Before you commit to adding a trust to your estate plan, make sure you understand the differences between revocable (also called “living”) and irrevocable trusts because each offers advantages and disadvantages, depending on their purpose.
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No parents want their children to fight among themselves after they are gone. Sadly, conflicts often arise, especially when a parent has gifted or loaned money to one child and not others.
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As baby boomers age, more and more millennials are becoming caregivers. Many are taking on this role while just getting started in their own lives, leading to difficult decisions about priorities. Proper planning can help them navigate this terrain.
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Both workers and retirees may need to rethink some of their estate planning in light of a new law that has made major changes to retirement plans, including inherited plans.
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Medicaid law provides special protections for the spouses of Medicaid applicants to make sure the spouses have the minimum support needed to continue to live in the community.
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Recognizing the huge problems caused by opioid addiction in the United States, Medicare is adding a new outpatient opioid treatment benefit, paying for methadone and related treatment in certain facilities under Part B.
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Bank of America refused to honor a Florida man’s power of attorney and paid a stiff price, but the case also raises the issue of the proper use of joint bank accounts in estate planning.
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As the population ages, the need for caregivers is growing, but restrictive immigration policies, whatever you may think of them, could have a negative impact on a caregiving industry that is already facing workforce shortages.
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Revocable trusts are an effective way to avoid probate and provide for asset management in the event of incapacity as well as achieve many other goals, including tax, long-term care, and asset-protection planning.
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Inheriting real estate from your parents is either a blessing or a burden — or a little bit of both. Figuring out what to do with the property can be overwhelming, so it is good to carefully think through all of your choices.
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