If you have worked throughout your life and contributed into the programs, you will be eligible for Social Security and Medicare. The age of eligibility for your full Social Security benefit is between 66 and 67 if you are not already receiving your benefit. The exact date of your eligibility will depend on the year of your birth.

Medicare is a bit different. As the laws currently stand, everyone who has paid into the program sufficiently becomes eligible to receive Medicare benefits at the age of 65.

It is important to note that a high percentage of senior citizens will someday need long-term care. Medicare does not pay for long-term care, which is something you should know because it is very expensive. However, many senior citizents rely on another government program, Medicaid, to pay for long-term care.

Though Medicaid is intended to provide a safety net for people with severe economic limitations, it is possible to qualify for Medicaid to pay for long-term care while still preserving assets if you go about it properly.

Given the intricacies of these programs, it is a good idea to talk with a professional as you are planning for the latter portion of your life. Should you be interested in doing so, simply take a moment to arrange for a consultation with a Northern Kentucky elder law attorney.

When you reach an advanced age, you become more vulnerable to Alzheimer’s disease. As you probably know, Alzheimer’s causes dementia; and this can strip you of your ability to make sound medical, financial, and personal decisions.

Who would make decisions for you if you were to become unable to make them for yourself? The answer is that it all depends on whether or not you plan ahead intelligently.

If you make no plans to assert your own wishes, you could become a ward of the state and the court could appoint a guardian to make decisions on your behalf. This guardian may not be the individual that you would have selected if you had made the choice when you were of sound mind.

On the other hand, you can plan ahead by executing durable powers of attorney. With these documents you include the selection of attorneys-in-fact who would be empowered to handle your affairs in the event of your incapacitation. In addition, a disability contingency could be included in a revocable living trust to provide further protection.

Incapacity planning is an important component to any holistic plan for aging. If you have not yet addressed this matter, take action right now to arrange for a consultation with a Northern KY estate planning lawyer.

By taking action in advance you can circumvent potential difficulties before they happen, and with this in mind, you may want to be proactive about protecting your assets.

When you have sufficient wealth, you may want to position it so it cannot be attached by creditors or claimants. You may also want to implement tax-saving strategies as you are looking forward to the eventual distribution of your assets among your loved ones after you pass away.

Some financial planning instruments utilized within the estate planning community that can keep your assets out of harm’s way. These would include limited liability companies, family limited partnerships, family savings trusts, and others. The best instrument or combination of instruments will vary on a case-by-case basis.

The key to an impeccably constructed estate plan is careful preparation with the benefit of professional advice. When you discuss the future with an experienced estate planning lawyer, he or she will first examine the nature and extent of your resources while gaining an understanding of your objectives and the dynamic of your family.

Your lawyer will then provide you with the optimal solutions given your unique situation, protecting your assets while arranging for a smooth and efficient transfer to your heirs after your passing.

Clark passed away a very wealthy individual, with an estate that is estimated at well into the hundreds of millions of dollars. The estate tax exemption is currently $5.12 million; this is a drop in the bucket for somebody with the kind of wealth that Dick Clark had at the time of his passing.

The maximum rate of the estate tax this year is 35%. So, the heirs to the Dick Clark estate are faced with the prospect of parting with 35% of  hundreds of millions of dollars.

It should be noted that as confiscatory as this may sound they’re getting off easier than they might have had Clark survived until next year. At the end of 2012, the top rate of the estate tax is scheduled to rise to 55%, and the exclusion is set to be reduced to $1 million.

The good news it is that there are steps you can take to reduce your estate tax liability, and we have to think that Dick Clark was prescient enough to plan his estate accordingly.  If you would like to do the same, simply take a moment to arrange for a consultation with an Ashland KY estate planning lawyer.

Given the circumstances, it is very important for military members to have an estate plan in place.

Estate planning is often viewed as something that only senior citizens must concern themselves with because you are more likely to pass away as you get older. However, younger adults serving in the armed forces are faced with risks that do not confront ordinary Americans. Clearly death and incapacity are more likely.

It is very important to make sure that your family is provided for regardless of what happens, and you may want to state your medical preferences by executing a living will if you are a service member.

People who serve in the military are well aware of the importance of careful planning as it applies to military strategy. As an individual, they also have to look ahead and protect the well-being of their families, and this is best done with the assistance of a northern Kentucky estate planning attorney who is sensitive to the needs of military service members.

If you do set out your final wishes by executing a last Will, it is not going to be a private family matter. Because you may have outstanding debts or financial claims against you at your death, individuals or entities have an opportunity to recover from the estate; and if someone wants to contest the Will, he or she will have an opportunity to do so.

The forum for this to take place is called probate.  The probate court determines whether or not the Will is valid, and the administration of the estate is conducted under the supervision of the probate court. Handling the actual tasks involved is the responsibility of the executor or personal representative.

So, depending on the details of your estate, the executor will have to take care of a wide array of details. Debts must be settled, taxes must be paid, and property may have to be liquidated. The executor must work with the heirs to the estate as well, and this is not always smooth sailing.

Given the potential difficulties of probate, you might benefit from the assistance of a legal professional in preparing your estate; and your executor may also need to bring in a probate attorney once you pass away to help navigate the estate through the process.

If you are interested in finding out more, simply take a moment to arrange for a consultation with an experienced Ashland KY probate lawyer.

Of course, senior citizens who own pets are in an entirely different position. Pet ownership can be wonderfully beneficial, but you do have to make sure that your pet will have a home should you predecease the pet.

Betty White has certainly taken the above advice to heart. She has been a part of the television landscape for decades, and she is as popular as ever though she is all of 90 years of age.

White is the owner of a beloved golden retriever named Pontiac. She has reportedly created a pet trust for the benefit of Pontiac, funding it with a whopping $5 million.

While some people may find this to be more than a dog would need, you do have to consider the well-being of your pet or pets when you are making preparations for the future. If you would like to discuss your pet planning options, simply get in touch with a Northern Kentucky estate planning lawyer to set up an appointment. He or she will listen to your situation and make the appropriate recommendations.

One of the primary challenges lies in the fact that there are always more people in need of transplants than there are available donors. With this in mind, when you are contemplating your legacy you may want to consider the possibility of becoming an organ donor. You could potentially save a life or even multiple lives and perhaps further the cause of medical science in some way.

As you are crafting a comprehensive estate plan you should include advance health care directives such as a living will. With these documents you state your preferences regarding medical procedures that you would accept and those that you would prefer to deny should you be unable to communicate at some point in time.

When you are working with a Northern Kentucky estate planning lawyer, make sure to include in your living will your choice to become an organ donor if you wish.

To learn more about organ donation and even sign up to the organ donor registry, you can simply click here: Donate Life Kentucky.

This quality paradigm is ratcheted up to another level of importance when you consider your estate planning efforts.

While it is possible to download a generic last will form off the Internet, this is clearly a risky and potentially expensive choice.

Your situation is unique from any other, and it is unlikely that you will be able to fit all of the things that you want to do for future generations into a one-size-fits-all document that is not specific to any particular jurisdiction.

Asset erosion can also significantly reduce the value of your estate if you don’t plan ahead with taxes, probate, and medical expenses in mind. If you have not considered any of these things, you are jeopardizing your legacy.

The only way to be certain that your wishes will be carried out and that your loved ones will be protected is to develop a custom-crafted plan specifically devised to suit the needs of your family. The first step is to sit down and discuss your unique situation with an experienced Northern Kentucky estate planning lawyer.

With this in mind let’s take a look at the federal gift tax. You may not realize that some gifts that you give to your loved ones are taxable. The reason why you don’t get a bunch of IRS bills in your mailbox around the holiday season is because there is a gift tax exemption.

This exemption is unified with the estate tax exclusion. So when you combine the value of all the gifts that you gave during your life using this unified exclusion with the value of your estate you are going to come up with a number. If this amount exceeds the unified gift/estate tax exclusion amount, the amount in excess of the exclusion is taxable.

So, let’s say that you take stock of your assets, find that you have more than you need, and would like to give a significant gift to each of your children. Even though these assets are what you have left over after paying taxes, these assets may be taxed yet again as gifts. So, you may want to consider the tax implications before just writing out checks.

Indeed, there is more to generosity than meets the eye given the realities of the tax code. If you are interested in making substantial gifts to loved ones in a way that protects your family, contact an experienced Ashland KY estate planning lawyer.