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Answers to Three Important Estate Planning Questions

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When you become a self-supporting adult, you assume responsibilities that you would never have given much thought to previously. You may have a spouse and/or children who are relying on you and your income, and you probably take this responsibility very seriously. This line of thinking should extend to the subject of estate planning, which is one of these basic, core responsibilities of adulthood. Unfortunately, a very significant percentage of Americans are completely unprepared from an estate …

Can an Inheritance Cause a Loss of Government Benefits?

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On the surface, no one would have any concerns about receiving an inheritance. When you are devising your estate plan, everyone that you include will obviously be appreciative. However, there are some extenuating circumstances that can enter the equation. Consider the life situation of a loved one with special needs. Many people with disabilities cannot earn income on their own, and they do not have health insurance. Everyone needs income, and health insurance is important as well, but it is …

Have You Considered the Estate Administration Process?

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The process of estate administration is sometimes overlooked by people who are just trying to take care of the basics. You certainly have to use legal documents to state your wishes in writing in a legally binding manner, but there is also a human element that is extremely important. When you create these documents, you are leaving instructions, but who is going to follow these instructions? You can carefully select the person or entity that will handle the estate administration tasks when you …

Free Report: What Is a Grantor Retained Annuity Trust in New York

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  Now that we have set the stage, we can look at grantor retained annuity trusts. To implement this strategy, you intentionally fund the trust with assets that you would expect to appreciate considerably over the coming years. When you fund the trust, you are removing those assets from your estate for estate tax purposes. You name a beneficiary who would inherit anything that may remain in the trust after its term expires. Topics covered in this report include: Transfer …

Free Report: What Is the Five Year Medicaid Look-Back

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  The United States Department of Health and Human Services tells us that seven out of every 10 senior citizens will someday need living assistance. This is a telling statistic, and it is relevant to all of us. You may be confident about your future health care expenses because you are going to be qualified for Medicare coverage when you reach the age of 65. Unfortunately, the Medicare program is not set up to cover long-term care costs. Topics covered in this report …

Is Medicaid Strictly For the Poor

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Is Medicaid Strictly For the Poor from Mark Eghrari Medicaid planning is tricky, because there is a five-year look-back Your eligibility is delayed if you give away assets within five years of applying for Medicaid coverage. Learn more about medicaid strictly for the poor in this presentation.   …

What Are the Drawbacks of Probate in New York

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What Are the Drawbacks of Probate in New York from Mark Eghrari Probate can be a rather time-consuming process Relatively straightforward cases can be probated in nine months or so complicated cases can take much longer. Learn more about drawbacks of probate in New York in this presentation. …

Trusts Can Satisfy Many Different Objectives

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It is important to understand the fact that there are many different types of trusts that can be used when you are planning your estate. A last will is not going to be the best choice for many people, and trusts are not strictly for very wealthy families. People who are in possession of considerable wealth can use trusts to gain estate tax efficiency. There are estate taxes on large asset transfers. However, there are also trusts that are useful for "the rest of us." Let's look at some of …

Free Report: What Is a Living Will in New York

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  A living will is utilized to state your preferences regarding the use of artificial life-sustaining measures. These measures would include mechanical respiration, artificial nutrition, and artificial hydration. Sometimes a person can be kept alive using these measures, but nature would take its course if the measures were removed. If you were in a terminal condition with no hope of recovery, would you want to be kept alive indefinitely? This is a question that you answer in your living …