This time of the year is a great time to revisit your estate plan, so you can ensure your legacy is protected for years to come.
What would happen if you were mentally or physically unable to take care of yourself or your day-to-day affairs? You might not be able to make sound decisions about your health or finances. You could lose the ability to pay bills, write checks, make deposits, sell assets, or otherwise conduct your affairs. Unless you’re prepared, incapacity could devastate your family, exhaust your savings and undermine your financial, tax and estate planning strategies.
Statistics show blended families are on the rise. About 40% of all new marriages in the U.S. include at least one person who was previously married, according to a Pew Research Center analysis. Among adults who are presently married, roughly a quarter (23%) have been married before, compared with 13% in 1960.
When you put your assets into a Medicaid Asset Protection Trust (MAPT), Medicaid does not count those things toward the asset limit.
Among the greatest gifts you can give your family is completing a medical power of attorney to help guide them, legal and other professionals say, and they note the start of the year is a good time to make this a priority.
For anyone who has saved a high six- or seven-figure balance in their retirement accounts, the SECURE Act will definitely affect their retirement plans. That includes 401(k)s, 403(b)s, and other workplace plans, as well as traditional IRAs and Roth IRA accounts.
Elder law issues can be complex. One wrong word or move can mean the difference between a good result and disaster should you become incapacitated or if other unexpected issues should occur in your senior years. An elder law attorney can help you plan for what will happen, if you should become mentally or physically incapable of taking care of yourself and your own personal business matters.
Long-term care, often called custodial care, is a range of services and support to meet health or personal care needs over an extended period of time. This is non-medical care provided by non-licensed caregivers.
Understanding what happens when you inherit a house, as well as addressing the tough financial and emotional decisions on what to do with the home, can be intimidating.
Adults with disabilities are living much longer than in the past, which means their aging parents must plan for the day when their dependent children outlive them.
1067 N. Mason Road, Suite 3
St Louis, MO 63141
Copyright 2020 The Laiderman Law Firm, P.C. All Rights Reserved
