What Is Long-Term Care Insurance?

If you have always had health insurance throughout your working career, you may go forward with a certain peace of mind. You will be protected financially if you run into health problems, and you would assume that this protection would continue after you obtain Medicare coverage when you reach the age of 65. Medicare will certainly provide a good bit of coverage, but you have to understand the fact that Medicare does not pay for long-term care. People who are concerned about long-term care costs sometimes purchase long-term care insurance. Long-term care insurance is rather expensive, and this is a drawback. The exact cost of the insurance will depend upon your age when you take out the coverage. As you would expect, the premiums are lower if you take out the insurance when you are relatively young. At the same time, you probably will not need long-term care until you reach an advanced age. Medicaid and Long-Term Care Insurance Medicaid is another government health insurance program,
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What Is Included in My Estate Plan?

A basic estate plan will address the issue of asset transfers, and it will also include an incapacity planning component. In this blog post, we will take a look at the rudiments, but a well constructed estate plan will be custom crafted to suit the individual needs of the planner. Last Wills Many people reduce estate planning to the creation of a last will. You can use a will to state your wishes regarding the way that you want your assets to be transferred after you pass away, and you could nominate a guardian to care for your children if you have dependents still in your home. A last will can be a suitable choice for some people, but there are limitations when you use a will, and a will must be admitted to probate. This is a legal process that can be time-consuming and expensive. Revocable Living Trusts A revocable living trust is another viable option as an estate planning tool. The person who creates the trust can act as the trustee and the beneficiary at first, so there is no los
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Does Your Estate Plan Need Revisions in 2015?

Now that we have settled into the new year, you may be honoring the resolutions that you made. People also tend to matters that have been placed on the back burner when the calendar turns over, and this can apply to estate plan revisions. When you put your initial estate plan in place, it is going to be constructed based on the way that things were at that time. Your own life situation is going to be a big part of it, and there are also laws that are applicable to everyone that could enter into the equation. Estate planning is not something that is necessarily going to be completed in one sitting. It is an ongoing process, and your estate plan will need revisions when certain things take place within your life Changes in marital status would result in the need for estate plan revisions, and additions and subtractions to the family could also be a factor. Plus, your intentions can change with regard to the way that you want your assets to be distributed after you pass away. In addition
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Can I Just Download Estate Planning Documents Off the Internet?

There are a lot of different forms that you can download off the Internet these days. In some cases, the DIY approach can be perfectly useful. However, when it comes to estate planning documents, you may want to take pause. Indeed, there are websites on the Internet that sell legal documents, and their offerings extend into the realm of estate planning. Their marketing material would have you believe that it is easy to create your own estate planning documents. In fairness, a document is just that, a document. It is perfectly legal for you to create your own estate planning documents using boilerplate templates that you purchase on the Internet. However, are you sure that you know what document or documents you should utilize given your family situation? For example, you may assume that you should use a last will to facilitate postmortem asset transfers. This can work for some people, but for others, it would not be the best choice. If you are looking for asset protection, a last will
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When Does a Living Trust Terminate?

The revocable living trust is a widely utilized estate planning device. When you hear about the advantages that these trusts can provide, you may come to the conclusion that you may want to use a living trust instead of a last will. You have more flexibility when you use a revocable living trust, because you can stipulate terms when you create the trust agreement. Because of this, you can leave instructions that the trustee must follow, and you have the ability to allow for partial distributions on a long-term basis. While you are living, you continue to control the trust, so you still have access to the resources. You even have the power to revoke the trust if this is your choice. If you were to use a will instead of a trust, the will would be admitted to probate after your passing. This is a legal process that provides oversight, but it can be time-consuming and expensive. When a living trust has been established, the trustee can distribute assets in a timely and efficient manner ou
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How Do Individual Retirement Accounts Work?

When you are planning ahead for the future, you should account for every phase of your life. You want to make sure that you are financially comfortable during your active retirement years, and you should also consider the twilight years that will follow. Ideally, you will have a suitable financial legacy to leave behind to your loved ones after you pass away. Retirement can be partially funded by an individual retirement account. There are two different types of individual retirement accounts that are widely utilized: traditional individual retirement accounts, and Roth IRAs. Let s look at the differences between these two accounts. Traditional IRAs When you have a traditional individual retirement account, the contributions are made before you pay taxes on the income. As a result, you are saving money while you are lowering your taxable income, so there is a dual positive. You cannot make penalty-free withdrawals from the account until you are 59.5 years old. It would be possible to
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Is Incapacity Planning Really Important?

Estate planning is often thought of as a purely financial endeavor. Without question, you must facilitate smooth and efficient asset transfers when you are planning your estate. However, incapacity planning is also an important piece of the puzzle. Why would you have any reason to believe that you will ever become incapacitated? This is not a very pleasant subject to contemplate, but when you know the facts, you can see why incapacity planning is important. Alzheimer s Disease There are various different causes of incapacity, and some of them are purely physical. Late in your life you may become unable to communicate, and short of this you may not be able to get around very well. This is one type of incapacity that can strike. There is also the matter of mental incapacity. Alzheimer s disease is a very big threat to elder Americans. If you want to learn about Alzheimer s disease, you may want to visit the Alzheimer s Association website. This website provides a great deal of good info
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