Wright Law Column
Is Long Term Care Insurance the Best Answer for Me?
How do you pay for long-term care needs? Seventy percent (70%) of seniors will need some form of long-term care. Yet Medicare and your health insurance policy will not pay for those costs. Many assume they must pay for long-term care (LTC) out of their own funds or...
When the Need for Long Term Care Arises in an Instant
The need for long term care can last for years. This is true even for residents of nursing homes, the most expensive level of long-term care. According to one study, most nursing home patients will be there for at least a year. In fact, almost 25% will remain patients...
The Risk to Your Estate We Must Start Talking About
The statistics are intimidating. According to www.medicare.org, seventy percent (70%) of seniors will need some form of long-term care. Neither Medicare nor the Affordable Care Act will pay for these costs. Nor will the typical health insurance policy. Yet the costs...
The Critical Link Between Retirement Planning and Estate Planning
For most of us, retirement is a goal we hope will allow us to enjoy the fruits of previous sacrifices. While preparation increases the likelihood that we can enjoy our golden years, there are many uncertainties that determine whether retirement is an opportunity or a...
The Worth of Values vs. Valuables
Previously I have written about the heartbreak I see in some seniors who feel as if they are nothing more than a source of money or assets to those who they leave behind when they pass. No estate can exceed the blessing of the lives and lessons we learn from those who...
Have You Considered These Options to Pass on the Family Business?
For the last several posts I have addressed critical steps for parents who desire to pass on the farm, ranch, or other business to the next generation. Last post, I gave the example in which one child wants to own/operate the business, but the others are not...
Use the Structure of Your Family Business to Help Your Estate Plan
At some point, every family business owner considers what will happen when they are no longer able to run their business. Will they be able to retire when they are ready and successfully pass on the business? For this to happen, family business owners must identify...
How Can I Pass on the Family Business to One Child and Still Be Fair?
The strengths, skills and persistence that build a successful business are also skills that help prepare that business for a successful transition to the next generation. Unfortunately, many business owners do not see the importance of using those same skills to...
A Successful Start to Pass on the Family Farm, Ranch or Business
Last post I discussed the challenges facing families attempting to pass on the family farm, ranch, or other business. Family-owned businesses play a critical role in society. Those of us who reside in rural agricultural areas know this to be especially true. ...