When you work and pay FICA or self-employment taxes, you earn retirement credits that lead to Medicare eligibility. You get four credits a year if your income exceeds a very nominal threshold, and you will earn eligibility when you have accumulated a total of 40 credits. A married person can qualify on their spouse’s work record, so the vast majority of senior citizens can enroll in the Medicare program when they reach the age of 65. Since this is a health insurance program for senior … [Read more...]
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Why Would You Use a Trust Instead of a Will?
Far too many people think that a will is all you need when you are planning your estate. They know that a trust is a possibility, but they assume that they are for people with very complicated holdings. In reality, this is simply not the case. A trust can be better than a will in many instances, and the motivation will vary depending on the circumstances. With this in mind, let’s look at three reasons why you may want to use a trust instead of a will to facilitate postmortem asset … [Read more...]
Navigating the Silver Tsunami With Effective Medicaid Planning
As the population ages, a phenomenon often referred to as the "silver tsunami," the need for long-term care becomes a pressing issue. This 1,000-word blog explores the challenges posed by the high costs of long-term care, the limitations of Medicare, and how Medicaid planning can provide an effective solution. The Aging Population and Long-Term Care The term "silver tsunami" describes the demographic shift as the population ages. With this shift comes an increased need for long-term care. … [Read more...]
The Value of a Supplemental Needs Trust in Estate Planning
When it comes to estate planning, providing for a loved one with a disability requires thoughtful consideration. A supplemental needs trust, or special needs trust, emerges as an invaluable tool in this context. This blog explores the value of a supplemental needs trust, trustee selection considerations, permissible purchases by the trustee, and the implications of different types of trusts on Medicaid estate recovery. Understanding Supplemental Needs Trusts A supplemental needs trust is … [Read more...]
You’re Not the Easter Bunny. Stop Hiding Your Estate Planning Documents!
While the importance of having an estate plan is widely acknowledged, there's often a reluctance to share it with those who matter most—our loved ones. However, keeping your estate plan a secret can lead to unintended consequences and missed opportunities to ensure your wishes are carried out effectively. Consider this scenario: you've meticulously crafted your estate plan, including crucial medical planning documents like a living will. This document outlines your end-of-life preferences, … [Read more...]
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