People often wonder about the importance of utilizing an Irrevocable Trust in Medicaid Planning. Undoubtedly, the gifting of assets can be done outright. So, why confuse things with a trust? The answer is that the gift transaction costs are only a portion of what needs to be considered. Many significant advantages that can result from gifting in trust are forfeited by the outright gifting. These advantages show the importance in utilizing Irrevocable Trusts in Medicaid and asset protection planning.
The...
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Author Archives: "ELCWI Support"
02 Feb
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Consult An Attorney If You Want to Modify Your Will
An attorney can help you to make a legally binding Will so you have control over who receives your assets when you pass away. Life happens and in some situations, you may wish to change beneficiaries, distribution amounts, or more. You are able to create as many Wills as you choose, but only the most recent Will prior to your death is valid. One must make sure they have identified the person whom you want to control the distribution...
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29 Jan
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The Importance of an Attorney to Protect Your Assets
Asset protection is a strategy to keep your property safe from being taken by someone who it was not intended for to receive the assets. In order to successfully protect your assets, asset protection planning is essential even before a lawsuit initiates. A comprehensive asset protection plan integrates the goals of protecting both your short-term and long-term financial goals plus your estate planning goals.
Actually, asset protection plans are a helpful forerunner for making a comprehensive estate plan. With my...
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25 Jan
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Talk With An Attorney To Know About Nursing Home Abuse
Elder abuse has now become a major problem and a substantial number of elderly individuals become victim to abuse every year. Many cases of abuse go unreported and it becomes difficult to know exactly how widespread the issue of elder abuse is today.
Searching for the right nursing home doesn’t guarantee that the abuse and neglect will never happen. Still, if you do proper research in advance of the time when you require care, you must look for the one...
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24 Jan
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Periodic Estate Plan Review Strategies
Estate planning is something that encompasses many things. Certain aspects that your estate plan may possibly cover comprise of transferring your assets after you pass away, making plans for end-of-life care or naming of guardians for minor children.
Your estate plan should change right along with your life experiences. Planning annual reviews of your estate documents is the best method to certify that it still meets your goals.
Review Your Beneficiaries
You may want to designate a particular asset(s) in your estate...
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10 Jan
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Special Needs Trust: A Viable Option for Social Security Planning
The Special Needs Trust (also known as Supplemental Needs Trust) is created to transfer property or money to a person who has a serious disability. This trust is used to wisely manage the money for the person with disability. The trust allows a person with disability for maintaining the eligibility for the government benefits, primarily Supplemental Security Income (SSI) and Medicaid.
Guidelines
The guidelines of Special Needs Trust are complicated and dependent on various factors:
Age of Disabled Person: If...
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02 Jan
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Situations in Which You Need to Seek Financial Advisor Services
There are certain moments in life when you need to make decisions that can have a huge impact on your finances. While some of us are better than others when it comes to managing our money, everyone at some time needs financial advice from a trusted professional. I can help you make a proper decision depending on your financial goals and circumstances.
There are many situations in which you need to seek Financial Advice; a few of them are as...
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26 Dec
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Preserve Your Wealth with Estate Planning Services
Estate planning is one of the most important legal services and is a fundamental tool that ensures your entire family will be well taken care of after your passing. People assume that estate planning is meant only for the wealthy. In reality, it is the concern of everyone.
We all want our finances to remain in order and proper care given to our loved ones. Together, you and I can develop a valuable estate plan to assure your goals are...
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18 Dec
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How An Attorney Versed In Veterans Benefits Can Help You Cover The Cost Of Care
The type of Veterans Benefits that you are eligible for varies on many different factors, including your service record, existing income status, current health status, and programs where you live. Being an Attorney versed in Veterans Benefits, I can provide you with a comprehensive assessment of your situation, explain the different benefits, and complete the process to gain access to those benefits you are entitled to.
Aide & Attendance Pension
As Veterans age and reach retirement, many receive a military pension,...
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15 Dec
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Why and how to organize your financial and legal affairs
Why Organize Your Affairs
It’s not easy to think about what might happen if you become unable to handle your own affairs. But illness and infirmity are as unpredictable as they are inevitable. It’s impossible to know when they will strike you or what form they may take.
Acknowledging your mortality is even more difficult. Even those you might reasonably expect to know better are not exempt from the tendency to avoid end-of-life decisions.
May people have inventories in their heads about...
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