For many Americans, individual retirement accounts (IRAs) and other retirement plans and pensions often represent their most valuable assets. Along with the home, these retirement vehicles are the most likely assets to avoid consumption or loss of value over the course of the owner’s life. Unfortunately, many Americans often neglect to calculate their retirement account’s impact on their overall estate planning efforts – and that can lead to unexpected negative outcomes when they die. Unless you … [Read more...] about Coordinating Your IRA with Your Estate Plan
If you live in New Jersey and even think that you might one day find yourself in need of long-term care, then you owe it to yourself and your family to start planning for that eventuality now. Naturally, none of us want to really contemplate that sort of future for ourselves, since we’d all like to think that we’ll be healthy, vibrant, and self-sufficient until the day we die. Realistically, though, that’s simply not the case. A large percentage of us will one day end up in a nursing home or … [Read more...] about Learn How Your Medicaid Attorney Can Help with Long-Term Care Costs
Before you decide that you should use a last will as your estate planning vehicle of asset transfer, you should carefully evaluate the benefits that you would gain if you utilize a living trust instead. The first thing to understand about a living trust is the fact that it is revocable. You do not have to worry about losing access to the resources if you need to take them back, because you can revoke the trust entirely at any time. Plus, you can act as the trustee and the beneficiary. As a … [Read more...] about How Do You Transfer Assets Into a Living Trust?
The Medicaid program is a health insurance program that is run by the government. It is administered by the federal government in conjunction with each state government. You may be aware of the fact that Medicaid is only available to financially needy individuals. If you have worked throughout your life, you may well have health insurance through your job. Short of this, you have probably acquired health insurance on your own through a direct relationship with an insurer. When you are on … [Read more...] about Does Medicaid Count Assets in a Living Trust?
People who are going through life without an estate plan are failing to fulfill a basic responsibility. If you aren't sure why you should put an estate plan in place, consider these three compelling facts. Your Family Would Suffer the Consequences Many people who fail to put an estate plan in place feel as though it is not necessary, because they are relatively young. In fact, you can look at it another way. Senior citizens are going to have adult children who are self-supporting in … [Read more...] about Three Compelling Reasons to Create an Estate Plan
If you use a last will to record your final wishes regarding the inheritances that your loved ones will be receiving, you nominate someone to handle the estate administration tasks after you die. This person is called the executor of a will. The estate executor has a number of different real world responsibilities. It is not just a ceremonial honor that you bestow upon someone that you love and respect. You may imagine the executor reading a will after the funeral, and the idea would be … [Read more...] about What Does the Executor of a Will Do?
There are numerous different types of trusts used in the field of estate planning. One basic distinction between them is the matter of revocation. You can revoke or dissolve some types of trusts, and you cannot revoke others. As the name would indicate, an irrevocable trust is a trust that cannot be dissolved. Once you convey assets into this type of trust, the decision is final. You cannot change your mind and take back the assets in the trust. Plus, you cannot change the terms of the trust … [Read more...] about What Is the Value of an Irrevocable Trust?
The Medicaid program is a health insurance program. It is jointly administered by the federal government along with the New Jersey state government. It is a program that is in place to provide health insurance for people who have very limited financial resources. You may wonder why you would ever want to be able to qualify for Medicaid in New Jersey if you have resources and you are going to qualify for Medicare when you reach the age of 65. The reason why Medicaid is relevant is because it … [Read more...] about How to Qualify for Medicaid in New Jersey
Planning a will can seem like the simplest way to proceed when you decide to put an estate plan in place. Under very simple circumstances, a will could be an acceptable choice, but you should understand all the facts before you make any final decisions. In this blog post, we will look at three things that you should think about when you are planning a will. 1.) Beware of do-it-yourself estate planning notions. There are websites on the Internet that sell generic legal downloads and … [Read more...] about Three Things to Think About When You Are Planning a Will
You have to develop a practical strategy for aging if you want to be fully prepared for the future. It may be easy to understand the fact financial planning is important as you look ahead toward the different stages of life, but the latter portion can sometimes be misunderstood. As you start to see your retirement years come into focus, you may look forward to crossing things off of your bucket list as you enjoy yourself and spend quality time with your loved ones. Making sure that you have … [Read more...] about Medicaid Planning Can Keep Assets in the Family