Category Archives: Uncategorized
Have You Checked Your Beneficiary Designations Lately?
You regularly check the balances of your retirement, bank, and investment accounts. But when was the last time you checked the beneficiary designations on these accounts (and really, all the other accounts that allow you to name a beneficiary)? It may have been years since you first opened an individual retirement account, bought a… Read More »
Do It Now: Name a Guardian for Your Minor Children
We know it is difficult, even horrific, to imagine someone else raising your children. However, you must consider who you would choose to fill this important role. Otherwise, a judge—a stranger who does not know you or your wishes, your child, or your relatives and friends—will determine who raises your children if something happens… Read More »
Able Accounts Can Play a Key Role In Special Needs Plans
Special needs plans that utilize ABLE accounts can enhance quality of life for people with disabilities, offering financial protection while preserving access to public benefits for some individuals. Living with a disability can present numerous financial challenges. Many people with disabilities bear the costs of health care, accessible vehicles, assistive technologies, and more. According… Read More »
Can I Leave My Spouse Out of My Estate Plan?
The relationship between spouses is special in all contexts, not the least of which is the estate planning context. In many instances, you can exclude people from your estate plan, including your parents, siblings, and adult children. That being said, depending on the circumstances surrounding your marriage, you may be wondering – “Can I… Read More »
Are You Single with a Minor Child? If So, You Need a Plan
You have a minor child who depends on you for their survival, so you need to make sure that they will be cared for if you are ever unable to care for them. Estate planning for single parents is critical so you can address your minor child’s care and custody and provide instructions about… Read More »
In-Home Nursing Care and Medicaid Waivers
You may want to think again if you believe you can’t meet Medicaid’s strict income and asset limits to qualify for long-term care benefits. If you currently demonstrate the need for nursing home facility services, you may meet health eligibility rules for a Medicaid waiver program to support the costs of in-home nursing care… Read More »
QTIP Trusts: Will My Spouse Get What They Need?
A qualified terminable interest property (QTIP) trust is an estate planning tool that married couples can use to minimize uncertainty about the future and maximize certain tax advantages. Since no one can predict how much they will own at the time of their death, which spouse will die first, whether the surviving spouse will… Read More »
What Type of Deed Should I Use When Transferring Real Estate into a Trust?
When using trusts in estate planning, a key element includes transferring real estate belonging to the trustmaker into the trust by recording a deed with the local recording authority. This step is crucial for ensuring that the trustee has the authority to manage and ultimately sell or transfer the property should the trustmaker become… Read More »
Qualified Personal Residence Trust: What Is It and When Should You Consider One?
Americans have enjoyed historically high estate tax exemption rates for most of the last twenty years. Such high exemption amounts have kept many of them from needing to seek out more advanced estate planning strategies to avoid estate taxes, which have been as high as 60 percent during those same years. However, it is… Read More »
How Can Remarriage Affect Your Estate Planning?
Divorce is more common now than it was in the past, as is remarriage. Depending on how long a prior marriage lasted, the former couple may have engaged in certain levels of estate planning together. When that is the case, it is important to understand how remarriage can impact the estate planning from a… Read More »
