Medicaid is a government program that helps various Americans with the cost of their medical needs if they qualify to receive assistance under the program. Elderly Americans who qualify may use Medicaid funds to pay for long term nursing home care and avoid having to pay for the cost of that out of their estates.… [Continue Reading]
What Happens to My Debt After I Die?
When a person dies, his or her debt does not always die, too. This can be a major concern for a person with a large amount of debt and who does not want his or her heirs to inherit this debt upon his or her death. The person may own few assets and not want… [Continue Reading]
The Difference Between Revocable And Irrevocable Trusts
Trusts are an often recommended method of transferring assets after death. Trusts generally have many benefits, including the ability to avoid probate proceedings. There are different kinds of trusts that a person may establish, but they fall into two broad categories – revocable and irrevocable trusts. With both a revocable and an irrevocable trust, the… [Continue Reading]
Owning Assets Jointly With Right of Survivorship
There are different ways to pass on property after a person’s death that avoid the use of a will. If a person owns property jointly with another person, he or she may wish to leave that share of the property to the other owner. While this can be accomplished in a will, it is faster… [Continue Reading]
It’s “Quick-7” Check-Up Time: 7 Ways to Protect Your Financial Health
As news broke on Christmas Eve that a giant sinkhole had opened up in the city of Fraser, Michigan, the thinking of many homeowners affected by the disaster was likely that their insurance company would step in. Think again. Natural disasters and other catastrophic events are typically not top-of-mind when it comes to protecting your… [Continue Reading]
7 Tips to Managing Your Digital Footprint Before the Hereafter
In last week’s blog, we discussed the potential hazards your heirs may face by not planning ahead to manage the chain of custody regarding your digital assets by incorporating them into your estate plans. Whether they have sentimental or monetary value, managing the inheritance of your digital footprint is as critical as your other real… [Continue Reading]
Who Gets Your iTunes After You Die?
From bank accounts to Facebook, PayPal and more, a good chunk of your personal and financial life now exists online — and that digital footprint can long outlive your actual one. Failing to account for digital assets in your estate plan could put your heirs at risk of getting caught in a web of potential… [Continue Reading]