3 Things to Know About Being an Executor
Choosing an executor is a big decision when it comes to estate planning. Here are three common questions about executors.
Choosing an executor is a big decision when it comes to estate planning. Here are three common questions about executors.
When people make wills, they nominate someone to handle their estates and carry out their wishes after passing away.
Estate planning entails preparing your affairs for the future. While older adults might give more thought to estate planning, it is [...]
The basic idea behind a QPRT is to transfer the equity in a qualified residence out of a person's estate and to their heirs while [...]
The debate among lawmakers on further expanding Medicaid in some 11 states continues to evolve.
Are you a taxpayer who has purchased long-term care insurance? Take note of your policy details [...]
When it comes to filing your 2022 federal tax return for the 2023 tax season, you may be able to access several forms of assistance for free.
If you are preparing a will, it is important to choose an executor you can trust, who is reliable, and who will take their role [...]
Powers of attorney can be overridden. However, the "who" and "how" depends on whether the principal is of sound mind.
Many people are unaware that there is coverage to help families lay their loved ones to rest. Depending on your state, Medicaid may cover some funeral costs and [...]
Although every state's laws and forms vary, most power of attorney forms specify that the agency relationship created by a power of [...]
Congress established the Medicaid Money Follows the Person (MFP) Program to provide states with federal funding to help seniors who are receiving care in [...]
The Senate and House have cleared the passage of a year-end $1.7 trillion appropriations bill that will benefit older adults on a number of fronts.
Assisted living facilities and nursing homes are long-term housing and care options for older adults. Although people sometimes use [...]
A health savings account may help you save money on medical expenses, depending on your insurance type.
"Decedent" is a legal term that refers to a person who has died with unsatisfied legal obligations.
If you are considering engaging in estate planning or you may be inheriting assets, it is important to understand what the step-up in [...]
There are various benefits to creating a testamentary trust. This article discusses the benefits of adding a testamentary trust to your estate plan.
A charitable lead annuity trust (CLAT) is an estate planning tool whereby a person creates a trust that initially benefits a [...]
Assisted living facilities support older adults with daily living while fostering their [...]
The Centers for Medicare & Medicaid Services (CMS) has released the 2023 federal guidelines [...]
In November 2022, the Centers for Medicare and Medicaid Services announced that Medicare coverage will be expanded to include medically necessary dental [...]
If Medicare refuses to cover your care, do not assume this means you will have to take on the financial burden.
If you are a high-net-worth individual, it’s essential to have a comprehensive estate plan in place. However, every family’s [...]
If you are planning to leave an investment property to loved ones, a 1031 exchange may be a helpful estate planning tool for you. [...]
After losing a loved one, consider the best way to honor them and their life. Sometimes, a traditional funeral is not the best fit. Today, there are many [...]
You may wonder if there’s anything you shouldn’t include in your will. The answer is yes. There are some things that you should [...]
Seniors living in Medicaid-funded nursing homes receive a personal needs allowance - a monthly stipend the Medicaid recipient can use [...]
Although caring for people with dementia can be challenging, a variety of resources can help caregivers assist their loved ones. [...]
For the first time in more than 10 years, Medicare Part B enrollees will see some of their costs decline.
Recent research examined the differences between traditional Medicare and Medicare Advantage.
Medicaid imposes strict rules on how much money and assets an applicant can have. To qualify for Medicaid, you must fall under the asset limit, which is $2,000 in most states. Even with greater [...]
A life estate often comes up in discussions of estate and Medicaid planning. It is a form of joint ownership that allows one person to remain in a house until his or her death, when it passes [...]
Accumulated frequent flier miles can be valuable assets, but what happens to those miles after somene dies? Can a spouse or other heirs inherit them, or do the miles simply evaporate like a [...]
You may have heard of the terms “springing” and “non-springing” power of attorney and wonder what they mean.
As the recent death of Anne Heche shows us, not having a will can place a significant burden on your children and cause undesirable [...]
A number of considerations go into how much long-term care insurance any consumer should buy.
If your loved one is entering a nursing home, you may worry whether you could be liable for their care.
A recent survey finds that 55 percent of adult children say they are not financially prepared to help their Baby Boomer parents cope with rising inflation and [...]
When you put your assets in a MAPT, Medicaid will not count the money in the trust toward its resource limit.
Even if you've created an estate plan, are you sure you included everything you need to? There are certain provisions that people often forget to put in in a will or estate plan that can have [...]
Planning your own funeral arrangements can assist your loved ones in an emotionally challenging time, while also protecting them from [...]
There are some documents that you will want to hang on to forever and some that you should keep for a few years.
In many cases, you would tell your beneficiaries that you have made a trust for them. However, this is not always desirable - and this is where a “quiet” trust may be helpful.
Unfortunately, neither health insurance nor Medicare covers long-term care. Medicaid could become your only option, so do what you can to plan ahead.
Many retirees meet the requirements for federal and state benefits programs, yet do not know they are eligible and miss opportunities [...]
Even a modest monthly income may disqualify you from Medicaid. A Miller Trust may help you resolve this dilemma.
If you have ever been admitted to the hospital, you have likely been asked to sign a health care proxy form.
Do you have a friend or loved one who receives Social Security and is unable to manage her payments? If so, you can request that the Social Security Administration name you as the [...]
If medical personnel are able to access your medical history during an emergency, it could mean the difference between life and death.
Medigap premiums for plans from insurance companies offering the same benefits vary widely, so it pays to be a smart shopper.
Nursing home evictions, or involuntary discharges or transfers, disrupt the lives of residents, leading to homelessness, separation from familial support systems, and loss of care. As federal [...]
Following the death of a family member, you may find yourself needing to sort through many possessions accumulated over the deceased’s lifetime. An estate sale is one way to distribute, [...]
Grantor Retained Annuity Trusts (GRATs) are a mechanism by which wealthier individuals and couples can transfer appreciating assets to their heirs and minimize gift or estate taxes.
Saying goodbye to a loved one is heartbreaking. Making final arrangements can be overwhelming, and knowing what you are allowed to do to fulfill your loved one's wishes is important — but it [...]
The Internal Revenue Service has issued new guidance extending the time that executors have to elect portability.
An executor, also called a personal representative, is the person responsible for managing the administration of a deceased person's estate.
Collecting art or other valuable items can be a passion for many people. Once you have accumulated a sizable collection, what do you want to happen to it after you pass away?
Unfortunately, not all families get along. If you are having problems with one of your children, you may not want them to benefit from your estate. There are several strategies for dealing [...]
If you want to pass money to future generations without having it subject to gift and estate taxes, then a dynasty trust may be right for you.
An advisory issued in June warns people against using a series of adult portable bed rail models after at least three people were entangled in them and died of asphyxia.
If you need a lot of cash on hand upon retirement, Social Security offers a lump-sum payment option that’s worth six months of retroactive benefits. However, it comes at a cost. It is [...]
While Medicaid helps pay for nursing home care, being admitted to a nursing home as a Medicaid recipient is not always easy. There are several ways to navigate the process, depending on your [...]
In a case involving a teen who was catastrophically injured, the U.S. Supreme Court has ruled that state Medicaid programs may be [...]
A Roth IRA does not have to be used as just a retirement plan; it can also be a way to transfer assets tax-free to the next generation.
Sports fans with season tickets may want their families to enjoy the tickets after they are gone, but passing on these tickets is not always simple.
Running a small business can keep you busy, but it should not keep you from creating an estate plan. Not having a plan in place can cause problems for your business and your family after you [...]
As a trust beneficiary, you may feel that you are at the mercy of the trustee, but depending on the type of trust, beneficiaries may have rights to ensure the trust is properly managed.
Navigating the Medicaid application process can be complicated, especially if you are applying for long-term care benefits. Having an attorney help you through the process can be extremely [...]
If you have Medicare, you can now receive up to eight free rapid at-home Covid-19 tests a month at participating pharmacies, no prescription required.
Leaving a nursing home to return home is a goal for many residents and their families, but it requires careful consideration. While returning home is a good move for some, it won't work for [...]
If you apply for long-term care assistance through Medicaid and your application is denied, the situation may seem hopeless. The good news is that you can appeal the decision.
When a married couple applies for Medicaid, the Medicaid agency must analyze the couple’s income and assets as of a particular date to determine eligibility. This “snapshot” date can have a [...]
In an alarming number of cases, private Medicare Advantage plans are denying coverage for medical services that would be covered under original Medicare, according to a federal investigation. [...]
We've all been warned about protecting ourselves from identity theft, but one group of victims can't take action to defend themselves—the dead. There are steps that you can take to discourage [...]
While an inheritance is usually desired, there are some circumstances in which it might be unwelcome. If you don’t want an inheritance, you must disclaim it.
One of the many factors to consider when setting up a trust is whether to make it a grantor trust or a non-grantor trust. While a grantor trust is more common, a non-grantor trust can be [...]
The estate and gift tax exemption is set to be cut in half in 2026. Proper planning may be necessary to make sure you are taking full advantage of the current exemption and aren’t negatively [...]
Tax day is fast approaching and you want to make sure you're taking advantage of all the deductions and credits you're entitled to.
A federal court has ruled that hospitalized Medicare beneficiaries who were switched from inpatient to observation status can appeal the decision, making it easier for them to receive coverage [...]
When loved ones pass away, there are lots of considerations, including what happens to their Social Security. The decedent’s payments need to be stopped, but survivor’s benefits may be [...]
Medicaid applicants must prove that they have limited income and assets in order to be eligible for long-term care benefits. Before beginning the application process, it is helpful to [...]
Some parents, fearful of how a large inheritance will affect their heirs, set up what are known as “incentive trusts” that ensure that the trust funds support positive behavior and discourage [...]
Acting as an agent under a power of attorney is a big responsibility and it isn’t something everyone can take on. It is possible to resign or refuse the position.
Serving as a trustee of a trust can be a huge responsibility, so trustees are entitled to compensation for their work. The amount of compensation depends on the type of trustee and the [...]
When one spouse is in a nursing home and applying for Medicaid, planning has to take into account the possibility that the spouse who is not in the nursing home (called the "community spouse") [...]
Overwhelmed by the stress of long hours, low pay and exposure to the COVID-19 virus, nursing home workers are quitting in record numbers. The labor hemorrhage has turned what was already a [...]
The Centers for Medicare and Medicaid Services announced that it will add data on staff turnover rates and weekend staffing levels to its Care Compare website, giving consumers another tool [...]
If a loved one is experiencing memory loss or suddenly making poor decisions, you may want the court to appoint a guardian, which requires a declaration of incompetence.
If your family contains opposite-gender parents in the first marriage for each and one or more kids, all healthy and thriving, your estate plan will probably be pretty straightforward. But if [...]
What happens if you become incapacitated and are unable to voice your opinion on your health care? If you don’t have a health care proxy or guardian in place, state law chooses who can make [...]
With the fate of the estate tax exemption uncertain, you may want to use the current large exemption to transfer assets to a trust to benefit your spouse. A spousal lifetime access trust [...]
When the SSA closed its offices at the onset of the COVID-19 pandemic, it failed to provide practical ways for the elderly and people with disabilities to demonstrate their eligibility or [...]
When applying for Medicaid’s long-term care coverage, in addition to the strict income and asset limits, you must demonstrate that you need a level care typically provided in a nursing home.
Medicare premiums are rising sharply next year, cutting into the large Social Security cost-of-living increase. The basic monthly premium will jump 15.5 percent, or $21.60, from $148.50 to [...]
The Internal Revenue Service (IRS) has announced the amounts taxpayers of different ages can deduct from their 2022 income as a result of buying long-term care insurance, and the figures are [...]
While it is preferable to conduct long-term care planning well in advance of needing care, if you haven’t planned ahead, there are some strategies available to avoid spending all your assets.