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Answers to your estate planning questions so you can take care of your family and yourself. Answers to your estate planning questions so you can take care of your family and yourself. Answers to your estate planning questions so you can take care of your family and yourself.
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Archives

Tag Archives for: "life insurance"
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 How Can My Girlfriend Leave Me Her Life Insurance Without Affecting My Medicaid Benefits?
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By Harry Margolis
In Special Needs Planning
Posted August 15, 2021

How Can My Girlfriend Leave Me Her Life Insurance Without Affecting My Medicaid Benefits?

Question: I am on SSDI and have Medicare and Medicaid. My girlfriend has me as a beneficiary on her life insurance policy through her job. Would I lose that money if she died because I’m on [...]

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 Are Really Small Life Insurance Policies Non-countable for Medicaid Eligibility?
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By Harry Margolis
In Long-Term Care Planning
Posted April 3, 2020

Are Really Small Life Insurance Policies Non-countable for Medicaid Eligibility?

Question: I’m taking a long-term care insurance course. In it there is a discussion of Medicaid asset limits and a list of non-countable assets. It’s reporting that cash value life [...]

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 Will Transfer of Life Insurance Affect Mother’s Eligibility for Medicaid?
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By Harry Margolis
In Long-Term Care Planning
Posted November 5, 2019

Will Transfer of Life Insurance Affect Mother’s Eligibility for Medicaid?

Question: I need to sell my mother’s life insurance policy to bring down her assets to qualify for Medicaid, but it doesn’t have enough value to prepay for her funeral. The insurance [...]

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 Are Proceeds of Newly-Gifted Life Insurance Policies Taxable in MA Estates?
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By Harry Margolis
In Estate and Gift Taxes
Posted July 19, 2019

Are Proceeds of Newly-Gifted Life Insurance Policies Taxable in MA Estates?

Question: A gift of an existing life insurance policy within 3 years of death is included in the gross estate and taxable at the federal level. It is also included in the Massachusetts gross [...]

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 Can I Take Out a Mortgage on a Home in a Trust?
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By Harry Margolis
In Revocable Trusts
Posted July 20, 2018

Can I Take Out a Mortgage on a Home in a Trust?

Question: My home is in a trust set up by my mother with me as beneficiary. I don’t have a mortgage but the house needs serious remodeling/upgrades as it is a 1986 model. Can I take out a [...]

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 Can Medicaid Applicant Transfer Life Insurance Policy to Spouse?
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By Harry Margolis
In Long-Term Care Planning
Posted January 26, 2018

Can Medicaid Applicant Transfer Life Insurance Policy to Spouse?

Question: Can someone applying for Medicaid transfer a $50,000 fave value universal life policy with a cash value of $1,906 to a spouse under the spousal impoverishment rules? Response: Yes. [...]

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2
By Harry Margolis
In Long-Term Care Planning
Posted January 12, 2018

Can You Transfer a Whole Life Insurance Policy and Still Get Medicaid?

Question: Can the ownership of a whole life insurance policy be changed to make someone Medicaid eligible prior to the application being submitted? Response: No, the cash value of the policy is a [...]

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0
By Harry Margolis
In Long-Term Care Planning
Posted December 25, 2017

How Can I Save My IRA from Long-Term Care Costs?

Question: If I were to need long term care, how could I protect my $800,000 traditional IRA from Medicaid and pass it on to my heirs? Response: That is very difficult because you can’t [...]

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0
By Harry Margolis
In Practical Matters
Posted July 21, 2017

Have You Considered Selling Your Life Insurance Policy?

If you are considering dropping your life insurance policy because you can no longer afford the premiums or no longer need to provide the money for your heirs, first check out whether you would [...]

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 A Life Insurance Primer
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By Harry Margolis
In Practical Matters
Posted July 21, 2017

A Life Insurance Primer

Life insurance can be important tool in financial and estate planning. It can be used to ensure that your loved ones have an inheritance if you pass away at an early age or, in the alternative, [...]

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Wondering if a trust makes sense for you?

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Wondering if a trust makes sense for you?

This comprehensive guide provides all you need to know (in plain English).

Harry Margolis book: The Baby Boomers Guide to Estate Planning

Get the Book
(An Amazon Prime Reading selection)

Read Sample Chapters

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