If you were fortunate over the course of your working years to be covered by employer-sponsored or privately purchased health insurance, you likely know very little about the Medicaid program. During your retirement years, however, you may find yourself in a position where eligibility for Medicaid becomes important. One of the many myths about Medicaid is that relying on Medicaid to pay for long-term care means your spouse will be left out in the cold. The Salem Medicaid planning attorneys at … [Read more...] about What Is a “Community Spouse?”
Is a Reverse Mortgage Right for Me?
A reverse mortgage is a loan for senior homeowners that allows a homeowner to access a portion of the home’s equity and convert it into cash using the home as collateral. Initially, the concept of a reverse mortgage was conceived as a way to help retirees with limited income use the accumulated wealth in their homes to cover basic monthly living expenses and/or pay for costly health care; however, the proceeds of a reverse mortgage can be used for anything you wish. If you are a senior on a … [Read more...] about Is a Reverse Mortgage Right for Me?
Kiddie Tax is Worse Than Ever
The Kiddie Tax can apply to the unearned income of children. Read on to learn if this tax applies to you or your children. Also, learn ways to avoid the Kiddie Tax. Kiddie Tax is Worse Than Ever … [Read more...] about Kiddie Tax is Worse Than Ever
What is a GST Trust?
A Generation-Skipping or “GST” trust can be a good way to keep assets out of the taxable estate of a beneficiary and yet still allow them to be used for the beneficiary’s benefit during life. Read on to learn more about this type of trust and whether it might make sense for you. What is a GST Trust? … [Read more...] about What is a GST Trust?
Planning is Critical
It’s important to have a plan. If you don’t have a plan, your state law dictates who gets your property and makes decisions for you. Read on to learn more about a heart-breaking story of someone who didn’t plan and the consequences. Planning is Critical … [Read more...] about Planning is Critical
Making Trusts More Flexible
Trusts can be drafted to be quite flexible. This article examines several ways you can add flexibility to your trust. This added flexibility will increase the usefulness of your trust. Making Trusts More Flexible … [Read more...] about Making Trusts More Flexible
Trust Protectors Add Flexibility
Trusts can be drafted to be quite flexible. This article examines how Trust Protectors can add flexibility to your trust. This added flexibility can increase the usefulness of your trust. Trust Protectors Add Flexibility … [Read more...] about Trust Protectors Add Flexibility
Modifying an Irrevocable Trust
Irrevocable trusts often can be modified. They can be modified under the Uniform Trust Code or a state law decanting. Read on to learn more about how a modification of a trust can help. Modifying an Irrevocable Trust … [Read more...] about Modifying an Irrevocable Trust
When and Where You Die Matters
Where you die matters. While you’ll pay the same federal estate tax no matter where you die, 1/3 of the states have a separate estate or inheritance tax. The most populous state, California, is the latest state to consider adding a state estate tax. Read on to learn more. When and Where You Die Matters … [Read more...] about When and Where You Die Matters
How Does a Veteran Qualify for Aid & Attendance?
In the United States, veterans, their dependents, and survivors are entitled to a number of benefits and qualify for numerous assistance programs as a result of their service. One program that can help veterans and their spouses put off the need to move to long-term care is the Veterans Aid & Attendance program. The VA&A program is not a well-known program; however, the benefits it provides can make a huge difference to seniors wishing to remain in their homes. To help you determine if … [Read more...] about How Does a Veteran Qualify for Aid & Attendance?
