It seems like you spend one phase of life preparing for the next stage in life. You went to college to prepare for your working years and your working years preparing for retirement. Now you are getting ready for a period of time few people look forward to: the time when you may need long-term nursing care. You can expect to pay tens of thousands of dollars a year for care in an Oklahoma nursing home. Saving for that kind of expense is nearly impossible, but the sad fact is that most people over age 65 will need some kind of long-term care at some point. This may be in-home nursing, temporary care after a fall or surgery, or advanced care for Alzheimer’s or another illness. Since there is no way to accurately predict how your life will play out,Continue reading: Medicaid planning may include the use of trusts
Every Oklahoma resident likely knows someone who has been affected by Alzheimer’s. This terrible disease affects millions each year. Planning ahead for a debilitating illness like Alzheimer’s or dementia can be a good idea. When a family is facing a major health challenge, it is emotionally draining as well as financially debilitating. A family may want to think ahead as to what they would do if someone is diagnosed with an incurable disease like Alzheimer’s. Alzheimer’s can have a huge financial impact on a family. Patients with Alzheimer’s require 24-hour care, which can be incredibly expensive. A carefully designed trust can ensure a family’s finances are protected if a person suffers from an expensive end-of-life disease. A person who has Alzheimer’s or dementia can easily be taken advantage of because of their lack of mental facilities. A trust can ensureContinue reading: Alzheimer’s and estate planning
Oklahoma residents who use gifting strategies within their estate plan may be aware of the recent changes that have occurred. Many families will need to make difficult decisions regarding how to gift their money to family members. Recently, Congress changed some laws regarding the gift exemption and estate tax exemption. With the December passage of the Tax Cuts and Jobs Act, the lifetime gift exemption has doubled to $11.2 million for each individual. This amount has also doubled for couples to $22.4 million. These numbers are also the same for estate tax exemption. In regards to the gift exemption, gifting is a tax strategy many families use in order to avoid estate taxes. Although a family may be able to make these gifts, it is important to think about whether they should or not. Many times, just giving heirs moneyContinue reading: Estate planning in 2018: Should you give more away?