When determining whether an individual qualifies for Medicaid, states impose both functional and financial tests. Functional means that the applicant must demonstrate medical need. Financial means that such an individual must demonstrate financial need. With proper planning though, it’s possible to meet the financial need prong even if assets exceed the threshold amount set by the state.
When you visit a savings institution in the United States, you’ll often see a “Member FDIC” seal on the door. The Federal Deposit Insurance Corporation (FDIC) was established in 1933 as a response to the Great Depression’s bank runs. The FDIC provides each person with up to $250,000 of insurance for funds in that bank … Read more
If you are a high-net-worth individual, estate planning is a crucial aspect of your financial strategy. Estate planning is the process of preparing for the distribution of assets after your death, and it can be especially complex for individuals with significant assets. Here are some considerations to keep in mind when planning your estate: Determine … Read more
Three banks have collapsed in one week sending shockwaves through the banking industry. Many may wonder if their deposits are safe. Thankfully, the Federal Deposit Insurance Company insures deposits up to a certain amount and there are ways for individuals with deposits exceeding those amounts to gain coverage as well.
The importance of adjusting your estate plan periodically cannot be overstated. Even the best-laid plans can go awry due to changes in circumstances, both personal and external. Here are some examples of changes that may require adjustments to your estate planning documents: Family Circumstances: Financial Circumstances: Tax Laws: Non-Tax Laws: Change in Residence: Change in … Read more
If you or a loved one has a disability, estate planning is a crucial aspect of ensuring that your needs are met and your wishes are followed. Estate planning for people with disabilities involves additional considerations and can be more complex than estate planning for individuals without disabilities. Here are some factors to keep in … Read more
Retirement plans offer a terrific opportunity for taxpayers to save for their retirement in a tax-deferred way. While several types of these plans exist, most individuals have some level of familiarity with the Individual Retirement Account (“IRA”). IRAs have limits on the allowable contributions and a schedule regarding when distributions need to begin occurring. Recently, the Biden Administration released its Fiscal Year Revenue Proposals for 2024 that contained a provision regarding preventing excessive accumulations by high-income taxpayers in such accounts.
Estate planning is crucial to life planning, and everyone needs to understand its significance and avoid common mistakes. Many people have misconceptions about estate planning and believe it is only for the wealthy or elderly. However, this is far from the truth. Estate planning is necessary for everyone, regardless of age or health status. Even … Read more
When planning your estate, one important consideration is protecting your assets from creditors. Creditors may include anyone you owe money to, such as banks, credit card companies, and individuals who have won a lawsuit against you. Here are some strategies you can use to protect your estate from creditors: Create an irrevocable trust: An irrevocable … Read more
Instead of thinking about chocolates or flowers this Valentine’s Day, let’s focus on a practical way to demonstrate our love by creating an Estate Plan. If you don’t yet have an estate plan, now’s a great time to make an appointment with an Estate Planning attorney to talk about your particular situation, along with your goals and any long-term concerns that you may have. If you already have an Estate Plan, demonstrate your love by ensuring that the plan accomplishes your objectives. If the plan needs updating, make an appointment with a qualified Trusts and Estates practitioner to review the documents and make recommendations for you.