Although you may still qualify for Medicaid benefits and own your home, you should understand that Medicaid still has the option of imposing a lien on your home if you receive benefits for nursing home services. Medicaid can also collect against your estate after you pass away. For that reason, it is important to understand the different options in Medicaid planning that are available to you. If your goal is to protect your assets for your heirs, one of the best options is an irrevocable … [Read more...] about Overland Park Medicaid lawyers Discuss Protecting Your Home from Recovery
Overland Park Asset Protection Trusts: DAPT
There are various types of trusts that can be used as part of your estate planning strategy. Domestic Asset Protection Trusts are one of those great options. However, not every state has a statute that recognizes the use of these types of trusts. In fact, only 16 states currently have this law in place. Missouri joined that list in 2005 but Kansas has not. Here is what you need to know about Overland Park asset protection trusts, in particular, Domestic Asset Protection Trusts.What are … [Read more...] about Overland Park Asset Protection Trusts: DAPT
What Can an Elder Law Attorney Do For You?
With so many different types of attorneys out there, with different specialties, you may be wondering whether an elder law attorney is the type of attorney you need for your specific legal issues. An elder law attorney primarily handles issues relating to seniors. This can include nursing home issues, estate planning, and guardianships, just to name a few. So, when would you need an elder law attorney?The training and experience of an elder law attorneyElder law attorneys receive special … [Read more...] about What Can an Elder Law Attorney Do For You?
How to Handle Estate Disputes Between Siblings
Estate planning involves more than just deciding who will receive your cash and personal property after your death. A mistake that some clients make is overlooking the potential for family disputes, particularly over heirlooms. Heirlooms often have more sentimental value than monetary value. Part of determining how to distribute your assets after death includes distributing heirlooms that need to be kept in the family and passed on through the generations. More importantly, it is important to … [Read more...] about How to Handle Estate Disputes Between Siblings
Estate Planning: It’s Not Just About the Estate Taxes
When we plan our lives and our estates, it’s not all about the estate taxes. Of course, estate taxes should be taken into consideration, but there are many more important factors. That’s why the temporary doubling (until the end of 2025) of the amount which can be passed free of estate tax (to $11.18 million in 2018) does not remove the need for estate planning. Whether the exclusion amount is $5.59 million or $11.18 million is irrelevant to the vast majority of people.Here are some … [Read more...] about Estate Planning: It’s Not Just About the Estate Taxes
Incapacity Planning
People plan to die. We know it’s going to happen. Perhaps we have life insurance to cover our financial responsibilities and care for our loved ones. We may have a Will to divvy up our assets at death. It’s usually not something we look forward to. But, we know it’s going to happen.But, we don’t expect to become incapacitated. Nobody wants to be unable to manage their affairs. But, each year countless people become unable to manage them. For some, it’s a temporary illness or injury which … [Read more...] about Incapacity Planning
What is a Revocable Living Trust?
A revocable living trust is a common estate planning tool for many clients. Creating a living trust has become a way to avoid the time and expense of probate. If you are considering including a revocable living trust as part of your estate plan, you should know more about the living trust benefits you can expect.What is a revocable living trust and how does it work?A revocable "living trust" is a type of trust that becomes effective during your lifetime, as opposed to being established by … [Read more...] about What is a Revocable Living Trust?
Living Trusts and Probate: What Do You Need to Know?
A living trust is a common estate planning tool for many clients. When it comes to living trusts and probate, you may be able to avoid the time and expense of probate with an appropriate living trust. If you are considering including a living trust as part of your estate plan, you should know more about the living trust benefits you can expect.What is a living trust and how does it work?A "living trust" is a type of trust that becomes effective during your lifetime, as opposed to being … [Read more...] about Living Trusts and Probate: What Do You Need to Know?
Planning for Frequent Flyer Miles
This article examines the transfer of frequent flyer mile accounts to beneficiaries. It looks at Anthony Bourdain’s will and its disposition of his miles. The article points out that these are contractual rights and you may or may not be able to transfer them at death.Frequent Flyer miles and other reward points can be valuable resources. Many credit card companies give tens of thousands of miles or points for opening an account and then give miles or points for each purchase. The typical … [Read more...] about Planning for Frequent Flyer Miles
What Type of Trust Protects Assets?
Although business owners and those who own commercial property are usually most concerned about asset protection, the truth is you don’t have to own special property to want to protect your assets. There may be potential legal claims in the future you have to defend against. If you don’t want to run the risk of losing everything you own as a result of an unexpected situation, you need asset protection. One good thing to know is what type of trust protects assets.Understanding the primary … [Read more...] about What Type of Trust Protects Assets?
