You’ve worked hard all your life. You may not have started with much, but now you have a comfortable life. You have a family you love and you no longer have to clip coupons, though you may still out of habit. When your children were growing up, you had work and responsibilities and were not able to savor their childhood as you wanted. It hardly seems possible, but now they have kids of their own. But, this time around, you can savor the children. You can take … [Read more...]
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A Nursing Home’s Take on the Need for Medicaid Planning
There has long been a misconception that nursing homes and Medicaid planning are on opposing sides of the proverbial fence. That misconception is starting to change as many nursing homes begin to realize that Medicaid planning actually helps ensure that patients qualify for Medicaid. In turn this ensures that the patient’s financial obligation to the nursing home is covered. Without Medicaid planning, a nursing home can find itself stuck with an exorbitant bill that the patient cannot pay and … [Read more...]
More than Just Salad Dressing: The Ongoing Saga of Newman’s Own Foundation
When a famous individual dies, it’s always interesting to see how they set up their estate, if they bothered to undertake estate planning at all. These cases provide great lessons for Estate Planning practitioners both about what to do, as well as about what to avoid. In some cases, even when celebrities take the time to set up a proper estate plan, things go wrong. Paul Newman’s estate represents one such situation. Read on to learn more. … [Read more...]
I Know Trusts Are Useful – But How Are They Taxed?
As most people have heard, trusts are perhaps the most useful tool in estate planning. They help manage assets during life and long after we are gone. When you place assets in a trust, the trust gets legal title to the assets. But, who pays income tax on interest, dividends, gains and other income generated from the assets when they are in the trust? This depends on the type of trust. For income tax purposes, there are generally two types of trusts, “grantor” … [Read more...]
Planning for the “Silver Tsunami”
As the population over the age of 65 continues to grow, unique problems arise. For example, many seniors may have never married, or outlived their spouse and lack confidence that someone will help them make financial and health decisions as it becomes more difficult or when they become incapacitated. A qualified Estate Planning practitioner can provide guidance to address the issues unique to the solo senior. Read on to learn more. … [Read more...]
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