Life insurance is included in the taxable estate typically. A trust is a great way to remove the value of life insurance from the estate. But, there are two potential traps in this. Read on to learn more … [Read more...] about Removing Life Insurance from the Taxable Estate
The Basics: Financial Power of Attorney
Powers of Attorney are part of even the simplest estate plan. A Power of Attorney allows your Agent to act for you. There are Powers of Attorney for financial matters and also those for health care. Read on to learn more … [Read more...] about The Basics: Financial Power of Attorney
Removing Life Insurance Without Triggering the Transfer for Value Rule
Life insurance is included in the taxable estate typically. A trust is a great way to remove the value of life insurance from the taxable estate. But there are two potential traps in this. The prior article examined the first trap, the three-year lookback of Section 2035. This article will examine how the Transfer for Value rule can make life insurance taxable. Read on to learn more about how to avoid the income taxation of life insurance. Read on to learn more … [Read more...] about Removing Life Insurance Without Triggering the Transfer for Value Rule
The Basics: “HIPAA” Powers
This is the second in a three-part series of articles on Powers of Attorney. The first article examined the Financial Power of Attorney. This second article examines the Healthcare Power of Attorney and Advance Directive. Read on to learn more … [Read more...] about The Basics: “HIPAA” Powers
Where Should I Keep My Estate Planning Documents?
The documents that make up your comprehensive estate plan will likely be among the most important documents you create during your lifetime. Once those documents are prepared and ready to be utilized, what should you do with them? Where should they be kept until needed? The North Andover estate planning attorneys at Legacy Care Law Firm discuss where you should keep your estate planning documents once your plan is in place. Should Your Documents Be Stored in a Safety Deposit Box? In many … [Read more...] about Where Should I Keep My Estate Planning Documents?
Protecting Your Assets from the High Cost of Nursing Home Care
Over your lifetime, you have worked hard and saved wisely in an effort to build up a retirement nest egg. To ensure that you have sufficient assets to live comfortably during your retirement years, and even have some left over to pass down to loved ones, you must also be vigilant about protecting the nest egg you have accumulated. One threat to your assets that you may not have considered is the high cost of nursing home care. The North Andover asset protection attorneys at Legacy Care Law Firm … [Read more...] about Protecting Your Assets from the High Cost of Nursing Home Care
Why Might I Include a Living Trust in My Estate Plan?
The estate plan you create will likely include a wide variety of interconnected tools and strategies that work together to achieve all of your estate planning goals. One of the most popular of these tools is a living trust. In fact, many people include more than one living trust in their estate plan given the numerous goals that can be furthered with the help of a living trust. To help you decide if a living trust should be part of your estate plan, a Salem living trust attorney at Legacy Care … [Read more...] about Why Might I Include a Living Trust in My Estate Plan?
Uncompensated Transfers
Medicaid is a state-federal partnership that provides medical benefit assistance to people who qualify, especially those over 65 years of age. However, in order to qualify, you also need to meet certain financial requirements such as asset limits. However, if you have made “uncompensated transfers,” that could lead to a period of disqualification from the program. Read on to learn more. Uncompensated Transfers … [Read more...] about Uncompensated Transfers
Irrevocable Medicaid Trusts
Medicaid is a state-federal partnership that provides medical benefit assistance to certain needy people, especially those over 65 years of age. However, you need to meet financial requirements such as asset limits to qualify. Assets in an irrevocable trust not for your benefit typically don’t count as available. Read on to learn more. Irrevocable Medicaid Trusts … [Read more...] about Irrevocable Medicaid Trusts
Top 5 Mistakes to Avoid When Creating Your Will
A Last Will and Testament will likely be the first estate planning document you create. Although the concept of a Will is rather straight-forward, that doesn’t prevent mistakes from being made during the creation of a Will. To help prevent you from making them, the Salem estate planning attorneys at Legacy Care Law Firm discuss the top five mistakes you should avoid when creating your Last Will and Testament. Contact Salem Estate Planning Attorneys If you have additional questions, … [Read more...] about Top 5 Mistakes to Avoid When Creating Your Will
