Thanksgiving brings families together in a meaningful way. People slow down, share meals, and settle into a rhythm that encourages real connection.
A revocable living trust is a valuable estate planning tool. It not only allows you to remain in control of your finances remain while you are alive and ensures they remain well managed if you become unable to manage them yourself (known as becoming incapacitated)
In 2014, the Achieving a Better Life Experience (ABLE) Act established tax-advantaged savings accounts for people with disabilities to cover qualified disability-related expenses. With an ABLE account, eligible people with disabilities can put aside savings while qualifying for public benefits such as Supplemental Security Income (SSI).
All trusts should be reviewed every few years to make sure that they are up-to-date with the law and meet your current goals.
More than one in three people with disabilities rely on Medicaid, according to the Kaiser Family Foundation. Jointly funded by states and the federal government, Medicaid is a public assistance program that provides health insurance to people with limited income and resources, including those with disabilities.
Many older adults plan to pass on their hard-earned assets to their children. In fact, trillions of dollars are expected to be passed down from Baby Boomers to future generations over the next few decades as part of the so-called “Great Wealth Transfer.”
For many parents of children with special needs, caregiving is not a temporary role but a lifelong responsibility. This role can be deeply meaningful and filled with love, yet it often comes at a steep personal cost. Caregiver parents may find themselves emotionally drained, socially isolated, and physically exhausted, with little time left to nurture their own needs
Though you are likely in good health now and can handle your own financial transactions and health care decisions, there is always a chance you could lose that ability. It could happen suddenly, as with a car accident, or gradually, as with dementia.
Many people assume that when they establish a revocable living trust, property held in the trust will completely avoid federal estate taxes after their death, when in fact living trusts do not provide any unique estate tax avoidance strategies.
In estate planning, there is a surprisingly common misstep that can have costly consequences for some families. A recent Wall Street Journal article highlighted this error: the failure to file an estate tax return upon the death of the first spouse in a married couple, even when no federal estate tax is due. Neglecting this step can cause the surviving spouse to forfeit a valuable benefit known as estate tax portability.
