For most people, estate planning is mostly an issue for after you die, and is not something that will have much of an impact on you or your loved ones while you are alive. There is at least one part of estate planning you should be concerned about right now, though, and that is the …
Understanding the Three Main Types of Advance Directives Read More »
When most people think of estate planning, typically they think about what is going to happen late in life, or what will happen after they have already died. However, there are certain aspects of estate planning that can affect you, and potentially benefit you, right now. One such element of estate planning is known as …
With the widespread pandemic of Covid 19 and its often debilitating effects, it is important to have a plan in place in case you are incapacitated. For instance, who will make health care decisions for you if you are unable to? Who will take care of your finances, or your children or pets? Who will …
There are few things that are worse than losing a loved one. Unfortunately, you do not always have a chance to simply grieve, as there are many things that need to be taken care of after someone dies. Here are five things you need to make sure you do once your loved one passes away, …
Five Things You Need to Do When a Loved One Passes Away Read More »
When most people think of estate planning, typically they think about what is going to happen late in life, or what will happen after they have already died. However, there are certain aspects of estate planning that can affect you, and potentially benefit you, right now. One such element of estate planning is known as …
With the widespread pandemic of Covid 19 and its often debilitating effects, it is important to have a plan in place in case you are incapacitated. For instance, who will make health care decisions for you if you are unable to? Who will take care of your finances, or your children or pets? Who will …
Administration: Court proceeding to appoint a fiduciary, known as an administrator, when the deceased individual did not leave a last will and testament and left assets that were not otherwise provided for. Bequeath: an interest in an estate passed by Will (as opposed to an intestate share). Intestacy: when a decedent does not have a …
Definition: A fiduciary relationship where one party, known as the “Grantor” (or “Creator” or “Settlor”), gives another party, known as the “Trustee” property to be held for the benefit of the Grantor or a third party, known as the “Beneficiary”. Living Trust: a trust that comes into existence during the Grantor’s lifetime. Testamentary Trust: a …
Medicare is the primary insurance of most senior citizens in the United States. There are no financial requirements or limitations associated with Medicare. Medicare is broken down into Par ts A, B, C and D. Medicare Part A: Primarily covers inpatient hospital services. However, in limited circumstances it also covers certain skilled home health services, …
Community Spouse Resource Allowance: the amount of assets the spouse of a nursing home applicant may maintain without having to do a spousal refusal. May also be used in certain instances in homecare applications. Excess Resources/Excess income: countable assets/income above the permissible Medicaid level. Lookback period: The period of time Medicaid will “lookback” from the …