As parents age and require more care, many families are facing intense conflicts with each other. Fighting between parents and their adult children as well as disagreements between siblings often occur over how to handle such issues as health care needs, living arrangements, asset protection and inheritance issues. Industry experts believe that 40% of caretakers … Continue reading Elder Law Mediation: A Good Alternative to Litigation
The IRS recently released new rules regarding federal estate tax "portability" which allows a married couple to collectively pass nearly $11 million of assets to their heirs without paying estate taxes. Sounds great but beware; certain rules must be followed or the benefit will be lost. The IRS Rules Currently, the federal estate tax exemption … Continue reading Estate Tax Portability
The ABLE Act (Achieving a Better Life Experience Act) is a new federal law designed to give individuals with disabilities access to savings accounts without disrupting their eligibility for government benefits, such as Medicaid and SSI. These special savings accounts are modeled after the 529 college savings plans. Anyone can contribute to an ABLE Act … Continue reading The ABLE Act: Savings Accounts for the Disabled
As the April 15 deadline approaches, following the IRS rules for gifting, transfers to trusts, IRAs, etc. is important but may have serious unintended consequences should you need long term care and Medicaid benefits. Planning ahead is key since it's virtually impossible to predict when a health care crisis may occur. For example, you may … Continue reading Tax Tips for Seniors: How to Avoid Costly Mistakes
As you plan for your or your loved one’s needs, what steps should you be taking to protect assets? Should you set up a trust and if so, how do you know what kind of trust is right for you? There are many different kinds of trusts which serve different purposes. Testamentary trust are created … Continue reading What Is a Trust And How Does a Trust Protect Assets?
You signed a trust document with your attorney. So are you done? No! You must now take the critical step of funding your trust. Eight out of ten people with existing trusts haven’t properly or adequately funded their irrevocable trusts, rendering the asset protection plan or estate tax plan meaningless. Don’t let this happen to … Continue reading Funding an Irrevocable Trust
A loved one needs immediate nursing home care and has not planned ahead. Will the family have to spend-down all assets? Luckily, no. It is still possible to protect one-half of an individual’s assets, even if s/he is already in a nursing home, by using a promissory note. It works as follows: the nursing home … Continue reading Protecting Assets in a Crisis: All is not Lost