Whether your spouse has just passed away or you have lost your mom or dad, the emotional trauma of losing a loved one often comes with a bewildering array of financial and legal issues demanding attention. It can be difficult enough for family members to handle the emotional trauma of a death, let alone taking the steps necessary to get these matters in order. If you are the executor or representative Read More
Using 529 Plans for a Grandchild's Higher Education
Planning-conscious individuals often have questions on 529 plans, and if this is you, read on. Money in 529 plans, named for Section 529 of the Internal Revenue Code, enables you to reduce your taxable estate while earmarking funds for the higher education of a grandchild (or any other family member). Funds contributed to such accounts are invested to pay for a grandchild's college tuition, room and Read More
Four Steps You Can Take to Protect Your Digital Estate
While the internet makes our lives more convenient, it also adds new complications. For example, what happens to all our online data and assets if we become disabled or die? We all transact a lot of our daily business online -- buying items on Amazon, paying our bills through online bank programs, accumulating and using airline miles, reallocating our investments, saving photos, listening to music, watching Read More
What to Do If Your Medicaid Application Is Denied
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. Medicaid is a program for low-income individuals, so it has strict income and asset eligibility requirements. Qualifying for Medicaid requires navigating the complicated application process, which has many potential stumbling Read More
Why Small Business Owners Need an Estate Plan
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 and uncertainty for your business and your family after you are gone. While an estate plan is important for everyone, it is especially important for small business owners. Planning allows you to dictate what will happen with your business after you die or are no Read More
When Can Someone Be Declared Legally Incompetent?
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. Determining whether someone is incompetent to make their own decisions is a complicated process. If a loved one is unable to make decisions for him or herself, the court may appoint a substitute decision maker, often called a "guardian," but Read More
Can My Family Inherit My Season Tickets?
As the glory (or agony) of spring sports is in full swing, have you considered that those coveted season tickets may be part of your estate plan? Sports fans with season tickets may want their families to enjoy the tickets after they are gone but passing on these tickets may not be simple. Getting season tickets to your favorite sport is not always an easy task. Season tickets for some teams can cost a Read More
How Long Does an Executor’s Job Take?
Being the executor of an estate can be a time-consuming job, depending on the size and complexity of the estate. While a simple estate can take a few months and not require a huge time commitment, if there are problems, the job can drag on for years. Not to mention, COVID closures and staff shortages created a backlog of matters in the probate division of many courts, and as a result the process has taken Read More
What Documents Are Required for a Medicaid Application?
Medicaid applicants must prove that they have limited income and assets in order to be eligible for long-term care services. Before beginning the application process, it is helpful to understand what information you will be required to provide to prove your eligibility. Medicaid is a state-run program, so the rules can vary from state to state, but in general applicants are not eligible for Medicaid benefits Read More
Home Health Aide Costs See the Sharpest Increase in Annual Long-Term Care Survey
Long-term care costs climbed again in 2021, with rates for home health aides and homemakers seeing the sharpest rises, according to Genworth’s annual Cost of Care Survey. The coronavirus pandemic continues to contribute to cost increases. In the past year, Genworth reports that the national median annual cost of home health aides shot up 12.50% to $61,776, and the median annual rate for the Read More