Issue Brief on Medicaid Estate Recovery

NAELA, along with Justice in Aging and other advocacy organizations, has published an issue brief on the Medicaid estate recovery program. Issue Brief on Medicaid Estate Recovery NAELA, along with Justice and Aging and other advocacy organizations, has published an issue brief on the Medicaid estate recovery program. The brief calls on Congress to eliminate the Medicaid estate recovery program and focuses on how estate recovery contributes to the cycle of poverty. In particular, the brief examines how home ownership allows for generational wealth building for lower-income families. The brief was a collaboration between NAELA, Justice in Aging, California Advocates

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9 (Potential) Problems with Your Trust

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. Following is a checklist of trust features you can review yourself. But be aware that these only refer to revocable “living” trusts, not to irrevocable trusts. Do you have the right successor trustees? Typically, you will be the trustee of your own revocable trust with your spouse as co-trustee (if you’re married). Trusts should name one or more successors in the event the original trustee or trustees are unable to serve. Make sure that you still want the

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Massachusetts Estate Planning: What to Do When Your Healthcare Proxy Cannot Be Relied Upon

The Best-Laid Plans You did it. You did what so many of your friends and family members have not, what you yourself dragged your feet on for years longer than you should have. You made arrangements for your estate, appointed a healthcare proxy, and relaxed, knowing that your family and doctors will have a clear idea of your wishes even when you are no longer able to communicate those wishes. And then you hit a snag: your designated healthcare proxy no longer can, or no longer will, carry out your wishes for your medical care and end-of-life treatment. Perhaps your

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How to put real estate properties in trust so that your heirs can benefit without having to be involved in day-to-day management of your properties.

Considering Real Estate When Estate Planning Real estate can be the key to financial independence for a lifetime. Through collecting rents and investing in your holdings, you may have built a good life for yourself, your family, and your other loved ones. But managing and maintaining properties is a time-consuming task. You know this. At a certain scale property management becomes a full-time job and incompatible with pursuing another career. If it becomes necessary to hire someone—whether a property manager, office assistant, or on-call repair team—to help with property upkeep and tenant relations, this only adds the work of managing

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Credit Shelter Trusts Aren’t Just for the Super Wealthy

Credit shelter trusts are a way to take full advantage of state and federal estate tax exemptions. Although such trusts may appear needless unless you are a multi-millionaire, there are still reasons for those of more modest means to do this kind of planning, and one of the main ones is state taxes. The first $11.7 million (in 2021) of an estate is exempt from federal estate taxes, so theoretically a husband and wife would have no estate tax if their estate is less than $23.4 million. The estate tax is also “portable” between spouses. This means that if the first spouse

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Paying Taxes When Selling an Inherited Vacation House

While it may seem great to inherit a vacation house, in actuality it may not be practical to keep the property, especially for tax reasons. There are many factors to consider when inheriting property, including taxes, any mortgage, and other owners. But if you know you do not plan to keep the property, it is better to sell it sooner, rather than later. Property like a house or stocks usually appreciates in value and is worth more than it was when the original owner purchased it. If you were to sell the property, there could be huge capital gains taxes.

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