Watch the video on Compare chart Irrevocable Trust, Revocable Living Trust, Non-Grantor Trust, LLC Like this video? Subscribe to our channel. Medicaid and the 2005 Tax Reduction Act: What You Need to Know If you’re unfamiliar with the 2005 Deficit Reduction Act, you must understand exactly the way that it reshaped Medicaid eligibility—especially at that point when seniors seek nursing home care. Under this law, rules in...
Wealthy individuals or couples who have reached maturity do not need to worry about raising their children or paying bills. Money gives them the financial freedom, economic stability and peace of mind to do what they want. As estate (death) taxes rise, wealthy individuals wonder if it is financially beneficial to move to a more asset-friendly state to protect their assets. Many “snowbirds” have vacationed in the...
You both own everything. You and your spouse are now the joint owners of all of the marital assets with a few exceptions and a few state specific variables. This means that if one spouse’s income has a lot more than the other, it doesn’t matter. Those savings accounts and even retirement accounts may be split evenly upon divorce. Children of prior marriages are forgotten. ...
