The practice of estate planning is evolving due to changing family structures. As recently as thirty years ago, a traditional family comprised a husband and wife who married young, purchased a home, had children, and worked toward financial stability and security. In 1949, 79.8 percent of American households were married couples, but in 2021 that […]
Looking at Long-Term Care Options
It’s more crucial than ever to take stock of your life and your health care planning. Americans continue responding to the ever-present threat of COVID-19 in its many iterations, and we are identifying that which is most important in our lives to preserve our health and financial future best. For many, the mere mention of […]
Planning for the Surviving Spouse’s Estate
Upon losing a spouse or long-time partner, it can be challenging to consider other matters besides grief. However, it is crucial to understand there are important and timely decisions you need to make regarding your finances and personal estate plan. In truth, estate planning is perpetual as it accounts for changes in marriages, deaths, divorces, […]
Medicaid Waivers for Nursing Facility Care in the Home
Perhaps you ought to think again if you believe you won’t be able to qualify for Medicaid’s long-term care benefits due to Medicaid’s strict income and asset restrictions. If you currently demonstrate the need for nursing home facility services, you may meet health eligibility rules for a Medicaid waiver program to support the costs of […]
Living Trusts: How They Can Benefit Seniors
Seniors are often the target of fraud and financial abuse. That’s why it’s important that planning is in place to help seniors protect themselves and their assets. As we age, it can become increasingly difficult to manage our assets. Most of us will, at some point, need assistance with these details to help ensure that […]
Planning an Estate for Blended Families
Today’s American families commonly have stepchildren, and they are treated as if they were full biological children, even in cases of inheritance. This is particularly true where stepchildren are part of a blended family from an early age. Biological siblings may have different feelings about a stepchild inheriting what they perceive is theirs as a […]
An Overview of Powers of Attorney (POA)
Estate planning involves implementing Power of Attorney (POA) documents. All states recognize powers of attorney, but rules and requirements will differ from state to state. The document gives one or more individuals the legal authority to act as your agent or proxy on your behalf. Depending on which POA you choose, the agent’s power may […]
Knowing the Probate Process Whether You Have a Will or Not
Almost everyone knows about the probate process, which takes place in probate court after someone passes away, and they are aware that it takes place after someone dies. Unfortunately, fewer people know that it can be a long and complicated process. It can sometimes take months, or even years, to complete. The Probate Process The […]
Understanding Special Needs Trusts
In general, a trust is a financial arrangement in which property or assets are managed for someone else’s benefit. The person or entity who manages the trust is known as the “trustee” and is entrusted with the responsibility of making decisions in the best interest of the person who benefits from the trust, known as […]
How Does Estate Planning Work with Multiple Homes?
For many people in the Philadelphia and South Jersey region, owning a second home is a dream come true. Whether ‘down the shore or ‘up the mountains’, some folks seek to own a second property to be closer to family, for professional purposes, for leisure, or as an investment. Whatever the circumstances, owning more than […]