6 Things to Ask Before Agreeing to Be a Trustee
Being asked to serve as the trustee of the trust of a family member is a great honor. But being a trustee is also a heavy responsibility. Here are six questions to ask before saying “yes.”
Be Careful Not to Name Minors as Your Beneficiaries
Most people want to pass their assets to their children or grandchildren, but naming a minor as a beneficiary can have unintended consequences. It is important to make a plan that doesn’t involve leaving assets directly to a minor.
Why Everyone Should Have an Estate Plan
Do you have a will? A durable power of attorney? A health care proxy? If not, why not? Failure to create an estate plan risks causing discord in your family for generations to come.
The Need for Medicaid Planning
One of the greatest fears of older Americans is that they may end up in a nursing home. This not only means a great loss of personal autonomy, but also a tremendous financial price. Careful planning can help ease the financial burden.
How You Can End Up in Medicare’s Donut Hole, and How You Get Out
Medicare prescription drug plans can have a coverage gap—called the “donut hole”–which limits how much Medicare will pay for your drugs until you pay a certain amount out of pocket.
Passing Assets to Grandchildren Through a Generation-Skipping Trust
Passing assets to your grandchildren can be a great way to ensure their future is provided for, and a generation-skipping trust can help you accomplish this goal while reducing estate taxes and also providing for your children.
Can Life Insurance Affect Your Medicaid Eligibility?
When applying for Medicaid, many people often forget about life insurance. But depending on the type of life insurance and the value of the policy, it can count as an asset.
What Is the Generation-Skipping Transfer Tax?
The estate tax gets all the press, but if you are leaving property to a grandchild, there is an additional tax you should know about. The generation-skipping transfer tax affects property passed to a grandchild in a will or trust.
Court Case Illustrates the Danger of Using an Online Power of Attorney Form
A recent court case involving a power of attorney demonstrates the problem with using online estate planning forms instead of hiring an attorney who can make sure your documents are tailored to your needs.
President Biden Proposes Billions in Increased Funding for Home Health Care
President Biden has introduced a plan to spend $400 billion over eight years on home and community-based care for the elderly and people with disabilities. The money would go to expand access to care and support higher-paying caregiving jobs.