Frequently Asked Estate Planning Questions
Joel Johnson, CFP® answers estate planning FAQs on WFSB Channel 3’s Better Money this weekend.
Nursing Home Costs and Inheritance Tax
Proper estate planning can help to avoid nursing home costs and inheritance tax, but it’s important to not do it yourself. This needs to be done by an attorney who is an expert in Medicaid planning. With proper estate planning, it is possible to reduce or even eliminate inheritance tax for their kids.
Revocable Living Trusts and Irrevocable Living Trusts
A revocable living trust is very efficient when someone passes away, as it speeds up the probate process and the assets can go straight to the children or beneficiaries. With a revocable living trust, the testator can put assets in but is able to change their mind, taking assets out. With an irrevocable trust, it cannot be changed once it is put in place.
Information presented in our podcasts is considered current as of the created date. Over time, some information presented may become stale. We recommend you consult with your Financial Professional before making any changes based on information contained here.
Johnson Brunetti is a marketing name for the businesses of JB Capital and JN Financial.
Investment Advisory Services offered through JB Capital, LLC. Insurance Products offered through JN Financial, LLC.
Related Resources
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Assumptions That Could Jeopardize Your Financial Future
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Maximizing Your Retirement Income: Tips for a Financially Secure Future
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FAQ on Social Security with Joel Johnson, CFP® and Kara Sundlun
FAQ on Social Security with Joel Johnson, CFP® and Kara Sundlun -
Navigating Financial Concerns in an Election Year
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Understanding Social Security: Four Key Facts for Your Retirement Planning
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Why An Estate Plan Needs to Be Part of Your Retirement Plan
Why An Estate Plan Needs to Be Part of Your Retirement Plan
