The Transitions of Fall...
Fall officially came this week on the calendar, but we have been experiencing the transitions for a little while now. It's a season where the richness of Summer fades into a vibrancy of color, texture and aroma that only this time of year can bring. Fall also seems to be a time when many of us leave the lazy days of Summer with renewed energy and a fresh eye toward accomplishing our goals. What's on your plate to make sure you get done this year?
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Six Things to Consider Before
Making Gifts to Grandchildren
Grandparents often are particularly generous to grandchildren as they see their family's legacy continuing on to a new generation. In many cases, grandparents feel they have ample resources and their children or grandchildren may be struggling financially. Assistance with summer camp fees, college tuition, wedding costs or the downpayment on a first home can relieve pressure on the next generation and permit grandchildren to take advantage of opportunities that otherwise would be out of reach. Some grandparents also don't feel it is right that children and grandchildren should need to wait for an inheritance, when they have more than they need.
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What's the Difference Between Medicare and Medicaid
in the Context of Long-Term Care
Although their names are confusingly alike, Medicaid and Medicare are quite different programs. Both programs provide health coverage, but Medicare is an "entitlement" program, meaning that everyone who reaches age 65 and is entitled to receive Social Security benefits also receives Medicare (Medicare also covers people of any age who are permanently disabled or who have end-stage renal disease.)
Medicaid, on the other hand, is a public assistance program that that helps pay medical costs for individuals with limited income and assets. To be eligible for Medicaid coverage, you must meet the program's strict income and asset guidelines. Also, unlike Medicare, which is totally federal, Medicaid is a joint state-federal program. Each state operates its own Medicaid system, but this system must conform to federal guidelines in order for the state to receive federal money, which pays for about half the state's Medicaid costs. (The state picks up the rest of the tab.)
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The Trust Protection Myth:
Your Revocable Trust Protects Against Lawsuits
WARNING: Many people believe once they set up a Revocable Living Trust and transfer assets into the Trust, those assets are protected from lawsuits. This is absolutely not true. While Trusts commonly provide asset protection for beneficiaries - few Trusts protect assets owned by the person who created the Trust.
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 Is It Time to Take Action?
Contact us and find out how easy it is to set your estate plan up. You'll sleep better at night knowing things are taken care of the way you want.
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