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 […]
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 […]
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 […]
The Truth About Using Medicaid to Pay for Nursing Home Care
Approximately 50% of all Americans who reside in nursing homes receive assistance from Medicaid to pay for their care. This is not surprising, given the extraordinarily high cost of long-term care. The real surprise is that half of all Americans don’t seek Medicaid assistance to cover nursing home costs. Why not? Perhaps the biggest reason […]
Why Your Estate Plan Must Include More than a Will
Last Will & Testament A Last Will and Testament is an essential legal document that allows you to accomplish a number of important goals. You can name your beneficiaries and specify the assets you want them to receive; name a guardian for your minor children; and choose the person you want to settle your estate […]
The Objectives and Benefits of a Spendthrift Trust
A spendthrift trust is typically used to prevent a beneficiary from receiving his or her inheritance all at once. There are several reasons why a grantor (the person who creates the trust) might want to consider such an approach. The most obvious reason is that the grantor believes the beneficiary will quickly squander the inheritance. […]
What’s Not to Like About an I Love You Will? Plenty.
An “I Love You Will” is a last will and testament in which the testator—the person who makes the will—leaves everything to his or her spouse. If you have thought about making a will in the past, you likely considered this approach. Perhaps you have already created such a will. While an I Love You […]
Five Ways President Biden’s Tax Plan Could Impact Your Finances
Although President Biden outlined his tax plan during the presidential campaign, conventional wisdom held that Republicans in the Senate would block the implementation of his agenda. Now that Democrats control both the House and the Senate (if you factor in the vote of Vice President Kamala Harris), it’s worth revisiting some of Biden’s proposals. In […]
The Benefits of an Irrevocable Living Trust
An Irrevocable Living Trust generally cannot be modified or terminated except under certain limited circumstances. It requires the grantor to transfer assets into the trust and give up his or her rights of ownership to these assets. So why would you want to create an Irrevocable Living Trust, as opposed to a Revocable Living Trust? […]
Have You Reviewed Your Beneficiary Designations Lately?
Maybe it’s an insurance policy you took out years ago. Or the retirement plan you set up with your employer the day you started working for the company. Or the IRA you have been scrupulously contributing to for two decades. You created them all to protect your financial future and that of the people you […]
