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With multiple generations getting together for holiday meals, gift exchanges and quality time, these annual gatherings present an opportunity to broach sensitive but important topics with your aging loved ones.

With the arrival of the new year, revisions to the annual gift tax and estate tax exclusions will be going into effect, as recently announced by the Internal Revenue Service.

We’ve all heard that it’s better to give than to receive, but if you think you might someday want to apply for Medicaid long-term care benefits, you need to be careful because giving away money or property can interfere with your eligibility. 

There are some serious drawbacks to many options for giving gifts to grandchildren. Either there are no tax or estate planning advantages, or you have no control of the funds (or lose control after a certain point), or the money could affect a grandchild’s eligibility for financial aid. 

Everyone has heard the terms “will” and “trust,” but not everyone knows the differences between the two. 

As more people look to adopt environmentally sustainable practices not only in life, but now also in death, ‘green’ alternatives may become more of a norm in the future.

If you are considering engaging in estate planning or you may be inheriting assets, it is important to understand what the step-up in basis is and how it may affect you.

When you inherit property, such as a house or stocks, the property is usually worth more than it was when the original owner purchased it.

According to AARP, people aged 60 and older owe upwards of $290 billion in student loan debt. 

Trusts are legal arrangements used in estate planning, alongside wills and advance directives.

Do you need an attorney for even “simple” Medicaid planning? This depends on your situation, but in most cases, the prudent answer would be “yes.” 

Some assets transfer directly to heirs after a person’s death. Other assets must go through a process known as probate.

Although every state’s laws and forms vary, most power of attorney forms specify that the agency relationship created by a power of attorney ends upon a person’s death.

A durable power of attorney and a health care proxy are two very important estate planning documents. Because the individuals chosen will have to coordinate your care, it is important to pick two people who will get along.

Life estates can be an excellent tool for Medicaid planning, probate avoidance and tax efficiency, but there are potential problems to look out for. 

Whether you should prepare and file a Medicaid application by yourself or should hire help depends on answers to the following questions:

No parents want their children to fight among themselves after they are gone. Sadly, conflicts often arise, especially when a parent has gifted or loaned money to one child and not others.

When people pass away, their assets go through probate. The parties to an estate are the people involved in the probate process.

A new study reveals that 60 percent of family members who were taking care of loved ones with Alzheimer’s disease exhibited symptoms of depression that worsened over time

Consider the following as you decide whether your aging parents need home care.

Here are some issues grandparents should consider before making gifts to grandchildren or other family members.

Most long-term care involves assisting with basic personal needs rather than providing medical care.

In recent years a number of non-lawyers have started businesses offering Medicaid planning services to seniors. While using one of these services may be cheaper than hiring a lawyer, the overall costs may be far greater.

If you have been appointed the trustee of a trust, this is a strong vote of confidence in your judgment and trusthworthiness. It is also a major responsibility. 

Funerals are among the most expensive purchases many consumers will ever make. Don’t let funeral directors pressure you into buying more than you need. 

Estate administration is the process of managing and distributing a person’s property (the “estate”) after death.

Although caring for people with dementia can be challenging, a variety of resources can help caregivers assist their loved ones.

Many people believe that Medicare covers nursing home stays. In fact Medicare’s coverage of nursing home care is quite limited.

PACT Act for Veterans Exposed to Toxins Passes

When applying for Medicaid’s long-term care coverage, in addition to the strict income and asset limits, you must demonstrate that you need a level care typically provided in a nursing home.  

Anyone who gifted assets within five years of applying for Medicaid may be subject to a penalty period, but that penalty can be reduced or eliminated if the assets are returned. 

Increasingly, several generations of American families are living together. These multi-generational living arrangements present legal and financial challenges around home ownership.

Do you have a will? A durable power of attorney? A health care proxy? If not, why not? Failure to create an estate plan risks causing discord in your family for generations to come.

There are lots of misconceptions about estate planning, and any one of them can result in costly mistakes. Understanding who needs an estate plan and what it should cover is key to creating a plan that is right for you. 

Although your life insurance policy may pass to your heirs income tax-free, it can affect your estate’s tax liability. 

While legally you may not need all-new estate planning documents if you move to a different state, you should have your documents reviewed by a local attorney in your new home. 

While it is important to have an updated estate plan, there is a lot of information that your heirs should know that…

While a will is one of the most important estate planning documents you can have, there are things that it won’t cover. A will is just one part of a comprehensive estate plan. 

Many websites offer customized, do-it-yourself wills and other estate planning documents.  Although these products are convenient, using them could create serious and expensive legal problems for heirs.