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Category: Estate Planning

Special Ownership for Married Couples: Tenancy by the Entirety

Married couples have a special way to jointly own property in Indiana and many other states that has advantages over regular joint ownership. If you are married and own property jointly, you should make sure you have the right form of ownership. Joint tenants with rights of survivorship must have equal ownership interests in the […]

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Prevent Your Power of Attorney from Being Ignored

A durable power of attorney is one of the most important estate planning documents there is. It allows someone you appoint — your agent or “attorney-in-fact” — to act in your place for financial purposes when and if you ever become incapacitated. However, many people experience difficulty in getting banks or other financial institutions to […]

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5 Questions to Ask Before Making Gifts for Medicaid or Tax Planning

Many seniors consider transferring assets for estate and long-term care planning purposes, or just to help out children and grandchildren. Gifts and transfers to a trust often make a lot of sense. They can save money in taxes and long-term care expenditures, and they can help out family members in need and serve as expressions […]

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Three Reasons Why Giving Your House to Your Children Isn’t the Best Way to Protect It From Medicaid

You may be afraid of losing your home if you have to enter an assisted living facility or a nursing home and apply for Medicaid. While this fear is well-founded, transferring the home to your children is usually not the best way to protect it. Your home can be a barrier to Medicaid eligibility if […]

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A Final Retirement Account Distribution Must Still Be Made After Death

Federal law requires that beginning on April 1 of the year after you reach age 70 1/2, you must begin withdrawing a minimum amount from your non-Roth individual retirement account (IRA) or 401(k) accounts. These withdrawals are called required minimum distributions (RMDs). But what if you die after age 70 1/2 and before all the account […]

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Tips on Creating an Estate Plan that Benefits a Child with Special Needs

Parents want their children to be taken care of after they die. But children with disabilities have increased financial and care needs, so ensuring their long-term welfare can be tricky. Proper planning by parents is necessary to benefit the child with a disability, including an adult child, as well as assist any siblings who may […]

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