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…
Low-income families and individuals are covered by the Medicaid program in the United States. However, because of the steep costs associated with long-term care, Medicaid planning is a growing trend for individuals with higher net worth as an alternative to…
You might believe that creating your estate plan on your own will save you money. However, it can be costly in the end, both financially and in terms of family wellbeing. Estate planning involves important decisions about how your assets…
When you are unable to express your wishes, your health care power of attorney becomes your voice. The Role of a Health Care Power of Attorney A power of attorney, also known as a health care proxy, is a legal…
It would be difficult to get treatment if you were ill and had to determine whether you could afford it. Unfortunately, for many Americans, seeking medical care hinges on affordability rather than medical necessity. About half of US adults have gone without…
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…