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The Sky Isn’t Falling

February 1, 2022Estate Planning, Legal Education

When we learned of the original provisions in the Build Back Better Act, many individuals panicked, rushing to complete Estate Planning or seeking to undo certain aspects of their estate plan. As the Build Back Better Act has evolved, many wondered if they should have waited before making significant changes to their estate plan. No matter what happens with the Build Back Better Act, an estate plan centered on long-term goals will serve you well. Read on to learn more. … [Read more...] about The Sky Isn’t Falling

2022 Medicaid Spousal Allowances Update

January 27, 2022Elder Law

Medicaid planning

As life care planning attorneys, we advise clients that are preparing to transition into different stages of life. You may need help with your activities of daily living when you pass through your senior years, and it is important to be prepared from an emotional and financial perspective. We are going to look at the updated 2022 Medicaid allowances for a healthy spouse in this post. Before we focus on these particular figures, we will provide some background information to help you … [Read more...] about 2022 Medicaid Spousal Allowances Update

2022 IRA RMDs Have Been Reduced

January 26, 2022Retirement Planning

IRA RMDs

The Internal Revenue Service has reviewed the formula that is used to calculate the required minimum distributions for 401(k) accounts and traditional retirement accounts. They have made a change that will benefit many seniors, and we will look at it in this post. Traditional Individual Retirement Accounts Before we focus on the point of this post, we will share some broader information about individual retirement accounts and 401(k)s. A traditional individual retirement account is funded … [Read more...] about 2022 IRA RMDs Have Been Reduced

Estate Planning Survey: Americans Are Woefully Unprepared

January 24, 2022Estate Planning

intestacy

While it is true that passing away is at the bottom of everyone’s to do list, it is an inevitability that we should all face head on. It is important to take the right steps to make sure that your legacy is passed along in accordance with your wishes after you are gone. Unfortunately, a very surprising majority of Americans have no estate planning documents at all. Eye Opening Survey Results A legal website engaged Harris Interactive to conduct an in-depth survey a while back that was intended … [Read more...] about Estate Planning Survey: Americans Are Woefully Unprepared

Are All Asset Transfers Subject to Probate

January 19, 2022Estate Planning

probate

Probate is the legal process of estate administration. If you arrange for the distribution of your personally owned property through the terms of a last will, the probate court would provide supervision. Creditors are given an opportunity to come forward seeking satisfaction during probate and interested parties would have the opportunity to challenge the validity of the will. This process serves a purpose, but it is not necessarily positive for the rightful heirs to an estate. In Indiana, it … [Read more...] about Are All Asset Transfers Subject to Probate

Life Care Planning: Age in Place With a Medicaid Waiver

January 17, 2022Elder Law

medicaid waiver

When you start to reach an advanced age, you will invariably find it to be more and more difficult to handle all your own activities of daily living. This is simply a fact of life, but if you make preparations and adapt as time goes on, you can minimize the impact. Aging-in-Place Modifications People generally adapt to their surroundings, but when it comes to this subject, you have to turn the tables. Your surroundings can bend to your will through the utilization of the aging-in place … [Read more...] about Life Care Planning: Age in Place With a Medicaid Waiver

An Enlightening Conversation About Trusts

December 31, 2021Estate Planning

living trust

We find that people we consult with ask a lot of the same questions. With this in mind, we thought that it would be a good idea to create a hypothetical question-and-answer session and make it available here on our blog. Living trusts are only for wealthy people, right? This is one of the most common misconceptions in the field of estate planning. There are trusts that are used by high-net-worth individuals that have concerns about estate taxes. We have a federal estate tax that everyone must … [Read more...] about An Enlightening Conversation About Trusts

Living in a Digital World and the Importance of Planning for Cryptocurrency

February 4, 2022Estate Planning, Legal Education

Cryptocurrency has become increasingly popular as a form of investment in recent years. More and more established financial institutions recognize cryptocurrency and allow its use. As cryptocurrency becomes mainstream, it’s important to consider estate planning implications for holding this digital asset. Read on to learn more. … [Read more...] about Living in a Digital World and the Importance of Planning for Cryptocurrency

Is SSI the Same as SSDI?

February 8, 2022Estate Planning

SSI

It is easy to assume that similar sounding acronyms are actually referring to the same government program, but this is not always the case. SSDI and SSI would definitely fall into this category, and we will provide clarity in this post. Social Security Disability Insurance (SSDI) When you look at your pay receipts, you invariably see the FICA contributions that take a significant bite. The good news is that you get something in return for your tax payments. You get one retirement credit for … [Read more...] about Is SSI the Same as SSDI?

How to Dispose of “Stuff”

April 1, 2021Estate Planning, Legal Education

How to Dispose of Stuff

Clients are often most concerned about how to dispose of their tangible personal property, i.e., their “stuff.” Often even wealthy clients are most concerned with the things around them rather than their financial accounts. What’s the best way to handle the “stuff”? Read on to learn more. … [Read more...] about How to Dispose of “Stuff”

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