Estate planning involves minimizing potential tax burdens for beneficiaries while protecting one's assets. The qualified personal residence trust (QPRT) is a valuable tool in this area. This specialized trust enables individuals to transfer their primary residence or vacation home to…
If you reach a time when you cannot communicate with your doctors or make decisions for yourself, a living will outlines your medical treatment preferences and end-of-life care. Everyone should have an advance directive, as end-of-life situations can happen at…
Help your child plan for their financial future, no matter where they are in life. You want to set a strong foundation for long-term financial stability by broadening their scope of financial literacy. Sharing the following tips can help prepare…
The topic of end-of-life planning is generally difficult for people. We don't like to think about it or discuss it, but without planning, we will have fewer options, and things may not go as expected. You may wish to pass…
Congress created safeguards over 30 years ago to protect the savings of married couples who use Medicaid. These protections prevent husbands and wives from bankrupting themselves and funding care for their loved ones. They originally required states to allow spouses…
In Medicaid redetermination, a beneficiary's eligibility for continued coverage is reviewed by the Medicaid agency. Typically, this process occurs annually. However, during the pandemic, the federal government enacted the Families First Coronavirus Response Act (FFCRA), requiring continuous Medicaid enrollment without redetermination until…
Families are seeking ways to save for college because the cost of higher education is rising each year. One option is a 529 plan. These investment plans allow families to put money away for a child's future education expenses and…
In order to build lasting wealth over multiple generations, careful planning and patience are required. Without specific plans to create and transfer your legacy, statistically, 70 percent of wealthy families will lose that wealth in the subsequent generation, and 90…
It is unlikely that most parents think of dying or becoming seriously ill or injured when they are young, but it is still possible. This is why we pay for medical insurance, disability insurance, and life insurance. Even though many…
During the COVID-19 pandemic, our lives were transformed in unprecedented ways. From remote working and online schooling to virtual doctor consultations and contactless deliveries, technology enabled us to adapt and continue functioning while practicing social distancing. Estate planning attorneys also…