Elderly people who value their independence and are accustomed to living alone are increasingly becoming incapable of doing so. The need for medical attention may prompt some older individuals to consider their options, including moving to a nursing home or…
Tag: estate planning
Net gifts can be used to reduce gift tax rate
One strategy to lower your taxable estate is lifetime giving. However, there is a gift tax rate of 40 percent. If you have exhausted your $5.43 million gift and estate tax exemption, and you wish to lower your gift taxes,…
What you should know if you inherit your parent’s home
Many people will inherit the house in which their parents lived. Deciding what steps to take with respect to the house can cause you to confront some financial and emotional concerns, and matters can become even more complicated if you…
Transportation is an often overlooked but crucial aspect of retirement planning
When people engage in retirement planning, they often fail to think about transportation. They do not consider that a time may come when they will no longer be able to drive themselves, and will have to rely on others to…
Spending down Medicaid assets safely
“Spending down” your assets is the term used to describe the reduction of your assets in order to qualify for Medicaid. There are some assets that are not required to be sold or spent in order to be eligible for…
How to spend down Medicaid assets (safely)
Spending down your assets is the term used to describe the reduction of your assets in order to qualify for Medicaid. There are some assets that are not required to be sold or spent in order to be eligible for…
Protecting your digital assets
Digital assets represent an aspect of your estate that needs protection as much as the more traditional assets in your estate. In fact, someone who is acting as a personal representative, a conservator or a trustee, has a legal duty…
How divorce affects retirement planning
Older people are getting divorced more frequently than ever before. Divorce can be a significant roadblock for retirement planning and financial security. Although divorcing earlier in life can have a minimal impact on retirement, divorcing after the age of 50…
Defining common terms in Virginia estate planning
Estate planning is a complex process, and typically involves learning some new terms and concepts. Some of the most important estate planning terms to understand include: Advance medical directive – A document that details a person's health care wishes in…
