Creating a comprehensive estate plan requires doing more than simply deciding who will receive your estate assets when you die. Lie many people, you may also be concerned, for example, with the potential tax implications of your death. Therefore, you may wish to include tax avoidance strategies in your estate plan as well. Although every estate plan is unique to the individual creating the plan, one tax avoidance tool you may wish to consider including in your plan is a Grantor Retained Annuity … [Read more...] about What Is a Grantor Retained Annuity Trust (GRAT)?
What Is A Medicaid Trust?
Whether you realize it now or not, there is a very good chance that you will need to qualify for Medicaid benefits at some point in your life. Medicaid planning, therefore, should be an integral part of your overall estate plan. As part of that plan, you may decide to create a Medicaid trust. Only your Missouri estate planning attorney can help you decide if a Medicaid trust is right for your estate plan; however, it may be beneficial to have a basic understanding of what a Medicaid trust is and … [Read more...] about What Is A Medicaid Trust?
Is Your Home an Available Asset for Medicaid Eligibility in Missouri?
Whether you are aware of it or not, there is a very good chance that you (and/or your spouse if you are married) will need to qualify for Medicaid benefits at some point during your “Golden Years”. Qualifying for those benefits can be tricky, particularly for older individuals because of the assets they have acquired over a lifetime of working and saving. Eligibility for Medicaid is based, in part, on an applicant’s income and “available assets”. If either exceed the program limits you will be … [Read more...] about Is Your Home an Available Asset for Medicaid Eligibility in Missouri?
How Does Medicaid Apply to A Married Couple?
If you are married there is a very good chance that either you and/or your spouse will need long-term care at some point during your “golden years.” When that time comes you will need to figure out how you plan to pay for that care. With an average annual cost of over $75,000 and an average length of stay of 2.5 years, paying for long-term care can rapidly deplete a life savings if you are forced to pay out of pocket. Medicaid may be able to help; however, you must first be found eligible for … [Read more...] about How Does Medicaid Apply to A Married Couple?
Why You Should Consider a Professional Trustee for Your Living Trust
Your comprehensive estate plan should include much more than just your Last Will and Testament. For many people, a living trust is also part of their estate plan, due in large part to the numerous and varied goals that can be reached using a living trust. If you have decided to include a trust in your estate plan, you will need to decide who to appoint as the Trustee of your living trust. Do not make the mistake many people make of failing to take the time necessary to choose the right Trustee … [Read more...] about Why You Should Consider a Professional Trustee for Your Living Trust
Does Medicare Pay for Long-Term Care?
Long-term care costs are a very pressing elder law concern, and this is something that impacts everyone. According to the United States Department of Health and Human Services, 70 percent of people who are reaching the age of 65 are going to need help with their activities of daily living eventually. You may not be concerned about long-term care costs because you expect to be qualified for Medicare coverage when you reach the age of 65. If you worked for a significant period of time, you will … [Read more...] about Does Medicare Pay for Long-Term Care?
What Is an Adult Guardianship in Missouri?
At some point in your life you may find yourself faced with the realization that a parent, or other adult family member or loved one, has reached a point at which he/she is no longer able to safely care for himself/herself and/or make financial decisions. This physical and/or mental deterioration may be the result of the natural aging process, a serious illness or accident, or even an age related dementia disease such as Alzheimer’s. If the individual is your parent, admitting that something … [Read more...] about What Is an Adult Guardianship in Missouri?
If I Transfer Real Property into a Trust Can the Bank Call My Loan?
Your Last Will and Testament will likely provide the cornerstone for your comprehensive estate plan; however, you may also decide to incorporate additional estate planning tools, such as a trust agreement. Although once used almost exclusively by extremely wealthy families as a way to retain control over the family fortune throughout the generations, trusts are now used regularly by the average individual to accomplish a myriad of estate planning goals. A trust can be funded using almost any … [Read more...] about If I Transfer Real Property into a Trust Can the Bank Call My Loan?
Do Property Taxes Change If I Create a Trust?
A comprehensive estate plan will typically include a wide variety of legal documents, tools and strategies. One common addition to an estate plan is a trust agreement. Almost any type of assets may be used to fund a trust once it has been created, including real property. If you are planning to transfer real property into a trust you may be wondering “ Do property taxes change if I create a trust? ” Because of the individual nature of trust agreements, and the differences in state tax laws, … [Read more...] about Do Property Taxes Change If I Create a Trust?
What Does the Executor of a Will Do?
You have, undoubtedly, heard of an “Executor.” You may not, however, be familiar with the numerous and diverse duties and responsibilities an Executor has. You should be though, because you could find yourself appointed as the Executor of the Last Will and Testament of a decedent at some point in your life. If that occurs, you should have a good idea of what the position entails before deciding to accept the appointment. Even if you are never appointed as the Executor of someone else’s Will, you … [Read more...] about What Does the Executor of a Will Do?
