Using a Roth IRA as an Estate Planning Tool
A Roth IRA does not have to be used as just a retirement plan; it can also be a way to transfer assets tax-free to the next generation.
A Roth IRA does not have to be used as just a retirement plan; it can also be a way to transfer assets tax-free to the next generation.
Sports fans with season tickets may want their families to enjoy the tickets after they are gone, but passing on these tickets is not always simple.
Running a small business can keep you busy, but it should not keep you from creating an estate plan. Not having a plan in place can cause problems for your business and your family after you [...]
As a trust beneficiary, you may feel that you are at the mercy of the trustee, but depending on the type of trust, beneficiaries may have rights to ensure the trust is properly managed.
Navigating the Medicaid application process can be complicated, especially if you are applying for long-term care benefits. Having an attorney help you through the process can be extremely [...]
If you have Medicare, you can now receive up to eight free rapid at-home Covid-19 tests a month at participating pharmacies, no prescription required.
Leaving a nursing home to return home is a goal for many residents and their families, but it requires careful consideration. While returning home is a good move for some, it won't work for [...]
If you apply for long-term care assistance through Medicaid and your application is denied, the situation may seem hopeless. The good news is that you can appeal the decision.
When a married couple applies for Medicaid, the Medicaid agency must analyze the couple’s income and assets as of a particular date to determine eligibility. This “snapshot” date can have a [...]
In an alarming number of cases, private Medicare Advantage plans are denying coverage for medical services that would be covered under original Medicare, according to a federal investigation. [...]
While an inheritance is usually desired, there are some circumstances in which it might be unwelcome. If you don’t want an inheritance, you must disclaim it.
One of the many factors to consider when setting up a trust is whether to make it a grantor trust or a non-grantor trust. While a grantor trust is more common, a non-grantor trust can be [...]
The estate and gift tax exemption is set to be cut in half in 2026. Proper planning may be necessary to make sure you are taking full advantage of the current exemption and aren’t negatively [...]
We've all been warned about protecting ourselves from identity theft, but one group of victims can't take action to defend themselves—the dead. There are steps that you can take to discourage [...]
Tax day is fast approaching and you want to make sure you're taking advantage of all the deductions and credits you're entitled to.
A federal court has ruled that hospitalized Medicare beneficiaries who were switched from inpatient to observation status can appeal the decision, making it easier for them to receive coverage [...]
When loved ones pass away, there are lots of considerations, including what happens to their Social Security. The decedent’s payments need to be stopped, but survivor’s benefits may be [...]
Medicaid applicants must prove that they have limited income and assets in order to be eligible for long-term care benefits. Before beginning the application process, it is helpful to [...]
Some parents, fearful of how a large inheritance will affect their heirs, set up what are known as “incentive trusts” that ensure that the trust funds support positive behavior and discourage [...]
Acting as an agent under a power of attorney is a big responsibility and it isn’t something everyone can take on. It is possible to resign or refuse the position.
Serving as a trustee of a trust can be a huge responsibility, so trustees are entitled to compensation for their work. The amount of compensation depends on the type of trustee and the [...]
When one spouse is in a nursing home and applying for Medicaid, planning has to take into account the possibility that the spouse who is not in the nursing home (called the "community spouse") [...]
Overwhelmed by the stress of long hours, low pay and exposure to the COVID-19 virus, nursing home workers are quitting in record numbers. The labor hemorrhage has turned what was already a [...]
The Centers for Medicare and Medicaid Services announced that it will add data on staff turnover rates and weekend staffing levels to its Care Compare website, giving consumers another tool [...]
If a loved one is experiencing memory loss or suddenly making poor decisions, you may want the court to appoint a guardian, which requires a declaration of incompetence.
Most states either have laws specifically prohibiting pets and humans to be buried together or are silent on the issue. But at least four states have laws allowing some form of combined [...]
If your family contains opposite-gender parents in the first marriage for each and one or more kids, all healthy and thriving, your estate plan will probably be pretty straightforward. But if [...]
What happens if you become incapacitated and are unable to voice your opinion on your health care? If you don’t have a health care proxy or guardian in place, state law chooses who can make [...]
With the fate of the estate tax exemption uncertain, you may want to use the current large exemption to transfer assets to a trust to benefit your spouse. A spousal lifetime access trust [...]
When the SSA closed its offices at the onset of the COVID-19 pandemic, it failed to provide practical ways for the elderly and people with disabilities to demonstrate their eligibility or [...]
When applying for Medicaid’s long-term care coverage, in addition to the strict income and asset limits, you must demonstrate that you need a level care typically provided in a nursing home.
Medicare premiums are rising sharply next year, cutting into the large Social Security cost-of-living increase. The basic monthly premium will jump 15.5 percent, or $21.60, from $148.50 to [...]
The Internal Revenue Service (IRS) has announced the amounts taxpayers of different ages can deduct from their 2022 income as a result of buying long-term care insurance, and the figures are [...]
While it is preferable to conduct long-term care planning well in advance of needing care, if you haven’t planned ahead, there are some strategies available to avoid spending all your assets.
A power of attorney may seem like a simple document, but there are several important decisions that need to be made when creating one.
If you have close relatives who are citizens of another country, you might receive a gift or inheritance from them at some point. While you usually do not have to pay taxes to the IRS for [...]
Limited Liability Companies (LLCs) are an important tool for small business owners, but they can also be useful in estate planning. An LLC can help you pass assets to your children while [...]
While you likely have the best of intentions regarding how you want your estate distributed when you die or your affairs handled should you become incapacitated, without proper planning your [...]
Many families will eventually have to hire a caregiver to look after an aging relative. There are two main ways to hire someone: directly or through a home health [...]
Individuals who are researching nursing homes can now see staff and resident vaccination rates along with other quality and safety measure information at Medicare’s Nursing Home Compare [...]
Rising inflation due to the ongoing coronavirus pandemic means that in 2022, Social Security benefits will go up 5.9 percent, the sharpest upsurge since 1983.
You aren't technically required to hire a lawyer to draft a will, but failing to do so could lead to costly problems for your family and other heirs.
For a variety of reasons, people sometimes want some or all of their assets to pass directly to specific individuals upon their deaths, outside of probate. POD and TOD accounts are one way to [...]
When interest rates are low, intrafamily loans can be a good way to assist children with purchasing a house or a family business, and in certain circumstances they can be used to gift money to [...]
In the event you lose your house in a natural disaster or through another calamity, it is important that your estate planning and other important documents are beyond reach and easily [...]
All older Americans are vulnerable to financial abuse, but there are circumstances that make someone more likely to be scammed. An online survey can help older adults assess their risk of [...]
Every year during Medicare's Open Enrollment Period, which runs from October 15 to December 7, Medicare gives beneficiaries a window of opportunity to shop around and determine if their [...]
The Social Security trustees are projecting that the Social Security trust fund will be depleted in 2033 -- one year earlier than the previous estimates. Once the fund is depleted, Social [...]
When most of a couple's income is in the name of the spouse who is receiving Medicaid, the spouse remaining in the community may wonder what he or she will live on. Medicaid has created some [...]
When you need someone else to care for money or property on your behalf, that person (or organization) is called a fiduciary.
Marriage is supposed to be “until death do us part,” but after one spouse dies, is it possible to have the marriage annulled? It can be done, but only in certain circumstances.
A number of tax proposals being considered in Congress could significantly affect gifting and estate plans for people with with larger estates -- over $3.5 million.
It is important to get any agreements about inheritance in writing. Providing services to someone does not automatically entitle you to a portion of their estate.
Studies have found that workers overestimate how much they will receive in Social Security benefits when they retire. Having a good understanding of the realities can help you plan for [...]
If you are experiencing problems with your nursing home that can't be resolved within the nursing home, your next step is to contact the local ombudsman assigned to the nursing home.
In most states, anyone interested in the well-being of an individual who may be incapacitated – called the “proposed ward” -- can request a guardianship for that person.
The federal government can grant “waivers” to states allowing them to expand Medicaid to include home and community-based services. The downside is that states can limit home care and the wait [...]
When a person declares bankruptcy, an individual retirement account (IRA) is one of the assets that is beyond the reach of creditors, but what about an IRA that has been inherited?
Being asked to serve as the trustee of the trust of a family member is a great honor. But being a trustee is also a heavy responsibility. Here are six questions to ask before saying "yes."
While the current estate tax exemption is quite high, a closely held family business may put your estate over the limit. Careful planning is necessary to lower or completely avoid the tax, and [...]
Most people want to pass their assets to their children or grandchildren, but naming a minor as a beneficiary can have unintended consequences. It is important to make a plan that doesn’t [...]
Britney Spears’s struggle to regain control over her business and personal life shines a spotlight on legal guardianship and alternatives that involve less loss of control over one's life.
The U.S. Supreme Court has agreed to hear a case that has the potential to affect anyone who receives government assistance with their medical care following a disabling injury that results in [...]
In order to be eligible for Medicaid benefits a nursing home resident may have no more than $2,000 in "countable" assets (the figure may be somewhat higher in some states).
Long-term care is the care you need if you can’t perform daily activities on your own for an extended period of time. There are a number of different ways that this kind of care can be [...]
Do you have a will? A durable power of attorney? A health care proxy? If not, why not? Failure to create an estate plan risks causing discord in your family for generations to come.
More and more of the music, movies, and books we own exist only online, in digital form. What happens to these collections after the owner's death? You may be surprised at the answer.
Directed trusts can be a useful estate planning tool, allowing you to place your family’s assets in a trust but benefit from the expertise of an advisor who knows more about the handling of [...]
Passing assets to your grandchildren can be a great way to ensure their future is provided for, and a generation-skipping trust can help you accomplish this goal while reducing estate taxes [...]
Medicare prescription drug plans can have a coverage gap—called the "donut hole"--which limits how much Medicare will pay for your drugs until you pay a certain amount out of pocket.
Thousands of SSI recipients have been falsely accused of owning real estate because of the Social Security Administration’s reliance on a private database that is “riddled with errors,” [...]
Qualifying for Medicare hardly means free health care -- there are still premiums and deductibles. However, people who qualify for both Medicare and Medicaid (called “dual eligibility”) [...]
One of the greatest fears of older Americans is that they may end up in a nursing home. This not only means a great loss of personal autonomy, but also a tremendous financial price. Careful [...]
The one-year deadline for nursing home residents on Medicaid to spend down their first round of stimulus checks is here, but they may have a little extra time.
The IRS has announced that the tax deduction for medical expenses includes amounts spent on face masks, sanitizer and other products purchased to prevent the spread of the coronavirus.
For many Medicaid applicants, individual retirement accounts (IRAs) are one of their biggest assets. If you do not plan properly, IRAs can count as an available asset and affect Medicaid [...]
If you are caring for a loved one at home, you may need to rent a hospital bed. Here are the ins and outs of hospital bed rentals.
My dad is in a nursing home and qualified for Medicaid nearly three years ago. My mom still lives in their home in Pennsylvania. The [...]
In a profanity-laced episode of his HBO show that is by turns hilarious and deeply disturbing, comedian John Oliver delivers one of his trademark rants, this one exposing the “abuse and [...]
For better and for worse, Medicaid is the primary method of paying for nursing home care in the United States. But navigating the Medicaid system is complicated and confusing. Here are the [...]
President Biden has signed the latest COVID-19 relief bill, which in addition to authorizing stimulus checks, funding vaccine distribution, and extending unemployment benefits, also provides [...]
An elder law attorney suggested the purchase of a vehicle as a way to protect some of my grandma’s assets. While this would be [...]
The Centers for Medicare and Medicaid Services has issued new guidance on whether families can visit loved ones in nursing homes. The guidance allows indoor visitation even when the resident [...]
In recent years a number of non-lawyers have started businesses offering Medicaid planning services to seniors. While using one of these services may be cheaper than hiring a lawyer, the [...]
Increasingly, several generations of American families are living together. These multi-generational living arrangements present legal and financial challenges around home ownership.
Long-term care costs can add up quickly. For veterans and the surviving spouses of veterans who need in-home care or are in a nursing home, help may be available.
Medicare is not free; there are premiums and deductibles. If you don't qualify for Medicaid and can't afford a Medigap policy, you may be able to get help paying for the costs of Medicare.
As the second round of stimulus checks go out, it is important to know that nursing home residents are not required to turn their checks over to their nursing home. And Medicaid recipients [...]
Long-term care involves not only a loss of personal autonomy; it also comes at a tremendous financial price. Proper planning can help your family prepare for the financial toll and protect [...]
Any complete estate plan should include a medical directive, which can encompass a number of different documents.
Medicaid planning can be a difficult and confusing process. Getting assistance from a qualified attorney will help you avoid these common mistakes.
Tucked into the federal spending bill that passed at the end of December 2020 are some changes aimed at simplifying Medicare enrollment and addressing coverage gaps. But Congress chose not to [...]
All Long-term care costs rose sharply in 2020, but assisted living facility costs increased the most, according to Genworth’s latest annual Cost of Care Survey. The across-the-board rises were [...]
Do you need an attorney for even "simple" Medicaid planning? This depends on your situation, but in most cases, the prudent answer would be "yes."
Many employers offer critical illness insurance as part of their benefit package. What is this insurance and is it worth purchasing? Before paying for a plan, you should read the fine print [...]
COVID vaccines are starting to roll out to nursing homes across the country, signaling the beginning of the end of the pandemic. Once your loved one has had both doses of the vaccine, you may [...]
Buying long-term care insurance is one way to protect against the high cost of long-term care. However, this type of insurance may not be for everyone, so consider all your options.
Immediate annuities can be ideal Medicaid planning tools for spouses of nursing home residents. Careful planning is needed to make sure an annuity will work for you or your spouse.
As Medicare premiums rise, a Medicare Advantage plan can seem like an attractive option. But if you are considering switching from Original Medicare to a Medicare Advantage plan, you need to [...]
Medicare premiums are set to rise a modest amount next year, but still cut into any Social Security gains. The basic monthly premium will increase $3.90, from $144.60 a month to $148.50.