need long-term care at some point down the road. To help pay for that care you may need to qualify for Medicaid. There is a right way, and a wrong way, to approach Medicaid planning in anticipation of qualifying. The wrong way could land you in prison. Proper planning can protect your assets without jeopardizing your eligibility for Medicaid.
You have worked hard to make your small business a success. Will all your hard work go down the drain if you (or your spouse) need to qualify for Medicaid? The good news is that you will likely be able to keep your small business and still qualify for Medicaid.
Caring for a spouse with Alzheimer’s takes both an emotional and a physical toll on the caregiver. It can also deplete the nest egg that took you a lifetime to save in a very short period of time. The Medicaid Home and Community Based Services waiver program may be able to help.