If you are like most people, one of the primary reasons for creating an estate plan is so that you are able to decide how your estate assets are distributed when you die instead of letting the state make that decision by dying intestate. If you are a parent, you probably plan to leave some, if not all, of your estate to your children. One question that many parents wrestle with, however, is whether they should split their estate equally among their children. Many parents feel obligated to create … [Read more...] about Should I Split My Estate Equally Among My Children?
Nashua Elder Law Attorneys Offer Tips for Caregivers
As the Baby Boomer generation moves into their retirement years, the population of older Americans (age 65 and older) is increasing at a heretofore unseen rate. In fact, experts tell us that by the year 2050, older Americans will outnumber their younger counterparts (age 21 and younger) for the first time in history. Another reason why we have so many older people today than in years past is that the average life expectancy has almost doubled in the last century. Although Americans may be living … [Read more...] about Nashua Elder Law Attorneys Offer Tips for Caregivers
Andover Medicaid Attorneys Explain the Spousal Impoverishment Rules
As a senior, there is a very good chance that you, or your spouse if you are married, will need long-term care at some point. The cost of that care will not be cheap. In fact, if you failed to plan ahead, your long-term care (LTC) costs could deplete your retirement nest egg in short order. Fortunately, Medicaid may be able to help. You may, however, have heard people talk about the Medicaid eligibility rules and the fear that those rules will leave the community spouse without resources. At one … [Read more...] about Andover Medicaid Attorneys Explain the Spousal Impoverishment Rules
New Hampshire Man Accused of Stealing over $300,000 from Elderly Mother Using Power of Attorney
A recent article in the newspaper illustrates all too well how easily an elderly individual can become the victim of financial exploitation. The news report alleges that a New Hampshire man stole hundreds of thousands of dollars from his own mother using his authority under a power of attorney. Whether you are currently enjoying your “Golden Years” yourself, or you are concerned about a parent or other family member who is, the story offers a perfect opportunity to remind everyone about the very … [Read more...] about New Hampshire Man Accused of Stealing over $300,000 from Elderly Mother Using Power of Attorney
Why Nursing Home Planning Is Important
When you sit down to work on creating a comprehensive estate plan there will likely be several important goals and objectives you wish to incorporate into your plan. If you do not already have nursing home planning on that list, it should be. One of the most common mistakes people make when creating or updating an estate plan is failing to include nursing home planning, or waiting too late to get started on it. Understanding why nursing home planning is so important may help you avoid making … [Read more...] about Why Nursing Home Planning Is Important
Federal Gift and Estate Tax — Portability Explained
Creating a successful estate plan requires you to consider a number of factors and influences that will impact your plan. One of those factors is federal gift and estate taxes. All estates are potentially subject to federal gift and estate taxes at a 40 percent tax rate. Given the fact that your estate could lose almost 40 percent of its value to federal gift and estate taxes, it is imperative that you have a firm understanding of the tax and of the strategies used to reduce the impact the tax … [Read more...] about Federal Gift and Estate Tax — Portability Explained
Salem Estate Planning Lawyers Remind You to Review Your Estate Plan
Surprisingly, over half of all Americans do not have an estate plan in place, despite acknowledging the importance of having one. If you are among the minority, and you have an estate plan in place, you can rest a little easier knowing that you, your assets, and your loved ones are protected. Do not, however, make the mistake of assuming that you are done with estate planning once you have a plan in place. On the contrary, creating an initial estate plan is only the beginning of successfully … [Read more...] about Salem Estate Planning Lawyers Remind You to Review Your Estate Plan
When Is It Too Late to Consult with a Medicaid Planning Attorney?
Most Americans recognize the need for estate planning, yet over half of them do not have an estate plan in place. The same can be said for the need to include Medicaid planning into a comprehensive estate plan. People generally acknowledge the need to incorporate Medicaid planning into their estate plan, but those same people frequently put off doing so – often until it is too late to benefit from many of the Medicaid planning tools and strategies. If you never got around to creating a Medicaid … [Read more...] about When Is It Too Late to Consult with a Medicaid Planning Attorney?
How Can Inheritance Planning Help My Loved Ones?
Have you put off creating an estate plan because you didn’t think you really needed one yet? If so, you are not alone. Despite understanding the importance of inheritance planning, over half of all Americans do not have even a basic estate plan in place. Like you, most of them are under the impression that they don’t have a large enough estate yet to warrant an estate plan and/or that the cost of creating an estate plan isn’t justified. You don’t need to have a valuable estate though to benefit … [Read more...] about How Can Inheritance Planning Help My Loved Ones?
5 Things You Need to Know about Probate and Property
Probate is one of those things that you have probably heard of, but know very little about unless you have been through the probate of an estate at some point during your lifetime. Everyone, however, should have at least a basic understanding of the probate process for their own estate planning purposes. Because the primary purpose of probate is to distribute your estate assets after your death, you should understand the relationship between probate and property. To help you, consider the … [Read more...] about 5 Things You Need to Know about Probate and Property
