Several decades ago, Congress created safeguards to protect the savings of married couples using Medicaid. These protections prevent husbands and wives from bankrupting themselves and funding care for their loved ones. They originally required states to allow spouses of nursing…
When you have a mental illness, you may find it impossible to obtain gainful employment. SSA provides disability benefits to qualified individuals through Social Security Disability Insurance (SSDI) and Social Security Income (SSI) if their mental illness significantly impairs their…
During wealth transfer, one party or entity transfers wealth or assets to another party. The transfer can happen either during your lifetime or after your death. Wealth transfer strategies use various methods to create the most tax-efficient and effective reorganization…
Generational wealth can only be built with careful planning and time spent over multiple generations. Without specific plans to create and transfer your legacy, statistically, 70 percent of wealthy families will lose that wealth in the subsequent generation, and 90…
We are now living longer than previous generations due to advances in medicine, technology, and life science. But simply living a longer life should not be the goal. Maintaining a healthy quality of life should be. After all, who wants…
In the aftermath of your death, your loved ones should not be forced to inherit assets only to find that they cannot access them for cash expenditures. Most retirees’ assets are in homeownership and retirement accounts, requiring a sale to…
SSDI benefits can be claimed by both spouses, however, each spouse must meet their own eligibility criteria. SSDI benefits consider the work history and earnings of each person who has worked and paid Social Security taxes for the required number…
In most cases, young parents do not imagine they might die or become seriously ill or injured. As unlikely as such a serious event is when we are young, it is a possibility. This is why we pay for medical…
Getting divorced can be an emotionally challenging experience (especially when children are involved), and it usually results in financial hardship. Rarely is the division of assets an amicable process. While your estate plan may be the furthest thing from your…
In the United States, probate refers to the legal process of formalizing a will and appointing a personal representative (executor) to administer the estate. Navigating the probate process will vary according to state law. Therefore, it is good to contact…