We are going to answer a common question about one aspect of the Medicaid guidelines in this post. However, before we focus on this particular subject, we should provide an overview so you understand why many people seek Medicaid eligibility late in their lives. Long-Term Care Most senior citizens will need help with their activities of daily living, and 35 percent of elders will eventually reside in nursing homes. You can expect to pay over $70,000 for a year in a nursing home in Kentucky or … [Read more...] about Medicaid Answers: Can a Married Person Keep Their Spouse’s Income?
If you are named as the executor of an estate, there are specific things that must be done after the passing of the decedent during the administration process. This would also apply to a family member that has to sort out an uncertain situation after the death of a relative. In this post, we will provide a basic overview of the steps you would take if you are in this position. Ground Zero Assuming you are an executor, at the beginning of the process, you start to assemble the documents that … [Read more...] about How Is an Estate Settled During Probate?
When you hear the term “estate planning,” you may immediately think about the creation of a will. Indeed, you can use a will to facilitate asset transfers after you are gone, but there are many other options. A trust can be a better choice under various circumstances, and we will take a look at some of the scenarios in this post. Reining In a Spendthrift Let’s say that you have someone in the family who is not very good with money. They have approached you on more than one occasion looking … [Read more...] about When Is a Trust Preferable to a Will?
Some people are surprised to hear that Medicaid is very relevant to senior citizens who will qualify for Medicare. Why is this the case? Medicare will not pay for a long-term stay in a nursing home, and these facilities are very expensive. Medicaid Asset Limit Medicaid is intended for people with very sparse monetary resources so there is a modest asset limit. We have elder law offices in North Carolina and Kentucky. The limit in both of these states is $2000, and there have been no changes … [Read more...] about What Is the 2021 Medicaid Asset Limit?
Now that vaccinations are becoming readily available to anyone that wants to get one, many people are taking care of responsibilities they have been putting on the back burner. This certainly applies to estate planning in general and plan reviews in particular. This is an ongoing process, and adjustments will be necessary when circumstances in your life change over the years. Now is the time to bring your plan up-to-date if you know that you need to make adjustments and you have been waiting … [Read more...] about Update Your Estate Plan to Prepare for Upcoming Changes
Why should you work with an estate planning lawyer to put a plan in place? This is a broad question, and there are multiple different reasons why professional assistance is invaluable. There is no single approach to the process that is right for everyone. The ideal way to proceed will depend on the circumstances, and there are multiple ways to transfer assets. You should consider the life situation and personal proclivities of the people on your inheritance list and use the right tool for … [Read more...] about An Overview of Situational Inheritance Planning
A few weeks ago, we posted about a piece of legislation that could have an impact on your individual retirement account. We promised to share updates as the measure makes its way through the process, and we have some news to pass along. Before we look at the proposed changes, we will provide an overview of the two different types of accounts that are most commonly used to provide context. Traditional IRAs A traditional individual retirement account is funded before taxes are paid on the … [Read more...] about SECURE Act 2.0 Clears Hurdle
You have spent a lifetime accumulating your possessions, and many of them mean something to you. This is a beautiful thing, and when you are thinking about your legacy, passing these items along may be a very meaningful act. Without question, there are probably family heirlooms and other items that certain family members are fond of, not all items fall in this category. In these rapidly changing and challenging times, lifestyles are evolving, and you should take this into consideration … [Read more...] about Inheritance Planning: Advance Liquidation Can Make Sense
The aging process is easy to perceive from a distance, but when you are in the middle of it on a day-to-day basis, it is not so easy to see. Your instinct is to keep yourself in shape, and you never really think about natural forces working against you as the years pass. This dynamic makes it hard to wrap your head around the eventualities that are simply part of the human condition because you don’t want to “give up.” At the same time, when there is a potentially difficult road ahead, it … [Read more...] about Elder Care Planning: Get Past the Mental Barrier
A special needs trust can make the life of a person with a disability much more comfortable, and the trustee has wide latitude with regard to the nature of the expenditures. We will provide the details here, but first, we will share an overview to provide context. Need-Based Benefits Clearly, people with physical or cognitive challenges can need expensive healthcare throughout their lives. Most Americans get health insurance through their employers, but many of these folks are unable to work … [Read more...] about How Can a Special Needs Trust Trustee Use the Funds?