There is little doubt that estate planning can be a difficult and complex endeavor, which is why people put off creating an estate plan for many reasons. Some do so because they don’t want to face their own mortality while others simply find the prospect intimidating and confusing. Unfortunately, a recent Caring.com study shows that even fewer people are engaging in estate planning than were a few short years ago.
Many baby boomers may hesitate to discuss money with their children, but the reality is that a massive amount of wealth will be transferred in the upcoming decades.
Some $68 trillion will move between generations in the next two decades, reports U.S. News & World Report in the article “Discuss Your Estate Plan With Your Children.” Having this conversation with your adult children, especially if they are members of Generation X, could have a profound impact on the quality of your relationship and your legacy.
A couple should create an appropriate estate plan. If they truly want inheritance rights, they need to execute testamentary documents, such as wills.
For unmarried couples, having an estate plan might be even more important than for married couples, especially if there are children in the family. The unmarried couple does not enjoy the legal protection afforded by marriage, but many of these protections can be had through a well-prepared estate plan.
Is there anyone sad to say goodbye to 2020? For many of us, 2021 epitomizes the symbolic renewal of a new year, with an extra kick of life motivation. In what ways will you channel this energy?
Everyone should tend to their personal affairs in some manner. For some this may be a simple review of existing documents or an update of contact lists and account inventories. However, if you are reading this and you know you still have not taken care of those basic documents everyone must have – Now is the time!
Impact of COVID-19 Stimulus Check on Property Tax and Rent Rebates for Older Adults and Residents With Disabilities on Medicaid.
For most of us, the prospect of money appearing in our bank account is a welcome gift. However, if our loved one is on Medicaid could be cause for concern. How can this money be used? Will it result in our parent losing benefits? Should I you give the money to the nursing home? With the first stimulus, there were many questions regarding how this money could be used, but we now have a clearer picture. First, facilities have no right to this money. It is not considered income for public benefit purposes and will not be treated as a resource if it is spent within one year of receipt. So here are five ideas for how to use the stimulus check received by your loved one on Medicaid.
It has become more common than not that retirees over 65 have parents that are still living independently, but are they at risk? What if they were to fall or a sudden illness meant they could no longer maintain their current lifestyle, and there now senior-aged children do not live close by? Or their children have health concerns of their own. Are both you and your parents at risk?