Make Sure Your Revocable Living Trust Is Properly Funded
You’ve taken the time to plan for the financial well-being of your loved ones and yourself. You’ve created a customized estate plan to address your goals and concerns. Your plan includes one of the most powerful estate planning tools out there, the Revocable Living Trust, which allows your heirs to avoid probate upon your death […]
Do You Need a Trust?
One of the first questions many clients ask is whether they need a trust. It’s a great question, but it leads to another: What do you want your plan to accomplish? Let’s begin with a brief discussion of what trusts are and how they work. Then we’ll explore their benefits, which should give you a […]
When Was the Last Time You Updated Your Estate Plan?
For many, an estate plan is created and never looked over again – until it’s necessary to do so. But did you know that you should really look at your estate plan as something that grows and changes with you? Think about what has happened in your life since the last time you looked over […]
How to Avoid Challenges in Your Will or Trust
Although you may have taken the time to create well structed wills and trusts, there are some common challenges which may present themselves upon your passing. Disputes amongst beneficiaries can result in bitter family relations, costly court proceedings and financial devastation. The following are some proactive measures you can take to avoid common challenges and […]
Coping with Caregiver Burnout
Approximately 53 million Americans provide unpaid care to another adult, and providing adequate care to a loved one requires over 24 hours per week on average, according to the Caregiving in the U.S. 2020 Report by the National Alliance for Caregivers and AARP. However, caregivers often devote so much time and energy to caring for […]
Could You Benefit from an Irrevocable Living Trust?
When properly designed and implemented, Irrevocable Living Trusts can provide an almost unsurpassed level of asset protection, keeping your assets safe from the high cost of long-term care. And, similar to Revocable Living Trusts, they spare your family the delays, frustration and expenses of the probate process. Other reasons to utilize an Irrevocable Living Trust […]
Filial Responsibility: Are Children Responsible for Their Parents’ Long-Term Care?
Filial Responsibility Laws, also known as Filial Support Laws, are relatively unknown. More than half of US states (including Puerto Rico) could hold adult children financially responsible for their parents’ long-term care. If your parents live in one of the following states, you could be held legally responsible for their healthcare: Alaska, Arkansas, California, Connecticut, […]
Planning For Long-Term Care: Medicare v. Medicaid
Both Medicare and Medicaid can assist you with your individual long-term care plan. While the two programs sound similar, there are important differences to consider. Let’s start with a brief definition of each program. First, it’s true, both programs provide medical care. However, Medicare is an entitlement program; meaning that everyone who reaches the age […]
The Rising Costs of Medicaid and Managing a Medicaid Crisis
Did you know that in the United States, the median monthly cost of a semi-private room in a nursing home is currently more than $7,900? And the cost of a private room exceeds $9,000 per month! Plus, depending on where you live, costs can even be considerably higher. Making matters worse, costs rise according to […]
Aging in Place vs. Nursing Home Care: Important Factors to Make the Right Choice
A growing portion of the older population wants to stay in their homes as long as possible. This is known as “aging in place” and has several benefits when it is appropriate for the individual. However, there are some other care concerns to consider when deciding whether someone is at the point of needing additional […]