Estate Planning for Young AdultsEstate Planning for Young AdultsWritten By: The American Academy of Estate Planning AttorneysParents know there is no statute of limitations on worrying about their kids. Your interest in your child’s health does not end once your son or daughter reaches adulthood. However, your legal interest in having a say about your child’s medical care ends on the day that he or she turns 18. This means that while you have the final word about medical care one day, the … [Read more...] about Estate Planning for Young Adults
Women and Estate Planning – Debunking the Myths
Compliments of Gaughan & Connealy,Written By: The American Academy of Estate Planning AttorneysIn the 21st century, women are no longer relegated solely to the role of housewife and mother and the younger generations generally accept the idea of gender equality without giving it much thought. Equality, however, does not preclude differences. One area where it is important for women to recognize those differences is in the area of estate planning. Unfortunately, old beliefs and myths … [Read more...] about Women and Estate Planning – Debunking the Myths
What’s the Big Deal about Probate Avoidance?
Are you curious about what Jacqueline Kennedy Onassis, universally regarded as one of the world’s most private women, did with her fortune? What about Anna Nicole Smith, Paul Newman, or even Elvis Presley – are you interested in knowing how they distributed their fortunes? Surprisingly, it is relatively easy to find out their dispositive plans for their estates because each one used a Last Will and Testament in their estate plan and a Will must be probated. Documents filed with the Probate … [Read more...] about What’s the Big Deal about Probate Avoidance?
Medicaid Asset Transfer Rules – When Gifting Can Cost You
Compliments of Our Law Firm Written By: The American Academy of Estate Planning Attorneys Even if you have never needed to rely on Medicaid before to help with your health care costs, the odds are good you will need to as a senior. Why? The answer can be found in the high cost of long-term care (LTC). At an average yearly cost of over $80,000 nationwide, and an average length of stay of 2.5 years, it should come as no surprise that over half of all seniors in need of LTC rely on Medicaid to … [Read more...] about Medicaid Asset Transfer Rules – When Gifting Can Cost You
A Nursing Home’s Take on the Need for Medicaid Planning
Compliments of Our Law Firm,Written By: The American Academy of Estate Planning AttorneysThere has long been a misconception that nursing homes and Medicaid planning are on opposing sides of the proverbial fence. That misconception is starting to change as many nursing homes begin to realize that Medicaid planning actually helps ensure that patients qualify for Medicaid. In turn this ensures that the patient’s financial obligation to the nursing home is covered. Without Medicaid planning, a … [Read more...] about A Nursing Home’s Take on the Need for Medicaid Planning
Medicaid Gifts to Children
Compliments of Our Law Firm,Written By: The American Academy of Estate Planning AttorneysAt some point during your retirement years there is a very good chance you (and/or your spouse) will need long-term care. There is also a good chance that you will need to qualify for Medicaid benefits in order to cover the high cost of that care. Qualifying for Medicaid can be a complicated process given the complex eligibility guidelines. The asset transfer rules, in particular, are a source of much … [Read more...] about Medicaid Gifts to Children
Loaning Family Money – What You Need To Know
Loaning Family Money – What You Need To KnowWritten By: The American Academy of Estate Planning AttorneysPeople lend money to family members for a variety of reasons. For example, lending your son money to buy his first home, or lending your daughter money to start a new business. At some point, you may find yourself in a similar situation. Therefore, it is important to know how this will impact you from a tax standpoint.Are you charging the borrower interest on the loan? If so, you must pay … [Read more...] about Loaning Family Money – What You Need To Know
Estate Planning is Essential for Same-Sex Couples
Compliments of Our Law Firm,Written By: The American Academy of Estate Planning AttorneysYou might not realize it, but you already have an estate plan. Even if you’ve never created a Will, never set foot inside an estate planning attorney’s office, and never given estate planning a second thought.Here’s why: each state provides every citizen with a default estate plan. This estate plan comes in the form of intestacy law – a set of basic, one-size-fits-all rules for what happens to property … [Read more...] about Estate Planning is Essential for Same-Sex Couples
What to Expect at Your First Estate Planning Consultation
Compliments of Our Law Firm, By: The American Academy of Estate Planning Attorneys www.aaepa.com • aaepa.com/blog Your first meeting with an estate planning attorney may seem a little daunting, especially if you’ve never consulted an attorney before. There’s no need to worry, however. This meeting is just a conversation in which your attorney will find out about you, your family, and your goals. After you’ve shared this information, your attorney will be able to recommend a … [Read more...] about What to Expect at Your First Estate Planning Consultation
Five Things Every Woman Should Know About Estate Planning
Compliments of Our Law Firm, Written By: The American Academy of Estate Planning AttorneysNot long ago, wives were “silent partners” when it came to estate planning. Husbands were the ones in charge of long-term planning and major financial decisions. In fact, estate planning attorneys often advised wealthy men to leave their assets in trust for their wives, so that a trustee other than their wife could manage and preserve the family fortune. It was assumed that a widow would not have … [Read more...] about Five Things Every Woman Should Know About Estate Planning
