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In most states, to receive long-term care that is funded by Medicaid, there is a five-year look-back period in which patients may not transfer or gift any of their assets. If they do, they will then be subjected to the penalty phase and become responsible for paying...
If you have a safe deposit box at a local financial institution, it’s crucial not to forget about it as you create your estate plan. That’s particularly true if it contains valuable jewelry, a coin collection or other items you plan to leave to loved ones or other...
Creating your estate plan means that you have to think about things like who you want to get your assets after you pass away, but you can’t neglect others like who will make decisions about your medical care if you’re incapacitated. The healthcare power of attorney is...
Children initiate estate planning conversations with their parents for various reasons. It might be triggered by an event, for example, witnessing another family go through a difficult time due to a lack of a will, or it may stem from concern or a desire for clarity...
You may think that you only have to consider your assets when you’re creating an estate plan, but that’s not the case. One major part of an estate plan is setting up what should happen if you become incapacitated, which means you’re unable to make decisions about your...
Artificial intelligence tools have made it easier than ever to begin the estate planning process. With just a few prompts, AI can help you draft a basic will, create a list of assets or explain the roles of executors and trustees. For those just starting to think...
Most creditors are understandably keen to recover any money owed to them. That wish won’t just stop because a person who owes them dies. Understanding the laws around this is essential whether you are making your estate plan and worried about leaving debt or dealing...
If you care about protecting the environment, your values don’t have to stop with your lifetime—they can carry on through your estate plan. More and more individuals are choosing to make environmentally conscious decisions when planning their legacy. If you want to...
If you are drafting an estate plan, you may be worried that someone else is going to challenge that plan. You are concerned that this is going to lead to disputes between beneficiaries. For instance, perhaps you have three adult children, and you do not want to have...
A payable on death (POD) account offers a straightforward way to transfer bank assets to designated beneficiaries after the account holder's death. This financial tool allows individuals to maintain complete control of their money during their lifetime while helping...
