Terri Schiavo spent over ten years in a persistent vegetative state following a heart attack. During that time, her husband and parents waged an emotionally and financially draining legal battle that made it all the way to the President’s desk. It all could have been avoided had Terri executed an advance directive prior to her collapse back in 1990.
Protecting Your Assets from Medicaid Spend-Down Using a Special Trust
Protecting the family fortune requires more than just a basic estate plan. Contemplating the need to qualify for Medicaid to help cover the high cost of long-term care should be an integral part of any comprehensive estate plan. One frequently used Medicaid planning tool that can protect your assets from the Medicaid spend-down requirement is an Irrevocable Income Only Trust.
A Nursing Home’s Take on the Need for Medicaid Planning
Nursing homes have historically resisted the concept of Medicaid planning based on the assumption that patients who engaged in Medicaid planning were trying to avoid paying their bills. In recent years, many nursing homes have started to rethink that position as they realize that Medicaid planning is often in their best interest as well as the patient’s.
Estate Planning Lessons – Wesley Snipes and the “Pure Trust” Argument
It’s likely we’ve all taken some bad advice at some point in our lives, but when it comes to issues like taxes, bad advice can have very serious legal and financial consequences for you and your loved ones. Seeking an experienced estate planning attorney for legitimate ways to protect your assets and reduce tax obligations is the best way to prevent becoming an unfortunate victim of bad advice, like actor Wesley Snipes.
When Roles Reverse and Your Parents Need Your Help
The aging process can be difficult for those who witness it, and when it comes to our parents, we see it evolve first-hand as they come to rely on us for their needs over the years. What can we do now to make sure they’re better prepared for the future?
Understanding the Federal Gift Tax and its Implications
Odds are many of us have heard of the federal gift tax; however it’s not something most Americans face and here’s why.
Take Advantage of Gifting to Reduce Your Estate
Incorporate gifting to your loved ones as a way of reducing your overall annual tax burden, but be sure you do it in such a way that it maximizes your goals.
Preparing for Your First Estate Planning Consultation
Many people put off estate planning because of the uncertainty of what it means and what it encompasses. It’s not an overwhelming or time-stealing process, though it is crucial for ourselves and our families.
Claiming More Than Marriage: Important Financial and Estate Planning for Same-Sex Marriages
Many of the obstacles same-sex couples faced until now are no longer unanswered questions or impossible challenges. Due to the Supreme Courtâ€™s decision in Obergefell this past June, estate planning, taxes, and other important legal quagmires are a bit clearer â€“ and more easily achieved.
Fair Does Not Always Mean Equal: Avoiding Conflict in Inheritances
As parents, one of the challenges we face is ensuring our children feel as though theyâ€™re treated fairly and loved equally. What many may not realize, however, is that sometimes accomplishing this doesnâ€™t include equal divisions, especially after theyâ€™ve reached adulthood. This is also sometimes the case with Estate Planning. While itâ€™s designed to efficiently distribute your assets after your death, itâ€™s also meant to see your final wishes implemented. The challenge is making sure your children understand that after assessing the dynamics and factors associated with your family and the needs of each family member, your final wishes may appear to be unfair, even though your goal was always to address the needs of each child versus the collective family.
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