Blended Families and Estate Planning

Blended families have always been with us but even more so since divorce rates are now over 50% and are easier to obtain than in past decades. A blended family is created when the spouses bring to the marriage the children of their previous relationship(s) and who may decide to have children of the current relationship. When this occurs, you and your spouse should consider revising or creating strategies on how to leave your property or assets to your respective children when you pass away.

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What You Need to Know About Caring for Your Parents

Do you have a parent who needs care or some degree of assistance? Some seniors who planned ahead may have long term disability insurance or a substantial retirement account that allows them to reside in a nursing home or assisted living facility or who may be eligible for Medicaid benefits. Consult with elder law and estate planning lawyer Patricia Bloom-McDonald on eligibility requirements for Medicaid as well as for any other legal questions pertaining to elder law, estate planning, or probate issues.

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Prepaid Funeral Contracts and Medicaid

If you are approaching the golden age, you may want to consider the cost of funeral arrangements for yourself that can also include your spouse, children, and siblings.  By planning now, you can save yourself considerable sums of money and relieve your family of the financial–and some of emotional–stress involved in your funeral. One way to do this is to purchase a prepaid funeral contract that locks in the price for the time when you no longer walk on this earth. It can also be a tool for validly reducing your assets in order to qualify for Medicaid.

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The Best Ways to Give Money to Your Grandchildren

If you have grandchildren you can give them funds that can actually help them while teaching them about the importance of saving. By looking at certain ways on how you can provide them with gifts, you can avoid certain tax implications and perhaps give your loved ones a lesson on financial management.

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11 Reasons to Update Your Estate Plan Before It’s Too Late

While most people lack a Will or any other type of estate plan, your having one puts you in good stead with yourself and your family. However, events in your life can drastically change your plans for distributing your assets.  It is always a very good idea that you need to meet with your estate planning lawyer to make sure changes to your Will or other documents are not necessary and that your documents reflect your intentions in light of new developments.

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