Mr. Baby Boomer worked hard his entire life and faithfully maxed out annual contributions to his individual retirement account (IRA). Mr. Boomer was diligent about arranging his affairs. Upon Mrs. Boomer’s passing he confirmed with the financial advisor managing his IRA that his beloved daughter had already been named as contingent beneficiary of his IRA. …
Retirement Assets Risk Exposure to Bankruptcy Creditors Read More »
Medicaid is the government program that will help pay for care in a nursing home. The complicated rules and policies surrounding this program usually cause people to seek the advice of an elder law attorney. Historically, with the help of an attorney, a spouse could receive Medicaid benefits without having to spend down any assets. …
Changes in Medicaid Planning Options for Couples Read More »
Most of us do it every day after we visit the mailbox. “Junk mail, junk mail, junk mail, wait … what is this?” This is the response that Record Transfer Services and Local Records Office are looking for. These companies recently sent solicitations to my client after helping with her estate plan. Her plan included preparing a …
Talking to a parent about their finances and estate planning can be a difficult discussion to start. It’s important to convey that you respect their privacy and are not prying for the wrong reasons. Here are a few discussion points if you are able to start the conversation: • Durable Power of Attorney for Health …
Due to a new law that took effect on December 31, 2013, it’s now possible to pass residential property to certain relatives without increasing the tax burden on them. This law essentially allows property to be kept in a family longer because the future generation will pay the same level of property tax that the …
You may have read about the 10 Year Probate Case in my last post. Here are the methods we use to help clients avoid probate and save time, expense, and stress for all. • Add beneficiaries or joint owners to your real estate. There are several things you must consider when deciding how to avoid …
This is one of the first questions I hear from people exploring whether or not to file bankruptcy. It is obviously a very important question. The short and simple answer is that you can keep your house if you continue to make the mortgage payments. In reality, this plays out in two ways: You continue …
A great-uncle of mine passed away recently at the age of 81. A few days after his death, his family learned that his bank account was modest and that the beneficiary on his investment account was his deceased wife. With no money being passed directly to the family (without involvement of the court or access …
Did he die intestate or testate? Only a legal professional would word a question this way, but it’s an important one. If a person passes away without a will then he has died “intestate.” If a person has a will at death then he has died “testate.” If you have a will, then you picked …
Michigan Wrote Your Will … But Do You Like What It Says? Read More »
A durable power of attorney gives the person you select the power to act in your place. But what if your agent shows the document to your financial planner and is turned away? If you are competent, you can sort out the problem yourself. But what if you’re not? A general durable power of attorney …
Updated Durable Power of Attorney Law: Will Your Agent be Turned Away at the Door? Read More »
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