Hartford estate planning lawyers offer assistance to clients in making a plan for their legacy. Most people want to ensure their family members are fully cared for after they pass away. This can mean using a variety of estate planning tools to facilitate the transfer of assets. In some cases, it can also mean purchasing [ ] The post Do You Need Life Insurance? appeared first on Nirenstein, Horowitz & Associates P.C..
In Connecticut, Medicaid plans are called HUSKY Health. There are different HUSKY Health plans depending upon who needs services. These plans can cover much of the medical care that a person needs, often with low co-payments or with no costs at all to patients. HUSKY Health may be the only insurance option for seniors which [ ] The post How do Medicaid Insurance Plans Work? appeared first on Nirenstein, Horowitz & Associates P.C..
When you are planning your estate, you should create a statement of net worth to inventory your assets. This is simply a balance sheet. You enter your assets and liabilities, and you determine exactly what you have to give to your loved ones, and you gain an understanding of your debt. This is important for multiple different reasons. Estate tax exposure is one important thing to take into consideration when you are evaluating the extent of your assets. The federal estate tax can heavily impact your legacy, given the fact that it carries a 40 percent maximum rate. The estate tax is a factor for people who have been very successful from a financial standpoint, but most people do not pay the tax. There is a federal estate tax credit or exclusion. This is the amount that you could transfer to people other than your spouse tax-free. In 2015, the amount of this credit is $5.43 million. Life Insurance Proceeds If you have insurance policies on your life, and they are in your personal posses
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,