Category archives: Estate Planning
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9 years ago
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Medicare beneficiaries with disabilities who are under 65 years old have a difficult time obtaining “Medigap” insurance that fills in the gaps in their Medicare coverage, according to a recent article by the Kaiser Family Foundation. The article argues that there is no longer any justification for ... [read more]
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9 years ago
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Trustees of special needs trusts have a duty to properly manage the funds in their care. However, most trustees, especially non-professional ones, are not sophisticated investors and they should not be directly managing the investment of large sums of money. This does not mean that the trustee of a ... [read more]
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9 years ago
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Life insurance can be beneficial in replacing lost income for young families, but as people get older, it can also serve a purpose as part of an estate plan.
Historically, one main reason to buy life insurance as part of an estate plan was to have cash available to pay estate taxes. Now that ... [read more]
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9 years ago
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A durable power of attorney is an extremely important estate planning tool, even more important than a will in many cases. This crucial document allows a person you appoint -- your "attorney-in-fact" or "agent" -- to act in place of you -- the "principal" -- for financial purposes when and if you e... [read more]
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9 years ago
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As people approach age 65, they should be thinking about their Medicare enrollment choices, including whether to sign up for traditional Medicare or with a Medicare Advantage plan, and if so, which one. But it turns out that some Medicare-age people are having these important decisions made for the... [read more]
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9 years ago
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Saying that there has been "undue influence" is often used as a reason to contest a will or estate plan, but what does it mean?
Undue influence occurs when someone exerts pressure on an individual, causing that individual to act contrary to his or her wishes and to the benefit of the influenc... [read more]
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9 years ago
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Passing down a Roth IRA can seem like a good idea, but it doesn't always make the most sense. Before converting a traditional IRA into a Roth IRA to benefit your heirs, you should consider the tax consequences.
Earnings in a traditional IRA generally are not taxed until they are distributed to y... [read more]
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9 years ago
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If for any reason, you become unhappy with the person you have appointed to make decisions for you under a durable power of attorney, you may revoke the power of attorney at any time. There are a few steps you should take to ensure the document is properly revoked.
While any new power of attorney... [read more]
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9 years ago
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Two years after the passage of the Achieving a Better Life Experience (ABLE) Act, four states -- Florida, Nebraska, Ohio and Tennessee -– have ABLE plans up and running, and all but Florida allow out-of-state beneficiaries to open accounts.
States have been slow to create the appropriate regulati... [read more]
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9 years ago
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Our office participated in the Clay County Senior Expo 2016 this week. Pictured are Associate Attorney, Alison E. Hickman, JD and Marketing Manager and Executive Assistant, Paula Brewer Emery.
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9 years ago
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Assisted living facilities are a housing option for people who can still live independently but who need some assistance. Costs can range from $2,000 to more than $6,000 a month, depending on location. Medicare won’t pay for this type of care, but Medicaid might. Almost all state Medicaid prog... [read more]
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9 years ago
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Being the executor of an estate is not a task to take lightly. An executor is the person responsible for managing the administration of a deceased individual's estate. Although the time and effort involved will vary with the size of the estate, even if you are the executor of a small estate you will... [read more]
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