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It’s Just Stuff, After All
It is not surprising that only 42% of adults in the U.S. have a documented estate plan. It is easy to put estate planning off until tomorrow rather than confront the uncomfortable truth that we will some day die, and face the difficult decisions that are best made in advance of that day. One of…
To Gift or Not to Gift
One of the many federal tax changes in 2018 is that the annual gift tax exclusion amount has increased from $14,000 to $15,000. This change is actually due to inflation rather than the Tax Cuts and Jobs Act of 2017 signed into law this past December. What does the exclusion amount really mean? The exclusion…
Tips for a MaineCare Long-Term Care Application
In Maine, the Medicaid benefit is administered by the Department of Health and Human Services (DHHS). It is called MaineCare. MaineCare helps pay for long-term care services for medically and financially eligible individuals. The MaineCare rules regarding long-term care are complex. They include: An asset limit for countable assets A five-year look-back period Transfer penalties…
PLANNING AHEAD: ASSET PROTECTION TRUSTS
How do I protect my house? My family camp? My life savings? Those are the most common questions I hear when meeting with a client to discuss planning for long-term care. Long-term care services can include a variety of supports in a facility or in the home. These services are extremely expensive. Seventy percent of…