Many people delay the conversation or thoughts of having to prepare a will. Confronting the possibility of one’s death is not easy. However, as the recent death of Anne Heche shows us, not having a will can place a significant burden on your children and cause undesirable complications. Even if difficult, planning...
Category: Estate Planning
Non-Borrowing Spouses of Reverse Mortgage Holders Receive Expanded Protections
The federal government has expanded access to protections for spouses of reverse mortgage holders who are not named in the loan document, allowing more such spouses the ability to stay in their home if the borrowing spouse dies or moves to a care facility.
A reverse mortgage allows homeowners...
How You Can End Up in Medicare’s Donut Hole, and How You Get Out
Medicare prescription drug (Part D) plans can have a coverage gap—called the “donut hole”–which limits how much Medicare will pay for your drugs until you pay a certain amount out of pocket. Although the gap has gotten much smaller since Medicare Part D was introduced in 2006, there still may be a difference...
How an Irrevocable Life Insurance Trust Can Be Used to Avoid the Estate Tax
With the federal estate tax exemption possibly about to be lowered, it may be time to think about steps you can take to keep your estate from being taxed. An irrevocable life insurance trust allows you to pass on money to your heirs while avoiding both the federal estate tax, as well...
How to Create an Estate Plan That Includes Your Pet
Pets are members of the family, so it is important to consider how to provide for them in your estate plan just as you would the human family members.
While we may think of pets as part of our family, the law considers them to be property. This means...