Articles

How is your real estate titled? It makes a big difference

When two or more people own real estate, the relationship between the owners is known as a “tenancy.” There are a number of different kinds of tenancy. Understanding the differences is important, because different kinds of tenancy can mean different rules for whether an interest in the property can be inherited outside of probate and whether creditors can claim the property. Tenancy comes in three main forms: tenancy in common, joint tenancy, and tenancy by the

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Things to consider if you’re remarrying later in life

Not only are people living longer these days, but there’s a growing trend of widows and widowers remarrying in their 60s, 70s and 80s. A remarriage late in life can bring happiness, but it can also create complexities for estate planning. For most elderly people who remarry, the chief issue is that they want to look out for their adult children and make sure those children have an inheritance. Lack of estate planning can result in

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Lack of estate tax may create problems for people with older wills

The federal estate tax expired at the end of 2009, and believe it or not, the lack of an estate tax is creating a serious problem for many people who have not revised their wills in a while. The federal estate tax applied in 2009 to estates of more than $3.5 million. It is slated to come back in 2011, and apply to estates of more than $1 million. Most people expected that Congress would “fix”

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Give a lot of thought to choosing a trustee

When a Texas millionaire died, he left all his money to a trust.  He ordered the trustee to support his second wife in the standard of living she had enjoyed while he was alive, if her own income and resources weren’t sufficient to do so.  Once that was done, the trustee could use the trust to benefit the children of his first marriage.

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Medicare’s nursing home coverage may be less than you think

While Medicare covers nursing home stays, exactly what it covers is complicated and in some cases it can be much more limited than people think. If you or a loved one might need a stay in a nursing home, it’s very smart to understand the rules ahead of time, so you can be prepared and not have an unpleasant surprise. Medicare covers up to 100 days of “skilled nursing care” per illness. However, in order for

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Many married men claim Social Security benefits too early

You can generally begin claiming Social Security benefits at any age between 62 and 70. Most married men begin claiming benefits at 62 or 63 – despite the fact that their family’s overall expected lifetime income from Social Security would be much greater if they waited a few years, because the amount you get from Social Security each year increases the longer you wait to start receiving it. The people who are most affected are wives

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Three different ways that you can co-own property

When two or more people own property – whether it’s a home, a condominium, or a piece of land – the relationship between the owners is known as a “tenancy.” There are a number of different kinds of tenancy. Understanding the differences is important, because different kinds of tenancy can mean different rules for whether an interest in the property will pass at an owner’s death outside of probate and whether creditors can claim the property.

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‘Medigap’ insurance coverage is changing

A number of changes are coming to health insurance plans that supplement Medicare’s coverage, which are commonly known as “Medigap” plans. Medicare doesn’t cover all medical expenses – even if you have Medicare, you’re still responsible for co-payments, deductibles, and items that are excluded from coverage. To supplement Medicare’s coverage, you can purchase a Medigap policy from a private insurer. There are currently 12 different Medigap plans available, identified by the letters A through L. Each

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Lack of estate tax creates problems for people with older wills

The federal estate tax expired at the end of 2009, and this has created a serious problem for many people who haven’t revised their wills in a while. The tax applied in 2009 to estates of more than $3.5 million. It is slated to come back in 2011, and apply to estates of more than $1 million. Most people expected that Congress would “fix” the estate tax before it expired, and there would be a new

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