What Happens to My Retirement When I Die?

What Happens to My Retirement When I Die? If you are like most Americans, by the time you approach or reach retirement age, your two biggest assets are your home and your retirement account.  If you are in the process of creating an estate plan, or are beginning to think about it, you may be…

Estate Planning   •    May 28 2020

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Covid-19 and Estate Planning

These are difficult and uncertain times. Coping with the Corona Virus and COVID-19 can be stressful and down right scary.  With the focus now on the health of you and your family, estate planning may be the last thing on your mind.  Even if you are wishing to create an estate plan, social distancing and…

Estate Planning   •    Apr 1 2020

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What are Uncompensated Transfers and Penalty Periods?

Many people gift property to others to qualify for Medicaid only to find out that they’re still not qualified. Usually this situation is caused by Uncompensated Transfers.  These transfers trigger “penalty periods.” So, what is an Uncompensated Transfer? How do such transfers incur a penalty? What is the Transfer Penalty and how does it work?…

Estate Planning   •    Feb 19 2019

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How to Control Your Retirement Accounts after Your Death

More and more people own retirement accounts that are connected in some way to IRAs.  It’s also true that nearly half of the married people in the country used to be married to someone else.  If you have kids from a previous marriage, you might be nervous about your wife and those kids fighting over…

Estate Planning   •    Jan 15 2019

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Is My Financial Advisor Practicing Law?

Through the years I have drafted estate plans and asset protection plans only to have a client call and question the validity of the plan based upon a conversation with a friend or relative.  If the conversation starts out something like this: “ I spoke with my brother-in-law and he says…”, my usual response is…

Estate Planning   •    Oct 23 2018

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How to Pay for Nursing Home Care

One of the greatest fears people have about aging is loss of health and ending up in a nursing home.  How are you going to afford to pay for long-term care? There are basically four ways to pay for the cost of a nursing home:     Long-Term Care Insurance- Long Term Care Insurance is…

What are the exceptions to the Medicaid transfer penalty?

We do a fair amount of asset protection for families with loved ones entering nursing homes and deal with medicaid transfers.  We almost always transfer assets out of the medically needy individual’s name. This generally allows for the preservation of a majority of the assets and allows the medically needy person to qualify for Medicaid….

Can someone please explain IRA and RMD to me?

If you own an IRA, eventually you will need to start taking Required Minimum Distributions (RMD) from your IRA, unless it is a ROTH IRA.  ROTH IRAs do not require RMDs as they were funded with after tax money and therefore enjoy special treatment under the tax code. The following chart pulled from the IRS…

Estate Planning   •    Jul 17 2018

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What does an Arkansas Estate Plan Cost?

Schedule Free Consultation First, I guess we need to talk about what an Arkansas estate plan can include. It can contain the following: Living Revocable Trust, Irrevocable Trust, Last Will and Testament, Power of Attorney, Healthcare Power of Attorney, Living Will, Personal Property Memorandum, Funding of the Trust, deeds, and an LLC Now, your estate…

Estate Planning   •    Jul 10 2018

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How Not to Lose Your Home

In my job as an estate and elder law attorney, I speak to people who have decided to start their end of life planning on a daily basis.  As a part of the first conversation I have with these folks, I usually ask what made them decide to start planning now.  Many people live into…

Estate Planning   •    May 1 2018

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