Wednesday, September 21, 2016

Estate Planning: 16 Things to Do Before You Die

While many of us like to think that we're immortal, the old joke is that only two things in life are for sure: death and taxes. Not only is it important that you have a plan in place in the unlikely event of your death – no one expected to lose Prince so soon – but you must also implement your plan and make sure others know about it and understand your wishes. As Benjamin Franklin's famous quote goes, “By failing to prepare, you are preparing to fail.”

Unless Prince's mysterious vault ends up containing a will, he died intestate – and perhaps didn't tell anyone his thoughts about or plans for his estate. If you've procrastinated on yours, this article will help you get going in the right direction.

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Friday, September 16, 2016

6 Essential Estate Planning Steps for You and Your Parents

We’d been married for more than 30 years and were very close with Terrie’s mother “Jean,” spending every holiday and Sunday together (her name has been changed here for privacy reasons). But our happiness turned into a nightmare in the span of just a few weeks.

We think our story about protecting Jean from a financial predator is worth knowing for anyone with an elderly parent. And based on our harrowing ordeal, we recommend six steps (below) to keep yourself and your family safe and financially sound.

Here’s our story:

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Saturday, September 10, 2016

Pat Summitt wills all personal property to son Tyler

Pat Summitt’s last will and testament didn’t spread the property of the Tennessee women’s basketball coaching legend.

Summitt gave all of her "tangible personal property" to her only son, Tyler. A copy of the will was obtained by the Knoxville News Sentinel of the USA TODAY NETWORK, and it specified that Summitt’s property included "automobiles, clothing, jewelry and other articles of personal use or ornament."

Summitt’s home off Alcoa Highway in Blount County, Tenn., was put on sale earlier this summer. She lived at Sherrill Hill Senior Living in Knoxville from late January until her death June 28 after a five-year battle with early onset Alzheimer’s disease.

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Thursday, September 1, 2016

Ten Rules For Asset Protection Planning

There’s a gambling saying that goes something like, “If you want to be a winner, you have to walk away from the table a winner.” One time-honored method of reaching this result is to systematically take your chips off the table as you win them, so that your potential for losses stays small.

Asset protection planning is all about taking chips off the table in good times, so that you still can walk away from the table a winner no matter what happens in bad times. Those who worry the most about asset protection are those who are the most likely to get sued; think obstetricians and, more recently, real estate investors here. But average folks often get caught up in difficult situations, and thus if you have something to protect then the topic of asset protection should at least cross your mind.

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Friday, August 26, 2016

What to Consider If You May Depend on Medicaid for Nursing Care

Live long enough, and you may face a difficult transition: You need nursing home care, but your assets will run out long before your life ends. If you have no assets, Medicaid will pay for nursing care, but only once you’ve used up most of your own resources.

Scrambling to qualify for Medicaid can be difficult and leave your spouse or heirs with less than you had hoped. That’s why the best time to plan for the possibility you will outlive you assets is years or even decades before your money runs out.

“You don’t want to wait until you know it’s going to happen,” says Drew Horter, president of Horter Investment Management in Cincinnati. “Planning should start while you’re still young.”

Nearly all Americans, no matter their income or assets, are eligible for Medicare to cover their health care in retirement. While Medicare covers doctor visits, treatments, hospitalization and drugs, it does not pay for long-term care. Medicare will cover a short-term stay in a nursing home for rehab, but it will not cover any type of long-term care.