Your most valuable property may be your home, which is true for many people. You likelywant your children to inherit that value when you pass away. However, you may also have concerns about planning for the future, especially if your health declines and you need expensive long-term care. You may be aware that Medicaid can pay for these services. However, Medicaid rules say you can own no more than around $2,000 in assets to be eligible – now what? Medicaid Planning Using an Irrevocable Trust One solution is to take your home out of your name whilereserving your right to live in it. This is pos ..read more

Many family circumstances can increase the risk of probate litigation. High-risk factors that often bring about probate litigation can include sibling rivalry, second marriages without a prenuptial agreement, and dysfunctional family dynamics. Also, a non-standard estate plan may treat children differently, omit a child, maintain an overly detailed trust, or appoint a substandard fiduciary. There are two fundamental reasons for probate litigation: Disputes about how to handle an incapacitated family member Disagreements regarding the dissolution of the estate after death Risk Assessment ..read more

Creating a living will ensures your future healthcare decisions and plans are respected. A living will, or advance directive, is a legal document outlining medical treatment preferences and end-of-life care if you can’t communicate or make decisions for yourself. Everyone should have an advance directive, as end-of-life situations can happen at any age due to accident or illness. Medical Treatment Decisions This document identifies medical treatments you would (or wouldn’t) accept to keep you alive. It may include other medical decisions, such as pain management. Consider the following: How im ..read more

Visiting your attorney to get your estate plan done is one New Year’s resolution that you should definitely keep. None of us knows whether or when we may find ourselves seriously injured or sick. But if it does happen, you may not be able to speak for yourself. That’s why it is so important to prepare your estate planning documents well in advance of emergencies. Powers of Attorney and Advance Directives For one, you can prepare for an unforeseen medical emergency with documents known as advance directives. These include a living will and powers of attorney. These documents can prove essential ..read more

Most estate planning attorneys can help you craft an estate plan that minimizes or avoids probate altogether. Probate proceedings are part of the public record and can be very time-consuming and expensive. However, in nearly every case, to some extent probate is necessary. So, it’s important to understand how to navigate the process. Probate proceedings seek to validate the decedent’s last will. In addition, this process retitles the estate’s assets into the name of heirs according to the deceased person’s wishes. A court supervises these types of proceedings to ensure that the estate pays its ..read more

According to Pew Research, 30 percent of adults in the United States report owning a firearm. Gun sales have risen in recent years, particularly during the Coronavirus pandemic. While many reported having weapons for protection and hunting, 6 percent owned guns that were family heirlooms. If you own a firearm of monetary or sentimental value, you may wonder how to transfer ownership to your loved ones after you die. In addition to creating a will, you may want to make special arrangements for your weapon. A gun trust, also known as a firearm trust or NFA trust, is a legal entity created to hol ..read more

One aspect of your estate plan that you may not yet have taken into consideration is your digital legacy. Arranging what happens to your digital assets and information when you pass away has become an increasingly essential component of financial literacy — and comprehensive estate planning. According to Pew Research, the number of adults in the United States who say they use the internet has grown from 52 percent in 2000 to 93 percent in 2021, with 85 percent using the internet daily. Many people rely on digital technology to socialize, work, pay bills, and manage their affairs. Including Dig ..read more

When people pass away, they leave behind assets, property, and possessions that can have sentimental and real value for surviving family members and loved ones. Everything that an individual owns upon their death is known as their estate. According to Estate Exec, the average size of an estate is between $50,000 and $250,000. Eleven percent of estates are under $11,000, while 11 percent are over $1,000,000. Some assets transfer directly to heirs after a person’s death. These non-probate assets include pay-on-death bank accounts, insurance policies with designated beneficiaries, trust funds, an ..read more

When signing up for Medicare, some people have other insurance, such as coverage from a current employer, or retiree’s or military insurance. Beneficiaries of Original Medicare or Medicare Advantage may keep their additional coverage, as the providers work together to bear health care costs. Can You Have Medicare and Private Insurance? People may have Medicare and other insurance simultaneously for several reasons. Some Medicare enrollees have retiree health coverage through their (or a spouse’s) former employer. Others remain in the workforce past 65 and are on employer-backed insurance or a ..read more

An estate is administered via probate by naming a personal representative (executor) and distributing assets to beneficiaries. It also requires paying the decedent’s outstanding debts and federal and state taxes. Each state has different laws determining if probate is necessary or can be expedited, whether the fiduciary requires bonding, and what reports must be prepared. The probate experience is unique, as no two wills are the same. In general, the timeline of the probate procedure moves quickly if the estate has minimal assets and little debt. Larger estates can expect a process lasting any ..read more