Category: Estate Planning

Estate Planning for a Sick Spouse

Planning an estate with a sick spouse who is likely to die in the coming months or years may be the last thing on the mind of either party, but it is an important step to take to save the surviving spouse from serious financial trouble. With help from a compassionate Anne Arundel County estate… Continued

Irrevocable Trust

The majority of estate plans that have a trust include a revocable, or “living” trust. A living trust allows the grantor (the person who created the trust) to continue altering the trust throughout their life. An irrevocable trust, however, is essentially set in stone once it is created, unless the beneficiary gives permission to make… Continued

Medicaid Planning Misconceptions

There are a number of ill-conceived notions regarding Medicaid, which is an essential part of planning for entering an assisted living facility or nursing home, or utilizing in-home care. Most people cannot afford to pay for the astronomical cost of these types of care or homes. For one, they usually have no income at this… Continued

Estate Planning for Intellectual Property

Estate planning is a crucial step to take when you have considerable financial property at stake. However, a large home, investments, and an expensive collection of old cars may not be nearly as valuable as intellectual property. Intellectual property, such as the rights to a song, novel, or trade secrets, may continue to produce income… Continued

Planning as an Elder Orphan

When we age, we depend more on children, spouses, other family members, friends, and others in our communities to help us with various projects, chores, and problems. For older people that do not have a large network of family members and others who they can turn to, simple outings such as visiting a doctor, picking… Continued

Paying Debts of a Loved One

It is one of the last things that anyone wants to do after the death of a loved one, but paying off the debts of the decedent is an important part of probate. Debts must be paid before property can be distributed amongst the family members. Making an error here can present extreme repercussions for… Continued

Daily Money Management Vs. Financial Guardianship

Senior citizens are often the target of financial abuse. Fraud schemes are not only more likely to work on an elderly person with a slight to severe cognitive impairment, but older people are more often targeted by scammers as well. Older individuals are less likely to be familiar with phone and computer technology, and are… Continued

How to Protect Your Assets from Long Term Care Costs

Millions of Americans live in nursing homes, assisted living facilities, or have an in-home caregiver. In fact, according to the Institute on Aging, 1.3 million Americans live in nursing homes, with millions more utilizing assisted living or home care and, by 2030, 20 percent of the population will be 65 or older. The chances are… Continued

Why Wives Need to Be Involved with Finances

According to a New York Times article, in the United States, the average lifespan is 81.2 years for women, while for men it is only 76.5 years. This means that even if the husband handles financial decisions in a marriage, that responsibility is likely going to be passed off to the widowed wife later in… Continued

Do I Need a Will or a Trust?

The majority of Americans do not have a will or a trust. According to USA Today, 64 percent of Americans do not have a will. But do you really need one? The answer to that is most likely yes. However, do you need a simple will or will your loved ones be better off after… Continued