Asset Protection
Medicaid Asset Protection Trust Planning
Medicaid is a program that provides significant health care and long-term care benefits to many Americans who qualify. Unfortunately, to qualify for Medicaid, you must have a low income and few assets. This means that if you’ve spent a lifetime working and saving, you must take steps to qualify for Medicaid before the need arises. The…
Read MoreWhat You Need to Know to Make Required Minimum Distributions Less Taxing
Those pesky RMDs can wreak havoc if you haven’t done proper tax planning. With the deadline just around the corner, it’s time to finalize your RMD decisions. If you’re 70½ and required to take your annual RMD or face the 50% IRS penalty, you don’t have much time left to act. With the stock market…
Read MoreTips on Naming a Trustee
Selecting a trustee should be a thoughtful decision, taking into consideration the person’s ability to manage money and make decisions. Unfortunately, that’s not usually what happens. A snap decision made so that documents can be prepared on a timely basis is not the way to pick a trustee. This person or persons will be making…
Read MoreAn Unusual Response to a Billion Dollar Award: It’s Too Much!
A jury ordered JP Morgan Chase to pay $8 billion to the offspring of an American Airlines executive for mismanaging their inheritance, but the kids think it’s excessive. The bank expects the entire matter to be overturned by the Dallas, Texas court system. The man who created the seat reservation system for American Airlines, Max…
Read MoreSocial Security Payments Will Increase in 2018, But So Will Medicare Premiums
It’s not great news for retirees who depend upon Social Security, even if it is the biggest increase since 2012. If you want a high-quality lifestyle during retirement, don’t count on Social Security or Medicare. First, the good news from AARP’s article, “Social Security Payments to Increase 2 Percent Next Year:” Social Security benefits will…
Read MoreEstate and Gift Tax Limits Increase for 2018, Says the IRS
Inflation is the primary reason for increases in the 2018 estate and gift tax exemptions. After months of speculation about whether or not the estate and gift tax exemption would increase, the numbers are now official. The estate and gift tax exemption for 2018 is $5.6 million per individual, an increase from $5.49 million in…
Read MoreMedical Tax Deduction on the Chopping Block in GOP Tax Bill
The seriously ill, disabled and seniors are all threatened by a proposal that’s part of the tax reform bill that was recently released. The medical tax deduction is under fire, included in the tax reform bill presented by House Republicans. This would have devastating economic consequences for seniors, people suffering from chronic conditions and the…
Read MoreGenerous Ideals from Millennials May Change With Time and Experience
For now, a report on affluent millennials reveals them to be extremely idealistic, willing to put their retirement savings on a back burner in order to give their kids every advantage. The affluent millennial may have a different take than their less successful peers. However, an online survey of 1,000 affluent investors, with assets of…
Read MoreGiving the Family Farm to Grandchildren Instead of Children
There are often bumps along the way, when it’s time to plan for the future of a family farm. Farms are usually passed along to the next generation, but there are instances when parents want to give the farm to grandchildren. A history of farming for five generations is a wonderful and increasingly rare thing.…
Read MoreSmall Sentimental Items Often at the Heart of Estate Battles
Take a walk around your home with your kids, and talk about the possessions that hold meaning to them. Planning ahead for how their favorite items are distributed may prevent family squabbles during a difficult time, when emotions run high. You might think that disputes over million dollar bank accounts would be at the source…
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