What Is a Patient Advocate? What happens if you or a family member is too injured or ill to make medical decisions for themselves? In Michigan, you can designate someone to be your “patient advocate” in the event that you lose the mental capacity to make healthcare decisions for yourself. You can designate any adult […]
Will a Revocable Living Trust Help to Avoid Taxes? In and of themselves, trusts do not avoid taxes, but they help to carry out good tax planning. As far as income taxes go, revocable living trusts are “tax neutral.” During your lifetime, your trust will not need to file its own income tax returns. The […]
Below are some warning signs that your loved one may need help with their Elder Care: Deteriorating hygiene or appearance Erratic or inappropriate behavior changes Increasing confusion or disorientation Depression with tearfulness, loss of appetite Signs of insufficient nutrition, dehydration, or weight loss Inability to manage money Friends or neighbors express concern Inability to manage […]
The most important and comprehensive rights for residents of long term care facilities or nursing homes are contained in the Nursing Home Reform Act (NHRA) of 1987. In addition to an expansion of each resident’s personal rights, the NHRA requires that a review of a facility’s compliance with residents’ rights be included in the annual […]
The Social Security Administration (SSA) and Federal Trade Commission are warning Americans about a scam email with “Get Protected” in the subject line. The email describes new features from the Social Security Administration (SSA) that can help taxpayers monitor their credit reports, and know about unauthorized use of their Social Security number. It even cites […]
When a person applies for Medicaid eligibility there are many pitfalls that an unsuspecting or unsophisticated applicant can run afoul of. To help them retain the benefit of certain monies that they would normally have access to third parties or the applicant themselves can create a special needs trust to help keep the public benefits […]
Medicare prescription drug plans can change which drugs they cover, leaving you without coverage for a drug you need. Or you may switch plans into a plan that doesn’t cover your medication. In these circumstances, Medicare drug plans are required to offer you a 30-day transition supply of the drug you were taking. All Medicare […]
Protecting Your Estate In the land of opportunity, many people have “made it” and made it big. Mr. Roman Blum did just that. However, having amassed close to 40 million dollars, he died last year at the age of 97 with no apparent heirs to his fortune. According to the state comptroller’s office, Mr. Blum’s […]
QUESTION: Is it ethical for an Elder Law Attorney to have his fees paid by a client’s daughter, while preparing documents that benefit that daughter? ANSWER: This is a very complex issue that is not uncommon for Attorneys practicing in the area of Elder Law. Frequently a large portion of the interaction about an elderly Clients matters […]
Reverse Mortgages can be scary: making a major decision concerning your biggest investment, a decision involving a place that means the most to you. Deciding whether or not a reverse mortgage is right for you takes considerable thought and consideration. We hope the following questions and answers help you in this endeavor. What is a […]
Due to demographic changes and changing economic fortunes, older Americans increasingly have to transfer money to their adult children to help support those children. Barron’s, in a recent article titled “Boomers Spend Their Kids’ Inheritance – On Supporting Them,” reports that intra-family transfers have increased significantly in the last few years. The article is a […]
Special Needs Trusts Many well-intentioned parents don’t realize that an inheritance may cause many problems for their disabled or special needs child. Under current Federal law, any inheritance of more than $2,000 disqualifies individuals with disabilities from most federal needs based assistance, including Supplemental Security Income (SSI) and Medicaid. Benefits from state public assistance programs […]
Should I put all of my assets in joint tenancy? The answer is No! There are times when titling a particular item of property in joint tenancy makes sense. However, putting all your assets in this, especially without proper planning, can be disastrous. Your joint tenant isn’t just a signer, he or she owns an […]
Medical and Pension Veterans Benefits Veterans, as well as spouses and dependents, may be eligible for a variety of medical and pension benefits. If you or a loved one is a veteran, it is important to be aware of these benefits and know if you are eligible. Medical Care Veterans Benefits The VA provides medical […]
The mere passage of time has no effect on the valid will. Individuals and families experience life changes every 2 to 5 years. So even though a will remains valid, the individual and family’s needs change. Tax laws and statutes controlling wills and trusts change as well. Your estate plan – whether it’s a will […]
One simple New Year’s Resolution that EVERYONE should make regarding Estate Planning is to Check Their Beneficiary Designations. Many people fail to change the beneficiaries named in their IRA or retirement plans. If you have been divorced and especially if you’ve remarried, don’t give your ex your hard-earned retirement savings. Make sure the beneficiaries on […]
When a loved one passes away, family and friends feel stricken with grief and loss. During this difficult time, figuring out how to handle the deceased’s estate and carry out their wishes can be an overwhelming burden. One of the smartest things you can do for your family is to make burial and funeral arrangements […]
The average credit card balance for an American household as of August of this year was $7,529, which is an increase over years previous and not something that any of us really would like to see increase further. And that counts the households that carry no debt, so the figure for those who *do* is […]
If someone dies owning assets in his or her name alone (“probatable assets”), there must be a probate court proceeding to determine who is to receive the assets. In other words, the Will is given effect through the probate court proceedings. Even if no Will exists a probate proceeding is necessary. Probate means “prove.” One […]
The IRS has announced that the basic estate tax exclusion amount for the estates of decedents dying during calendar year 2016 will be $5.45 million, up from $5.43 million for calendar year 2015. This figure is in line with earlier projections. The annual gift tax exclusion will remain at $14,000 for 2016. Also, if the executor chooses to use […]
Asset Protection Planning – Do Not Try This At Home! Dealing with long term care planning, and especially asset protection planning, is a daunting process. Very complicated state and federal Medicaid laws and regulations present many pitfalls for those who try to engage in that process on their own without working with a competent elder law […]
List of the Top 10 Asset Protection Mistakes 1. Relying solely on a will or a living trust A Will takes effect only upon your death, and a Living Trust, although preferable in some cases, will not protect your assets from Medicaid Recovery and Nursing Homes. 2. Relying on Medicare or health insurance Neither Medicare […]
In New York State, you do need to provide 5 years worth of financial documentation when you apply for chronic/nursing home Medicaid. The purpose of providing this documentation is to comply with the state’s requirements regarding a look back period to determine eligibility based on current asset levels and past transfers of assets. Transfers that […]
In general, an agent, or attorney in fact under a Power of Attorney may be anyone who is legally competent and over the age of majority. Most individuals select a close family member such as a spouse, sibling or adult child, but any person such as a friend or a professional with an outstanding reputation […]