You have probably heard of the gender pay gap. But there is also another common disparity: the estate planning gender gap. Although the two are interrelated to some extent—earning less than men puts women on an unequal path to investment and retirement savings, and women generally spend more than men on healthcare in retirement—the specific […]
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Ancillary Probate: When It Is Used, Where It Occurs, and How to Avoid It
Many people own property in more than one state, such as an ocean-side vacation home or a rental property in a former home state. It is important to think about how that property will be handled after you pass away. Through proper estate planning, you can help minimize the burdensome court proceedings your loved ones […]
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Does my Spouse’s Citizenship Affect my Estate?
Noncitizen spouses are treated differently than US citizen spouses for estate and gift tax purposes. They do not get the unlimited marital deduction. Married US citizen spouses can generally transfer unlimited amounts of money between each other during life or upon death in various qualifying ways without any gift or estate tax concerns. This unlimited […]
Continue reading…Do I Need Long-Term Care Insurance and How Does It Work?
Policy experts and families alike have long noted that the United States lacks a comprehensive public system for long-term care. Medicare generally does not cover these services, and while Medicaid can help, it is available only to people with very limited assets, often requiring a spend-down that can leave little or nothing for loved ones. […]
Continue reading…Understanding Long-Term Care Insurance: Insights for Advising Your Clients
One way to manage long-term care risk is through a dedicated insurance policy. Long-term care insurance (LTCI) covers care at home or in assisted living, memory care, or nursing facilities—services that standard health insurance and Medicare do not typically pay for. Although roughly 70 percent of people turning 65 will need some form of long-term […]
Continue reading…How to Protect Your Estate If Long-Term Care Becomes Necessary
Once you understand what long-term care (LTC) is and the real risks it can pose to your finances, goals, and family, you can begin to plan accordingly. Addressing the possibility of long-term care early puts you in a stronger position to manage its potential financial and personal impact. What Are the Goals of LTC Planning? […]
Continue reading…Strategies to Help Clients Protect Their Assets If Long-Term Care Is Needed
Long-term care needs can introduce significant risk to a client’s estate and financial plan. Advisors should take a layered approach, integrating strategies that address private-pay options and potential public benefits while preserving client objectives. Not all long-term care risks or planning needs are the same, so asset protection strategies must be evaluated in the context […]
Continue reading…Why Long-Term Care Planning Is a Critical Part of Estate Planning(Even If You Are Healthy)
For many people, estate planning sounds like a final act—a set of instructions for what happens to your accounts and other assets only after you are gone. In reality, a truly comprehensive estate plan also helps protect you during your lifetime. While a standard plan covers medical and financial decisions if you become incapacitated (unable […]
Continue reading…Why Long-Term Care Planning Matters to Your Client’s Financial and Estate Plan
An effective plan for the future goes far beyond controlling and directing asset transfers at death. When structured properly, an estate plan also protects against incapacity during life, ensuring that a client’s medical and financial affairs can be managed without court intervention. But one risk that many estate plans overlook is the potential need for […]
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Love, Loss, and Legacy: Handling Sentimental Belongings After the Death of a Loved One
Personal items accumulated over our lifetimes may be left in estate planning limbo when we pass away. You may have kept many personal effects and everyday items more for sentimental reasons than for financial value, such as your clothing, jewelry, books, quilts, collectibles, and religious items. Each item we leave behind tells part of the […]
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