A lot of people equate estate planning to the simple act of creating a will. They think that there is nothing else to do, but in fact, this is a misguided notion on multiple levels. Asset Transfer Vehicles The first thing that you should understand is the simple fact that a will is not always the … [Read more...] about What Documents Are In a Complete Estate Plan?
Can Medicaid Take Your Home If You Need Nursing Home Care?
You may hear people make claims about certain estate planning and elder law details that are based on some correct but incomplete information. This can lead to misconceptions that can yield negative consequences, and we will look at one of them in this post. Medicaid Estate Recovery Medicare does … [Read more...] about Can Medicaid Take Your Home If You Need Nursing Home Care?
Don’t Make These Common Estate Planning Errors
When you hear about the mistakes that others have made, you get a heads up that will help you avoid the same errors. With this in mind, we are going to look at four common estate planning mistakes in this post. DIY Estate Planning You can buy downloads and worksheets from websites that sell legal … [Read more...] about Don’t Make These Common Estate Planning Errors
Will My Heirs Pay Capital Gains Taxes?
You should understand the taxation factors when you are planning your estate and let your family know what they can expect. We are going to look at the capital gains tax as it applies to inheritances here, and we will go on to provide a broader overview. Step-Up in Basis If you are in possession … [Read more...] about Will My Heirs Pay Capital Gains Taxes?
DIY Estate Planning Can Cause Family Feuds
You may see advertisements for websites that sell do-it-yourself legal documents. They contend that you simply fill in the blanks and you can plan your estate for yourself without any legal assistance. There is a difference between the words “can” and “should.” Yes, you can use a boilerplate … [Read more...] about DIY Estate Planning Can Cause Family Feuds
What Is Probate and Why Do People Avoid It?
Probate is the legal process of estate administration, and it is necessary if you use a will to transfer personally held assets. If you do not have any estate planning documents at all, the probate court would preside over the estate administration process. There are some exceptions to this rule … [Read more...] about What Is Probate and Why Do People Avoid It?
