People get two forms of gifting confused. The first form of gifting involves estate taxes. The second involves Medicaid. It’s important to recognize that there are big differences between the two of them and that gifting in one way will affect your taxes and gifting in the other will determine whether or not you’ll have … Read more
Powers of Attorney are important documents that provide family members or others with the necessary legal ability to act as representative for individuals unable to do so for themselves. Unfortunately or fortunately depending on the case, a Power of Attorney is a pretty powerful tool. That power and the growing number of aging individuals in … Read more
Just last week, I posted an article on domicile. The point of that article was that it’s important for the individual to make it clear where their domicile is for tax purposes. But here’s another reason domicile is relevant and why individuals should be clear as to what they consider their domicile.
Friends of mine, Bob and Margaret, live half the year in Washington state and half the year in Hawaii. It used to be that they only spent the coldest months of the year in Hawaii but as they age the time they spend in Washington becomes a smaller and smaller percentage of the year.
It’s natural to think that the extremely wealthy or famous are cocooned from spending their final days in abject conditions but wealth does not provide nearly the buffer from neglect or abuse we think it does.
Are you following through on your estate plans? Here’s what I mean. If you have a life insurance policy, do you still want it to go to the beneficiary you chose a decade ago? Two decades ago?
There are two kinds of liens. TEFRA (Tax Equity and Fiscal Responsibility Act) liens or pre-death liens occur when the recipient is permanently institutionalized. Post-death liens are placed against the estate of a deceased Medicaid recipient. TEFRA liens give the states the option to use a lien to prevent the recipient from giving away assets … Read more
In 1997, Marcia Karbin suffered brain damage and became seriously disabled after a car accident. Her husband, Jan was appointed plenary guardian of Marcia’s person and estate and for the next seven years he provided for her needs in their home. In 2004, Jan transferred his plenary guardianship of Marcia to Marcia’s daughter, Kara due … Read more
Like so many others, this link takes you to an AARP article that touts the benefits of annuities as a way to smooth out future retirement income. And once again, just like most traditional planning solution, it misses the mark. Annuities are a way to reduce your assets and increase your income. Say you had … Read more
Will or Trust? The issue has been raised as to whether a will or a living trust would be most appropriate in a particular situation. The following is a general explanation which outlines the advantages and applicability for both. © 2011 Rajiv Nagaich Wills and Trusts both accomplish the same goals, but differently. … Read more
Will your plan for retirement lead to disaster if your health fails? Will you end up forced into institutional care, go broke paying for care, or become a burden on your family?
For millions of Americans, the answer is yes. This video explains why retirement turns into a nightmare for so many people and how completing this course can keep these nightmares from happening to you.
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