As defined by the American Bar Association (ABA), probate is the legal process by which a will is granted formal recognition, and the personal representative (executor) is appointed to administer the estate. Navigating the probate process will vary according to…
Your estate plan may need to be reviewed and amended annually to keep up with the complex and ever-changing federal estate tax law, gifts, and GST exemptions. Since 2018, federal tax assessment on estates above $11.7 million, indexed for inflation…
Disease, injury, or illness can cause some people to lose the ability to communicate their wants and needs. When this happens, they need someone they trust to advocate for them. You can prepare the proper legal documents in advance. Losing…
It's uncomfortable to think about death, especially our own. Add to that the question of what will happen to our assets after we die and it's no wonder, so few people have created wills. According to a 2021 Gallup poll,…
In addition to dealing with a medical emergency, you might find yourself facing massive bills that are uninsured. For example, suppose that you underwent emergency surgery for some reason. You scheduled it at a hospital that participated in your insurance…
It was only thirty years ago that a traditional family consisted of a husband and wife who married young, bought a house, had children, and worked toward financial security and stability. As family structures have changed, so has the practice…
In the US and around the world, the aging population is growing. People are living longer than previous generations, which means they will require more long-term care. It’s estimated that seven out of ten Americans will need long-term care during…
Wills and trusts are usually associated with estate planning and passing assets to future generations. However, there is another part of estate planning that doesn’t get as much attention. It concerns advance health care planning. Have you thought about what…
In terms of health care coverage and long-term care, Medicaid is an important federal-state partnership program for seniors and people with disabilities. Qualifications for Medicaid vary by state, with overarching federal guidelines. The Kaiser Family Foundation (KFF), a nonprofit organization…
It is unfortunate that seniors are often the victims of financial abuse and scams. That’s why it’s important that planning is in place to help seniors protect themselves and their assets. As we age, it can become increasingly difficult to…