Asset protection can be a concern if you are the owner of a business or a professional practice. There are always litigious types out there who look for successful people to target so you have to be vigilant and take the right steps to protect what you have earned. Many different types of business owners could be targeted by litigants, but people who are in certain lines of work are more vulnerable than others. If you are in one of these high-risk professions (think medical, pharmaceutical, … [Read more...]
If You Don’t Understand the Medicaid Look-Back Rule You May Be in Trouble
Medicaid places certain limitations on the amount of financial resources you own, as well as how and when you can transfer assets from your estate to someone else. Long-term care costs are often too expensive for most people and they are continuing to increase every year. Currently, the national average cost, for a year of nursing home care, exceeds $90,000. For this, and many other reasons, Medicaid planning is important for everyone. Our Ashland Medicaid attorneys can advise you regarding the … [Read more...]
Is Joint Tenancy a Good Fit for Me?
If you’re taking a look at your asset ownership when creating your estate plan, you may be considering using joint tenancy as a way to own certain assets. This can be beneficial in many cases, but it has many pitfalls. We’ve outlined below some information on the use of joint ownership. If you have any questions, or if you’d like to discuss how joint ownership would affect your estate plan, meet with an estate planning attorney. What is joint tenancy? Joint tenancy is a form of ownership in … [Read more...]
Why You Really Don’t Want to Jointly Own Property
The pitfalls of jointly owned property are horrendous. It is likely that the best way to own your property is in your revocable living trust; but, consult with a qualified estate planning attorney to be sure. There are times when tenancy by the entirties property may be worth the perils as long as you consider the costs and benefits when planning. If you own property jointly with your spouse, the property will go to your spouse outright immediately, and by operation of law, upon your … [Read more...]
