Third-party special needs trusts (sometimes referred to as supplemental needs trusts) are planning tools for those parents of children with mental/physical disabilities and the elderly. This type of trust will receive assets from you or another benefactor expressly for that person with a disability. Goals include: leaving funds for your child’s or elderly family member’s […]
Tax law change proposals may have significant impacts on estate transfer strategies if they are enacted into law. While it is too early to know what will become law, the House Ways & Means Committee tax plan draft indicates that change is coming soon. While new details emerge and changes are made to the proposals […]
You spend the first half of your adult life trying to achieve financial security and the second half of your life trying to keep that security. This adage is why many people spend substantial time and effort maximizing their legacy goals in their estate plan, ensuring their wishes come to pass. Your life’s work and […]
Medicaid is a federal/state program which assists low-income seniors with limited income and assets afford healthcare and long-term care. Many seniors believe their only option to qualify for the program is to “spend down” their assets. While this is true in some cases, proactive Medicaid planning can protect a substantial portion of your assets if […]
It is a common belief among young adults, even those with professional careers aged thirty or more, that they are too young to be concerned with estate planning. Young adults in their twenties and thirties often think they don’t own enough to constitute an estate. However, an estate is the total of all you own […]
A power of attorney comes in different forms and is an important tool when planning for when you may become incapacitated and require a trusted agent to manage your affairs. These legal documents can grant broad authority to one or more power of attorney agents to transact business or make medical decisions based on your […]
According to findings, the US Department of Health and Human Services (HHS) estimates that approximately seventy percent of retirees in America will need long-term care (LTC), with median annual costs for these services ranging from $53,768 to $105,850 in 2020, according to research from Genworth. HHS also reports that those who receive Medicaid-financed nursing home […]
It is crucial to store your estate planning documents like your will, living wills, powers of attorney, trusts, medical directives, and financial information securely somewhere your survivors can easily access. Additionally, you need to securely store information about birth certificates, marriage licenses, even divorce decrees, as well as medical records and property titles. In your […]
At first thought, life insurance may not seem to have a bearing on how to dispose of your assets in your estate plan. However, life insurance can be an integral, indispensably important part of a well-thought-out estate plan. There are numerous other benefits to owning a life insurance policy aside from providing a large sum […]
Enabling the Disabled We help families look at planning for their disabled loved ones to live their best lives. Family money can be carefully managed to fit the disability-benefit rules and still provide additional perks for the disabled person to enjoy. And, though the rules can be strict, disabled people are still permitted autonomy to […]
