A life insurance policy sometimes provides money for continuing care of family members with long-term disabling health conditions.
Category Archives: Estate Planning
Planning and asset protection ensures you or your loved one will receive the care they need.
October is Special Needs Planning Month. To honor the event, let’s examine planning for disabled people. Plan so they live their best lives. Carefully manage family money to fit the disability-benefit rules. Also, provide additional perks for the disabled person. Finally, through strict rules, permit disabled people to exercise autonomy over some of the money […]
Unfortunately, despite our best efforts, millions of people misplace wills and trust documents.
The first way to properly prepare to receive an inheritance is to discover what you will be inheriting. Is it real estate, a 401(k), or an individual retirement account (IRA)?
At the time of a death, the legal determinations ensure that the court distributes inheritances in an orderly fashion. Issues may arise during death or divorce depending on whether you live in a community property or separate property state. Based on differing expectations of all parties involved, disagreements may arise.
When a married couple (the grantors) uses a joint RLT for estate planning, they also serve as initial trustees of the trust. The grantors then combine their separate property and joint property into the same trust.
Depending on your parenting philosophy, decide you you want to treat your children or grandchildren. Treating loved ones equally means that they all receive the same amount.
To help your loved ones avoid this troubling statistic, educate, and update your extended family about wealth transfer goals. Finally, it alerts them to the plan you created to achieve these goals.
The person who was paid must not have been reimbursed by their insurance company. Reimbursed amounts do not qualify for eligibility under the unlimited medical exclusion tax-free gift category.