There is a huge number of people making up what is referred to as the “Sandwich Generation” in today’s society. These caregivers are taking care of their own children while simultaneously caring for elderly parents.
Most clients think of life insurance as a way to provide cash to someone they leave behind. There is another approach to consider about life insurance.
Often the family home is the largest asset in an individual’s or couple’s estate. Many are aware that the home is an exempt asset for the Medicaid application when the other spouse continues to live in it, but it is also the main target of Medicaid estate recovery.
To understand the distinction between Long-term care Medicaid and Health Insurance Medicaid, let’s start at the beginning. Medicaid was created in 1965 as part of Lyndon B. Johnson’s War on Poverty.
A living trust is an estate planning instrument that allows a person to move assets into a trust to be managed by a trustee for benefit of named beneficiaries. Grantors can serve as their own trustee and also be beneficiaries of the trust during their lifetime.
Dementia is a general term that is used to describe memory loss and impairment in cognitive thinking abilities. Over 40 million people suffer from dementia symptoms.
Most states will recognize these documents and honor them if they were properly executed in the state in which they were created. This is not always the case.
The marital deduction provides that transfers, both during life and at death, from one spouse to another are free from estate and gift tax liability. The deduction amount is unlimited.
