What Is the Portability of the Estate Tax Exemption?
If you have a rather sizeable estate, it can be incredibly important to consider all of your estate planning options as the federal estate tax can take a large chunk of your estate’s value away from your heirs. The federal estate tax exemption will allow you to avoid some taxation as the exemption...
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What Are the Eligibility Requirements for Medicaid in North Carolina?
Many people may not think about Medicaid benefits until they actually need them. Medicaid provides critical benefits to individuals in need throughout the U.S. A program administered at the state level, Medicaid is health insurance provided to people who have demonstrated the inability to afford medical care payments in full or in part....
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Can Adult Children Be On the Hook for Their Parents’ Long Term Care Bills?
The costs of long-term care in the United States are hitting all-time highs. While the majority of us will require some type of long-term care, whether it be in-home care or nursing home care, the costs can be devastating. Any savings can be quickly eaten up by long-term care bills. With proper planning,...
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What Are the Different Types of Trusts?
Trusts are often the less recognized and discussed aspect of estate planning. This is unfortunate because trusts can accomplish many things when properly utilized and implemented. A trust can help you avoid the costs and delays of probate. A trust can also have significant tax benefits as well as helping you secure the...
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What Can You Accomplish with a Will?
A Last Will and Testament, simply referred to as a “will,” is probably one of the most notable estate planning tools. Most people know the basics of a will and think of it only in terms as a way to tell everyone else who you want your property to go to after you...
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How Are Revocable Trusts Taxed?
During the estate planning process, the benefits, as well as the importance of various legal tools, are discussed. The potential advantages of having different types of trust arrangements is also evaluated. Revocable trusts, for example, are often included in estate plans as a means of avoiding the probate process for the assets...
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How Are Irrevocable Trusts Taxed?
While trusts may be often discussed as being included in an estate plan, the tax consequences of a trust are not always addressed. This is unfortunate because trusts can have significant tax implications for both grantors and beneficiaries. Here, we will address how irrevocable trusts are taxed.
How Are Irrevocable Trusts Taxed?
An irrevocable trust...
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What Should You Ask Your Medicaid Planning Attorney
One prominent portion of elder law is long-term care planning. Much of long-term care planning focuses on your ability to plan for affordable long-term care based on the resources available to you. Long-term care is increasingly expensive and few can afford such costs without having their life’s savings quickly demolished. That is where...
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When It May Be Time to Move to a Nursing Home
Most people do not exactly look forward to moving into a nursing home and this may be putting it mildly. A nursing home, however, can be the best option for an aging loved one to live in a safe environment while getting the necessary mental and physical support. Knowing when the right time to...
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The Importance of Supporting Family Caregivers
We live in unprecedented times for a number of reasons. One reason is the fact that people are living longer than ever before. While people may be reaching ages like we have not seen in the past, this also means that people often require assistance and care for what may be several years. As...
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