In this article, we will address two terms which some people use interchangeably, but which are very different things: living trusts and estate plans.
Medicaid Estate Recovery is the process whereby the government “claws back” your home sto seize it that you were originally told was “exempt” when you went into the nursing home. Relying on this “exemption” on your home is never a sure bet. Good planning is necessary.
One of the most important decisions you’ll have to make when creating an estate plan is which estate planning law firm to work with.
Most Americans don’t have long term care insurance. Accordingly, paying for long term care out of private funds can be a difficult proposition. There are alternatives, however, to qualify under Medicaid, but you will need an attorney to help you navigate the process. Planning early is always the best option.
Filial responsibility laws are on the books in about half the states, including Louisiana. Read this article about the potential of being held responsible, or alternatively, qualifying for Medicaid long-term care.
Establishing a joint revocable trust can be an ideal estate planning tool for the benefit of your children, grandchildren and beyond.
“Gray divorce” — the unfortunately named term for divorce after age 50 — is increasing among baby boomers.
These vehicles let a family manage multiple interests, preserve parental control and protect assets from claims of creditors and divorcing spouses, among other benefits.
Did you know someone who is 65 today has a 70 percent chance of needing long-care treatment in the future? Even seniors who have saved up for their waning years can find it a challenge to pay for nursing home costs, especially when relying only on Medicare coverage.
Your dad bequeathed you a generous sum of money on his passing. Those gifted and inherited assets, in many instances, will be considered ‘separate property,’ not marital property. That might mean that they might not be subject to division, if you divorce. However, perhaps you want to backstop that hoped for result to make the protection more likely to stick if your marriage doesn’t work out.
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