| Medicaid Trusts |
| Medicaid is a needs-based (welfare) benefit program administered separately by each state, but funded in part by the federal government and in part by each state. A person qualifying for Medicaid is allowed to have only a minimal amount of assets, other than a home. Although each state may have certain differences in its particular Medicaid regulations, each must follow certain basic federal guidelines in order to be eligible for the federal subsidy. One of those guidelines is the waiting period imposed on a person who transfers assets and later applies for Medicaid benefits.More... |
| Co-Ownership Myths - I |
| One of the most confusing aspects of estate planning is the numerous myths about co-ownership of property. Many people do not understand the differences between a tenancy in common and a joint tenancy with right of survivorship. Many people do not understand what a tenancy by the entirety is or was. Many people do not understand the differences between the common law forms of co-ownership and community property. Moreover, people may define their own forms of co-ownership by contract. This article discusses some of the many myths about the co-ownership of property.More... |
| Revocation of Healthcare Directives and Alternatives |
| If you execute a healthcare power of attorney document and a living will, you can revoke or cancel them at any time. Most states do not require you to revoke the documents in writing. Be aware that if you have told your healthcare provider about your documents, many states require that you inform the healthcare provider of the revocation. More... |
| Executors - Life Insurance |
| While the collection of life insurance proceeds payable to a named beneficiary is not technically the executor's responsibility (since the moneys paid do not constitute an asset of the estate), for tax and cash flow and control reasons, be aware of all insurance policies on the life of the decedent. If the beneficiaries are relying on the executor to handle all of the decedent's affairs, including the collection of nonprobate assets, the executor should take an active role in helping them collect the proceeds.More... |
| Failing to Make and Leave a Will |
| Although estimates vary, it's pretty safe to say that more than 50 percent of the people who could make and leave a will fail to do so. More... |
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