What will happen to your estate if your primary beneficiary – the person you name to inherit your assets – dies before you do? If your will doesn’t name an alternate beneficiary, then your estate will be divided according to state law – which might mean it will go to someone you don’t like, or someone who is unable to handle significant assets. For example, suppose your will divides your estate equally among your children. If
Many people like the idea of leaving a bequest to a favorite charity in their will. But an interesting alternative is to put assets now into a charitable remainder trust. A charitable remainder trust is a trust that provides you (and possibly your spouse) with income for life. The trust can pay you a certain amount of income each year from investments, or you can choose to be paid a percentage of the trust assets each
Having difficulty keeping on top of your bills and other financial issues? Maybe a “daily money manager” can help. A daily money manager is a person who is experienced in dealing with financial matters that can build up and cause problems if they aren’t taken care of, ranging from paying routine bills to filling out complex medical claims. Daily money managers are members of a relatively new profession that now has its own professional association.
The loss of a loved one is difficult to cope with, but if the loved one left debts behind, it can be even tougher. It’s important to know who is responsible – and who is not responsible – for the debts of a deceased person. This is even more true now than in the past, because creditors and debt collectors have become very aggressive lately about contacting a deceased person’s family members and trying to get
The National Academy of Elder Law Attorneys (NAELA) has been in touch with staff from the minority side of the House Oversight, Subcommittee on Health Care, DC, the Census and National Archives. The majority recently announced they will hold a hearing entitled, “Examining Abuses of Medicaid Eligibility Rules” at 10:00am on Wednesday, September 21 in room 2247 Rayburn House Office Building. You should be able to watch the hearing on Subcommitte on Health Care website. An elder
Review of the Third Circuits view on promissory notes purchased from family members:
Massachusetts doesn’t regulate powers of attorney — a signed, notarized letter of appointment is the only requirement — and advocates for the elderly say the absence of oversight makes it too easy for an unscrupulous person to exploit the position for personal gain. Secretary of State William Galvin aims to remedy the problem with a proposal he submitted to the Massachusetts legislature earlier this year that would bar people with power of attorney from enriching themselves
Everyone has heard the terms “will” and “trust,” but not everyone knows the differences between the two. Both are useful estate planning devices that serve different purposes, and both can work together to create a complete estate plan. One main difference is that a will goes into effect only after you die, whereas a trust can take effect as soon as you create it. A will is a document that directs who will receive your property
When choosing a beneficiary for a retirement plan, it’s important to understand how your spouse will be treated under the plan. Surviving spouses are treated differently under 401(k)s and IRAs. In general, 401(k) plans provide protections for surviving spouses that IRAs don’t. 401(k) plans are governed by a federal law known as ERISA. Under this law, a surviving spouse is the automatic beneficiary of a retirement plan. If an employee wants to name someone other than
The new health reform law that took effect on January 1, 2011 includes free preventive services for Medicare recipients. Under the law, people with regular Medicare will no longer have to pay a co-pay, coinsurance or deductible to receive preventive services that are highly recommended by the U.S. Preventive Services Task Force – including screenings for breast cancer, colon cancer, diabetes and heart disease, as well as smoking cessation counseling. Private Medicare plans (known as Medicare
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