How to Protect an IRA From Heirs’ Creditors
When a person declares bankruptcy, an individual retirement account (IRA) is one of the assets that is beyond the reach of creditors, but what about an IRA that has been inherited?
What Happens to Your Debts When You Die?
When you die, your debts do not expire with you. Most debt still needs to be paid off, if possible, although who is responsible for paying the debt depends on the type of debt, and some assets are protected from being used to satisfy a debt.
Three Reasons Why Joint Accounts May Be a Poor Estate Plan
Many people, especially seniors, see joint ownership of investment and bank accounts as a cheap and easy way to avoid probate since joint property passes automatically to the joint owner at death. Consider these three potential drawbacks before signing on the dotted line.
Reverse Mortgages – Options for the Heirs of the Borrower
Reverse mortgages can be a big help to seniors needing extra cash, but they can become a nightmare for their heirs. Heirs who don’t know their rights may be faced with large bills or threats of losing the house. Fortunately, there are some protections for heirs.
5 Questions to Ask Before Making Gifts for Medicaid or Tax Planning
Many seniors consider transferring assets for estate and long-term care planning purposes, or just to help out children and grandchildren. Gifts and transfers to a trust often make a lot of sense. They can save money in taxes and long-term care expenditures, and they can help out family members in need and serve as expressions of love and caring. But some gifts can cause problems, for both the generous donor and the recipient.
5 Tips on Deciding Whether to Buy Long-Term Care Insurance
On the one hand LTCI premiums are high, they may be raised in the future, and if you are purchasing policies in your 50s and 60s, the need is probably many decades in the future. On the other, many are saved by their LTCI, able to choose their own care setting rather than rely on what is covered by Medicaid in their state, more comfortable hiring necessary help if doing so doesn’t mean dipping in to their savings, and able to protect an inheritance for their children and grandchildren.
Many Still Unaware That Medicare Coverage Is Now Available for Chronic Conditions
If you are a Medicare beneficiary receiving skilled care for a chronic condition, you no longer have to show improvement in order to have the care covered, but your provider (such as a doctor, home care agency, or nursing home) may not know this.
Advance Medical Directives? Now There’s an App for That
An advance directive gives instructions on the kind of medical care you would like to receive should you become unable to express your wishes yourself, and it often designates someone to make medical decisions for you. But an important document like this won’t be of much use in an emergency if it’s tucked away in a safe deposit box or in a file cabinet somewhere.
Life Adjustments Call for Updates to Your Will!
As life circumstances change (births, marriages, divorces, and deaths), it may become necessary to make changes to your will. If an estate plan is not kept up-to-date, it can become useless.
What Are the House Ownership Options When Parents and Adult Children Live Together?
Increasingly, several generations of American families are living together. According to a Pew Research Center analysis of U.S. Census data, more than 50 million Americans, or almost 17 percent of the population, live in households containing two adult generations. These multi-generational living arrangements present legal and financial challenges around home ownership.