People create wills to establish what happens to their money and assets when they pass away. In these estate planning documents, they can name beneficiaries – individuals who will receive money, other assets, or specific bequests like sentimental items upon the person’s death.
Are Beneficiaries Heirs?What Does Having Power of Attorney With Dual Agents Mean?
A power of attorney is among one of the most important incapacity planning documents you can have. It designates someone you trust with taking care of your affairs if you become unable to do so.
In a power of attorney, you give one or more trusted people of...
Medicaid Funeral Assistance May Help Pay for Funeral Costs
It is an unpleasant thought, but death is a reality we all must face. One way to cope with the loss of a loved one is to be prepared for their final send-off. Funerals are expensive. For Medicaid recipients and their families, it is unlikely they will have the money to cover...
The Benefits of Continuing Care Retirement Communities
Many options are available for those planning where to live and receive care during their retirement years.
Independent living communities are for healthy, active older adults. Assisted living facilities suit those who need help with activities of daily living, such as bathing, dressing, preparing meals, and medication management. Skilled...
Estate Planning: 3 Things to Know About Being an Executor
An executor is a person or entity you choose to carry out your last wishes outlined in your will. Your executor should be someone you trust is responsible enough to manage your estate after you pass away.
Choosing an executor is a big decision when it comes to estate...
What Is a Medicare Summary Notice?
Every three months, those with original Medicare receive a claims statement called a Medicare Summary Notice.
As Medicare.gov explains, this notification describes all the services or supplies that providers or suppliers attributed to Medicare during the preceding three months. The document shows how much of each payment Medicare...
Step-Up in Basis and Why It Matters in Estate Planning
Recent news stories may have made you aware of the “step-up in basis” and the current administration’s desire to eliminate or adjust it.
If you are considering engaging in estate planning or you may be inheriting assets, it is important to understand what the step-up in basis is...
Who Can Override a Power of Attorney (POA)?
A power of attorney (POA) is a legal agreement that gives a person (agent) the ability to act on behalf of another person (principal). A common question asked about POAs is under what circumstances a person can override them.
POAs can be overridden. However, the “who” and “how”...
Jan. 1-March 31: Medicare Advantage Open Enrollment Period
If you are enrolled in a Medicare Advantage plan but would like to make a change, you can likely take advantage of the Medicare Advantage Open Enrollment Period.
This Open Enrollment Period occurs each year between January 1 and March 31.
What Is Medicare vs. Medicare Advantage?Appointing an Executor? Here’s What an Executor Cannot Do
The person you name as your executor will be accountable for a number of important tasks, even in managing the administration of a small estate. This may include filing tax returns, keeping meticulous records, and distributing assets to your beneficiaries.
At the same time, there are rules about what...
