LOSS OF CAPACITY. What if you become incompetent and unable to manage your own affairs? Without a plan, the court will select the person who manages your affairs. With a plan, you pick that person through a power of attorney. MINOR CHILDREN. Who will raise your children if you die?…
Prenuptial agreements have become an important estate planning tool. Without a prenuptial agreement, a second spouse may be able to invalidate your existing estate plan. Prenuptial agreements are especially helpful if you have children from a previous marriage or important heirlooms which you want to keep on your side of…
One simple way you can reduce estate taxes is to give some of your assets to your children (or anyone else) during your life. There is no limit on how much you may give during your lifetime, but if you give any individual over $14,000 (in 2016) in one year, you must file an…
In Illinois, assisted living facility residents covered by Medicaid are not at risk of being evicted if they leave the facility for a temporary hospitalization. The Illinois Medicaid program pays for services not just in nursing homes but in assisted living facilities which are meant to provide a home-like alternative…
The Estate Tax was put in place in 1916 to raise revenue to finance World War I. In a recent article in the Wall Street Journal, Laura Saunders explains how this tax started as a levy with a top rate of 10% and an exemption of $50,000 (about $1,000,000 in…
Oregon has passed a law which allows the appointment of an individual to access the digital assets of someone who has died. This authority must be provided for in a Will, Trust or other estate planning document. Illinois currently has no laws regarding digital assets after an individual dies. Google…
You become eligible for Medicare as soon as you turn 65, and delaying your enrollment can result in penalties, so it is important to act right away. There are different options to consider when signing up for Medicare. Medicare consists of four major programs: Part A covers hospital stays, Part…
The basic concept of a reverse mortgage is that the bank will make payments to the homeowner, rather than the other way around. The payments can be a single lump sum, a line of credit or a stream of monthly payments. The bank does not have to be paid back…
DINK is estate planning lingo for dual income no kids. As Jamie A. Downes points out in her article: Just the Two of Us: Estate Planning for the Childless Dual-Income Household, childless couples where both spouses work are becoming more prevalent. These couples are often looking to pass their assets…
California recently passed a law allowing a doctor to prescribe a life-ending drug for a terminal patient. It is the California End of Life Option Act, and it comes into effect this June. This law brings to five the number of states allowing end-of-life decisions (California, Oregon, Vermont, Washington and Montana).…