Revocable Trust or Irrevocable Trust: What is the Best Option for Me?

Trusts are great tools for you to pass assets to your heirs, whether that be to children, other family members, or charities. However, not all trusts are created equally. Sometimes, we use revocable trusts for one client, while another client established an irrevocable trust. When does it make sense to use a revocable trust compared to an irrevocable trust?

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Generational Differences Call for Differences in Estate Planning

Whether you’re in your 40’s or your 80’s, it’s never too early or late to start thinking about creating an estate plan, and different generations can have specific ideas and approaches when it comes to their estate planning. Baby Boomers, those born generally between 1946 and 1964, are often characterized as having a strong work ethic and whose identities are intertwined with their job, they prefer structure, discipline and are very good team players.  Generation X, individuals born between 1965 and 1976 are known as those who “work smart, not hard,” and do a relatively good job of balancing work with family time. Millennials and Gen Y, those born between 1977 and 1994, are fiercely independent and are concerned with ethics and social responsibility. 

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Medicaid and Your Home

One of the most common questions I get asked is if Medicaid is going to take the home. For many families, their home is their most valuable asset. But even if you have assets worth more, you probably don’t have the same emotional attachment to your retirement account as you do to your home. It’s easy to see why! You live in your home for many years, and your time there is full of memories. The thought of Medicaid forcing you to leave your home is frightening. Unfortunately, a lot of bad information is out there about Medicaid and your home. So let me be clear: Medicaid will not take your home. Hopefully, this blog post helps you better understand how Medicaid treats your home, how you can protect your home from Medicaid spend-down, and how to be ‘Medicaid smart’ if you do decide to sell your home.

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Medicaid and Medicare Working Together

Medicaid and Medicare are the two largest publicly funded health programs in the country with different missions that often overlap. Medicare provides health coverage to seniors and some individuals with disabilities. Medicaid covers adults and children who cannot afford insurance, or who have health care costs they cannot afford. Often, an individual will be eligible for coverage through both programs. Today, I will focus on how both programs work together by answering some commonly asked questions.

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Paying For Long-Term Care

Long-term care is not just nursing home care, like many of us think. I often speak about the “Elder Care Continuum”, which describes what many of us and our loved ones will or are experiencing as we age or face health challenges. In the beginning you may have little to no real limitations, reside in your home with no cost of care, and have private insurance through Medicare and various compliments. As you continue to age and some health issues arise, perhaps you’ll need to pay for some in-home assistance, which may be covered or paid for by VA Benefits, community services, or private caretakers. As your needs become greater and limitations increase, perhaps a move into a retirement community becomes more appropriate, funded by Social Security and retirement income.

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Medicaid – How Much Can I Have and Still Qualify?

Medicaid eligibility rules are confusing, hard to understand and can seem completely random!  Each Medicaid program has different eligibility requirements, and below we’ll break down three common questions asked about rules and resources.  Resources are things that you own, including money, personal property and real estate.  Your monthly income is not a resource and Medicaid has a different set of rules about income.

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Medicaid for Beginners: 5 Facts about Ohio Medicaid

Everyone has heard of Medicaid. It is one of the largest health insurance providers in Ohio and covers individuals and families who don’t have insurance and can’t afford to buy it. More than 2.9 million people in Ohio get health insurance through Medicaid every year. But did you know that Medicaid is much more than health insurance for the poor? Here are five facts about Medicaid that might surprise you.

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Should I Share My Estate Planning Information with My Family?

When establishing your estate plan, you generally review your assets with an attorney. This ensures you create a plan according to your wishes. Your attorney will review things like beneficiary designations to determine those designations follow your requests and provide advice on the estate plan most appropriate for your assets. The question that then arises is should I share this information with my family?

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Thoughtful Estate Planning Brings Protection and Peace of Mind

Estate planning begins with an exercise of the mind – an uncomfortable internal question and answer session.  What happens to my assets when I die?  Who will manage my money if I’m in the hospital or a nursing home?  For many, answering these questions is difficult and uncomfortable.  Sometimes people don’t have relatives to leave their assets with or to name as a power of attorney.  Sometimes they have relatives, but they can’t trust them or don’t get along with them.

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