Incapacity planning is a crucial aspect for Omaha residents of managing your estate and ensuring that your wishes are honored if you cannot make decisions for yourself. This article will examine the various components of incapacity planning, offering comprehensive advice for anyone looking to secure their future. What Is Incapacity Planning? Incapacity planning involves preparing […]
This article provides a guide into the critical distinctions between Medicaid planning and estate planning, two strategies that, while often intertwined, serve different purposes in the landscape of protecting one's assets and preparing for the expense of long-term care. Understanding these differences is not just beneficial—it's essential for anyone looking to protect their assets, ensure […]
Business owners work hard to build their assets and establish their companies. Therefore, it’s essential to ensure that these assets are protected for the business’s continuity and the owner’s peace of mind. One way of safeguarding these assets is by utilizing a living trust. This article discusses how a living trust can protect your business assets. What Is a Living Trust? A living trust is a legal entity created to hold assets, often for the benefit of certain individuals. It’s called a “living” trust because it’s established while you’re alive, unlike a testamentary trust, which comes into effect upon your…
With an estimated 70% of Americans needing long-term care after age 65, planning for long-term care is an integral part of an Omaha estate plan. It’s better to talk about long-term care and make a plan before the family is confronted with an emergency situation. Kiplinger’s article, “What Gen X Needs to Know About Their Aging […]
Putting a home into a trust has several benefits, from avoiding the lengthy probate process to providing potential tax advantages. This article discusses some of the intricacies of trusts and the importance of consulting with an experienced estate planning attorney. What Is a Trust and Why Is It Important? A trust is a legal arrangement where one person (the grantor) transfers ownership of their assets, like a house, to a trustee. The trustee holds and manages these assets on behalf of the named beneficiaries. One main benefit of putting property in a trust is to avoid probate, which can be…
More than a few Omaha seniors who are retired or nearing retirement lose sleep worrying over being able to afford the expense of long-term care, including nursing home care, which can cost thousands monthly. The fallback option for many Americans is Medicaid notes a recent article, “Long-Term-Care planning using trusts,” from the Journal of Accountancy. […]
As life is unpredictable, it is better to start planning sooner rather than later. In fact, upon attaining the legal age of majority in your state of residence (typically at age 18), you should begin considering some form of an estate plan.
Navigating the myriad of ways to pay for nursing home care can be overwhelming. But with a clear understanding of nursing home costs and the options available, it becomes manageable. If you're based in Omaha, Nebraska, and considering nursing home care for a loved one, this guide is tailor-made for you. Understanding Nursing Home Costs […]