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 …
How Can I Qualify for Medicaid?
You may wonder why you would ever want to qualify for Medicaid if you are going to be eligible for Medicare coverage when you reach the age of 65. After all, these are both health insurance programs. If you have Medicare coverage, you would not need Medicaid, and you would not qualify anyway because you will retire with resources. While the above is true on one level, many senior citizens do attempt to qualify for Medicaid. This is because of the fact that Medicaid will pay for living …
Estate Planning: What Do I Need to Know?
In this blog post, we will provide some food for thought that may compel you to educate yourself about the value of estate planning. The Age Factor You may assume that you don't need an estate plan if you are a relatively young adult. In reality, many young adults have huge responsibilities to others, especially young parents. While it is true that people generally don't pass away when they are in their thirties or forties, we all know that it does happen. If you fail to take action, you are …
What Are the Gift Tax Exemptions?
When you hear about the existence of the federal estate tax, you may assume that you can simply give gifts to avoid this death tax. While this makes sense on the surface, the powers that be decided to close that loophole many years ago through the enactment of the gift tax. The gift tax and the estate tax are unified under the tax code. Gift Tax Exemptions There are some gift tax exemptions that can be used to give tax-free gifts. The exemptions are called exclusions in formal tax …
Do I Need Anything in Addition to My Will?
A last will is a legal document that can be used to facilitate asset transfers after you pass away. If you create a last will, you have covered one of your bases, but there are some other things to take into consideration when you are planning your estate. End-of-Life Issues Taking care of the things that will happen after you pass away will be part of the process, but you should also address end-of-life issues. Elders often become incapacitated, and you should take action to prepare for …
Can I Protect My Inheritance With a Special Needs Trust?
People with disabilities are often unable to earn much income on their own. As a result, they have limited resources, and they qualify for need-based government programs. Medicaid is a health insurance program for people with financial need, and Supplemental Security Income is a source of modest financial support that can be used to pay for basic needs. If a person with a disability who is enrolled in these programs was to receive a direct inheritance, this would result in an improved …
Elder Law FAQs: How Common Is Alzheimer’s Disease?
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Who Is Competent to Create a Last Will?
A last will is not something that is only passed around among certain family members. When you use a last will to state your wishes regarding the distribution of your personally held property, the executor that you name in the will must admit the will to probate. During this process, there is a proving of the will. The court examines the will to make sure that it is legally valid. Competency Requirements Any adult who is of sound mind is technically qualified to create a last will. The …
How Do I Identify the Right Estate Planning Attorney?
If you have not put an estate plan in place, you are taking a very big risk, and your family members are the ones who will pay the price if you wait until it is too late. When you plan your estate, you make sure that your loved ones will be provided for monetarily after you pass away, but you can also make sure that you are remembered in other ways. Statistics show that most people have not executed all of the appropriate estate planning documents, so this lack of action is a societal …
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