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No matter if you are in a second or subsequent marriage, individuals who have been previously married often face a number of unique issues that influence the estate planning process.
As a result, it is critical to take these factors into consideration when performing estate planning. By following these steps, a person can avoid a number of undesirable consequences including having unwanted beneficiaries receives assets.
The Role of Prenuptial Agreements
There are a number of complex issues involving the creation and administration of a trust. One of these issues involves which state’s laws should apply to the trust’s administration.
The best estate planning lawyers often discuss with clients the differences between available estate laws so the best possible results can be reached. During this critical phase of estate planning, it is important to have a number of estate planning issues in mind, which include the following.
The Role of Non-Resident Trusts
Transitioning to a nursing home or assisted living facility is a difficult period for most adults. A recent study conducted by AARP even reported that 9 out of 10 Americans prefer living in their own homes as long as possible rather than switching to a nursing home.
The concept of aging in place has let a number of older individuals stay in their homes rather than transition to a care facility. If you are planning on utilizing aging in place as part of your estate plan, the better you prepare, the more easily you will be able to navigate the numerous challenges that arise.
If the concept of aging in place interests you, this article discusses some of the important factors that you should consider about aging in place before making it part of your estate plans.
Millions of people find themselves in a middle class bind as they enter the midpoint of their retirement period. A good eight (8) to ten (10) years into retirement, many individuals are able to physically continue to live in their home and afford the upkeep and maintenance of their home with their retirement savings
Especially if the individual’s home is single-story, as health problems mature, many individuals will be physically able to maneuver their way around their home with little assistance. Multi-story homes become more difficult because climbing stairs may be a problem. Individuals in the midpoint of their retirement are generally still able to care for themselves. Many of them even hold permanent part-time jobs.
The sources of income for individuals in retirement are the fixed income they receive from a pension, an individual retirement account (IRA), Social Security, and 401K savings. Variable income is received through part-time job wages and other financial instruments like an annuity and cash savings.
One of the most important goals in estate planning is making sure that your assets are properly passed on to your loved ones.
While irrevocable trusts at first glance might seem like they involve too much control, when utilized in the correct manner, they can be a valuable tool in making sure that your estate planning goals are achieved.
Even though we all want to do what is best for our loved ones, it is also important to make sure that they realize the full advantage of any assets that you might pass on.
Beginning in 2020, Medicare supplement insurance policies, known as Medigap plans, will offer fewer choices to individuals who reach age 65 after January 1, 2020. Individuals who turn age 65 before 2020 will not be affected by these changes.
The ABCs of Medigap plains
Medigap plans, which are sold by private insurance companies, help cover cost-sharing aspects of Medicare Parts A and B, including copays, coinsurance, and deductibles. Some Medigap plans cover services such as hospitalization and medical care when you travel outside of the United States. Medigap policies generally don’t cover long-term care, vision or dental care, hearing aids, eyeglasses, or private-duty nursing. Source: Medicare.
The Supreme Court recently issued a decision in a North Carolina case, which will likely have a limited but substantial impact on estate planning and tax-related issues.
The case in issue concerned North Carolina’s taxation of Kimberley Rice Kaestner’s 1992 Family Trust for more than $1.3 million between the years of 2005 to 2008. The court later ruled that the state of North Carolina was not able to tax the trust because the only connection to the state that the beneficiaries lived there.
The Impact of the Supreme Court’s Decision
An appellate court in the case of Gonzalez v. City National Bank recently affirmed a probate court’s order that denied a plaintiff’s request after the death of plaintiff’s daughter that the remainder of a special needs trust be distributed to the plaintiff rather than the Department of Health Care Services.
The distribution was used as reimbursement for Medi-Cal payments for the daughter’s medical care. The court held that the mandatory recovery rules for special needs trusts apply to trust remainders.
An opinion letter by the Centers for Medicare & Medicaid Services supports the department’s perspective that the Department of Health Care Services is allowed to recover for the daughter’s Medi-Cal expenses.
My doctors always advise me that medications are meant to help me live better not longer. I always walk away from the experience scratching my head a bit because most of my medications have made me live longer but worse than before. The worst part of taking medication daily is remembering to take medication daily. It seems like such a simple task, but part of my brain still fights that I even have to take medications in the first place.
The second worst part of taking daily medications to live better are the side effects, especially interactions with other drugs. Some of the news is easy to ignore, and to a certain extent makes me laugh. For every story I read about the harmful effects of drinking coffee daily, there is another one saying daily coffee consumption would kill me. What kills me, however, is skipping a cup, the headache is the worst.
There is news you should pay attention to and at least discuss with your doctor if it raises any concern with the management of any of your health conditions.
Nobody likes talking about what will happen after their death. But it is a universal truth that every one of us will die at some time, which is why it is absolutely critical to create a funeral plan. One of the best ways to make sure that your loved ones have as easy a time as possible following your death is to create a detailed plan addressing end of life issues.
Unfortunately, a 2017 report by the National Funeral Directors’ Association reveals that only 21 percent of Americans discuss details about their funeral with loved ones.
While it might sound grim, there are three elements of a funeral: preparing a corpse, holding a ceremony, and handling the internment. The purpose of this article is to review some important steps that you should make sure to follow when planning for what will happen at your own funeral.
New York Estate Planning & Elder Law Blog