Many people who require in-home care, assisted living, or nursing home care rely on Medicaid programs to help pay for their care when they do not have enough funds to pay for it on their own. Historically, the Medicaid applicant’s home (if not in a revocable living trust), has been a non-countable/exempt asset for Medicaid […]
Rule Change: Protecting a Home and Medicaid Benefits Read More »
It is commonly understood that a single person or couple can keep their home and still be eligible for Medicaid benefits to help with the cost of assisted living or skilled nursing care. But what about your adult child’s home? It is not uncommon for a parent to help an adult child by giving them
Terror is not a word regularly associated with a trust but there are times when the two terms meet. A “terror clause,” “in terrorem clause,” or “no-contest clause” can be used in both wills and trusts to warn someone to think twice about contesting the terms of a will or trust. The clause usually states
What Will a Terror Clause Do for Your Trust? Read More »
I am always relieved when I can explain to a grieving spouse that there may not be too many details to take care of after the loss of their spouse. Here are some of the key points that I always review in this situation. 1. Does the surviving spouse’s health care and financial power of
Estate Planning After the Loss of a Spouse Read More »
Only 42% of adults in the United States have a will or living trust according to a 2017 survey by caring.com. For parents of minor children, only 36% have a plan in place. Why are more than ½ of U.S. adults not planning for an inevitable life event? The survey gathered the following reasons from
National Estate Planning Awareness Week – October 16 – October 22 Read More »
It is not uncommon for a couple to plan ahead by each preparing a Last Will and Testament to handle their assets upon death. But couples do not usually plan for divorce. So what happens to the Wills of a divorced couple? First, the original Will may end up with whoever takes it from the
Death of a Divorcee and Survival of the Divorcee’s Will Read More »
Tax strategies and Medicaid planning goals often conflict. As an example, imagine a single person who requires nursing home care and their main asset is an individual retirement account (“IRA”). In order to qualify for Medicaid this person will need to liquidate the IRA because of the $2,000 asset limit to be eligible for Medicaid
New Option for Medicaid Qualification and Retirement Assets Read More »
Q: Does a living trust protect my assets? A: This trust is a great way to pass an inheritance but it will likely not help you through other situations. Here are my top tips on what a living trust does not do and mistakes to avoid. Your living trust does not: 1. Provide asset protection
A Living Trust Does Not Protect Your Assets Read More »
It is painful to witness the effects of dementia on a spouse, parent, or anyone you care about. I often meet with a spouse or child who is further stressed by not having a power of attorney for this person. Planning for disability or death is low priority or even non-existent on our daily list
Why is a Power of Attorney So Important? Read More »
Families with a disabled minor child are usually vigilant about setting up a plan that will care for and protect the special needs of their child. These families understand the value of setting up a special needs trust that will receive the child’s inheritance upon the parents passing. But special planning is also appropriate for
Ways For Parents To Help Their Disabled Child Read More »
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