In some cases, due to the amount of assets you have or gifts you have given prior to needing Medicaid coverage for long-term care at a nursing home, you may have to pay for your care costs out of pocket until the disqualification period ends. Many people worry about what will happen with their care [...]
Because Medicaid is need based, there are fairly strict guidelines regarding your assets and how they can be handled. The purpose of these guidelines is to prevent people from giving their estate away so that they qualify. The federal law requires the state to recover the costs of services whenever possible, so your estate is [...]
It is natural to worry about your assets if you need to use Medicaid to cover long-term care, especially if you have a spouse or dependent children to provide for as well. Federal law requires that the state that provided your Medicaid must try to recover the cost of the services you received. They typically [...]
There is often a lot of confusion regarding the difference between Medicaid and Medicare when people first begin planning for long-term care needs, or are unexpectedly faced with needing nursing home care for an extended period of time. Medicaid and Medicare are both run by the state, but are very different insurance policies. Medicare Medicare [...]
ax time is here, which often leaves people thinking about how taxes with effect their retirement and estate planning. Let's take a closer look at some general and common questions regarding estate planning and taxes. Gifts, Inheritance and Income Taxes Gifts and inheritances do not count as income by IRS rules. Because they are not [...]
We are often asked if giving away all of your possessions and assets prior to dying will help avoid the state and federal taxes on your estate. The answer is yes, and no. Timing is crucial if you plan to gift your assets to your loved ones before the time of your death. Because there [...]
Federal estate taxes are often a big concern we hear addressed when estate planning. A Living Trust may be a benefit, if federal estate taxes are a concern. While a Living Trust will not automatically avoid federal estate taxes, when properly drafted, a Living Trust can help with estate taxes, especially for married couples. It [...]
You might think that once you have a Living Trust in place, its a fix it and forget it situation that will not require any more work when you die. This is not true. While a Living Trust will generally help avoid probate, it still has to be administered properly. Here are a few things [...]
You may think that only extremely wealthy individuals need a Living Trust. Nothing could be farther from the truth! The purpose of a Living Trust is to designate someone as the "Trustee" of your estate. This person will manage your trust estate after you are gone. In a Living Trust, you get to set the [...]
We discuss Living Trusts a lot on our blog, and that is largely due to the fact that Living Trusts have so many advantages over other types of estate plans. However, not everyone needs a Living Trust. It is very possible to pass property via the following: Utilizing beneficiary designations Joint tenancies Small estate proceedings [...]