Nursing Homes Are Not the Only Solution


When you think about your retirement years, the good times are going to come to mind. If you take the right steps along the way, you can build a nest egg and have the opportunity to cross things off your bucket list. These years are often referred to as the golden years, but you also have to consider the twilight years that will inevitably follow. There are some considerable expenses looming, and you should brace yourself for these potential costs in advance. A very significant percentage of senior citizens ultimately require help with their day-to-day needs. Many of them will reside in assisted-living communities or nursing homes. However, nursing homes are not the only solution. In many instances, a senior citizen who needs help with his or her activities of daily living can get that help at home. This arrangement would be preferable for many people for a number of different reasons. As you age, you may lose loved ones along the way, and your working years are behind you. These chan
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Four Colossal Myths About Estate Taxes


As you go through life providing for your family, you may see a comprehensive picture. Your success can build on itself, and as you get older, you may recognize the fact that you are going to be in a position to leave behind a significant legacy for your loved ones to draw from after you are gone. This is a rewarding position to find yourself in as a senior citizen, but you do have to be aware of the potential impact of estate taxes. There are some misconceptions that people often harbor about taxes, and in this blog post, we will look at four myths that people often buy into. 1.) Every estate is subject to the federal estate tax. When you hear about the existence of estate taxes, you may automatically assume that your estate will be reduced through the imposition of these taxes after you are gone. This may be the case, but in fact, most estates are not subject to taxation. This is because there is a federal estate tax credit or exclusion that allows you to transfer a certain amount t
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A Medicaid Trust Can Preserve Inheritances


This can sound like a rather unnecessary overstatement of the obvious, but you have to have assets left if you are going to be able to pass along inheritances to your loved ones. As you are budgeting for your retirement years, you may keep this in mind, and you may have certain intentions. At the same time, if you are like many people, you may be overlooking a very significant factor. This is why we are addressing a dynamic that may seem rather self-evident. Unexpected Expenses When you are devising a retirement budget, you are probably evaluating the needs that you will have during the active retirement years that you have always looked forward to throughout your working career.  This is only part of the picture. There is an enormous expense that you may face toward the end of your life, and you might not even be aware of it at the present time. Nursing homes are extremely expensive. Here in Connecticut where we practice law, the annual average cost for a private room in a nursing h
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Asset Protection: Close the Window of Opportunity


Asset protection is very important for many people, and it comes in different forms. It is said that we live in a litigious society, and it is possible to position your assets in a safe manner. We will look at the spectrum in this blog post. Asset Protection for Business Owners and Professionals If you own a business or professional practice, you may want to take steps to separate your personal property from the actions of your business. For example, let s say that you are a landlord. Renters and people who visit commercial spaces that you are renting out could potentially get injured on property that you own. Under these circumstances, legal actions may be initiated. To make sure that your own personal assets are protected, you could use an asset protection structure of some type. One possibility is the family limited partnership. As the name would suggest, the people in the partnership are all family members. If you establish the family limited partnership, you would be the general
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