A lot of people procrastinate when it comes to estate planning. The notion is that you can draw up some documents when you get old and gray, so there is no hurry. In truth, there is a lot more to the equation if you want to be appropriately prepared as a mature, reasonably successful individual. This is a pretty vast subject, and there are many facets to it. However, in this blog post, we will limit ourselves to the subject of estate administration and the value of a corporate trustee. The …
How Do I Protect Assets From Medicaid?
Most seniors will need help with their day-to-day needs eventually, and Medicare does not pay for long-term care. Medicaid does pay for living assistance, but you have to take certain steps to protect assets if you are aiming toward Medicaid eligibility. Need-Based Health Insurance As most people are aware, Medicaid is a need-based government run health insurance program. Since the program is intended for people with financial need, there is an asset limit of $2000. If you are applying for …
Who Administers My Living Trust When I Die?
One of the nice things about a revocable living trust is the fact that you can maintain control of the actions of the trust while you are living. As the trust creator, you can also serve as the trustee, and you can act as the beneficiary as well. This can raise a question: What happens after you pass away? Who would administer the trust then? As the grantor of the trust, you answer these questions. Successor Trustee When you create the trust, you put together a trust declaration. This …
Does a Trust Protect My Assets From a Nursing Home?
When people ask questions about trusts, they sometimes paint with broad brushes. They do not understand the fact that there are numerous different types of trusts, and they can accomplish varying aims. A revocable living trust is a very commonly utilized type of trust. You maintain control of the assets when you create this type of trust, because you have the power of revocation. As the grantor of the trust, you could also control the actions of the trust while it is in place, because you could …
Are Estate Tax Laws Subject to Change?
Estate planning should be viewed as an ongoing process. The estate plan that you initially create is going to be based on the circumstances at that time. As the years pass, your own life situation can change, and relevant laws can change as well. Federal Estate Tax The federal estate tax carries a 40 percent maximum rate, so it can significantly reduce the value of your estate if you are exposed. In 2015, the federal estate tax exclusion is $5.43 million. This is the amount that can be …
Genworth Financial: New York Nursing Home Costs on the Rise
Nursing home costs would be looming large when you attain senior citizen status. Many people are not aware of the fact that Medicare does not pay for long-term care, and nursing homes are very expensive. If you have taken good care of yourself and you enter your senior years in good health, you may assume that you will never need long-term care. In fact, your positive decision-making could increase your longevity. The older you get, the more likely it is that you will need long-term care. In …
What Is Estate Administration?
When you think about estate planning, you may picture the creation of legally binding documents. This is certainly part of the equation, because you have to record your final wishes in writing. At the same time, estate administration is another factor to take into consideration. Last Wills If you use a last will, the estate administrator is the executor or executrix. An executor is a male who serves this role, and an executrix is a female. You would name your executor or executrix in your …
Is Estate Planning Strictly for Senior Citizens?
The process of estate planning is something that is often overlooked by younger adults, but in reality, this is a mistake. Of course there is a clear-cut life expectancy. At the present time, the life expectancy is right around 78 years. However, this does not mean that you should wait until you are in your seventies to plan your estate. You never know what the future holds, and it is better to be safe than to be sorry. We all carry insurance even when we don't think that we will ever use …
What Is the Medicaid Community Spouse Resource Allowance?
Before we look at the Medicaid Community Spouse Resource Allowance, we should explain why Medicaid could be relevant to you, even if you will qualify for Medicare at the age of 65. Most people are aware of the fact that Medicaid is a government run health insurance program that is in place to provide coverage for people with very limited financial resources. If you are going to qualify for Medicare, you would not need Medicaid at first, and you probably wouldn't qualify if you have …
Should I Download Estate Planning Documents Off the Internet?
There are websites on the Internet that sell estate planning documents. These are template, boilerplate documents that supposedly provide you with the ability to plan your own estate. A great deal can be said about the concept of DIY estate planning. One thing that immediately comes to mind is the matter of choice. There are many different tools in the estate planning toolkit. The right document for one family may not be right for the next, and in fact, a well constructed estate plan can …
What Are the Formal Requirements for a Valid Last Will?
A last will is not something that is just passed around among family members. After the passing of the testator, the last will would be admitted to probate. During the probate process, the Surrogate's Court would supervise the administration of the estate. There is a proving of the will during probate, and there are certain formal requirements that must be met in order for a last will to be valid in the eyes of the court. First off, the testator must create the will on his or her own accord …
How Do I Change My Living Trust?
When you are engaged in your estate planning efforts, you should understand the benefits that you could gain if you were to use a revocable living trust as your primary asset transfer vehicle. With a revocable living trust, you do not surrender control of the resources that you convey into it, because you can initially act as the trustee and the beneficiary. Plus, since you can revoke the trust, you could essentially "call the whole thing off" and take back direct personal possession of the …
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