Estate Planning Articles
Some of these articles have been written by our law firm and other articles are written by the American Academy of Estate Planning Attorneys and compliments of our law firm. Any feedback or questions about the articles can be addressed by contacting our office.
Nursing homes have historically resisted the concept of Medicaid planning based on the assumption that patients who engaged in Medicaid planning were trying to avoid paying their bills. In recent years, many nursing homes have started to rethink that position as they realize that Medicaid planning is often in their best interest as well as the patient’s.
Do the Medicaid gifting rules and asset transfer penalties have you confused? If so, you are not alone! Unfortunately, failing to understand the rules and penalties could result in your ineligibility for benefits right when you need them the most. The answers to several common questions may help you gain a better understanding of Medicaid’s rules and penalties.
If you are not sure about Medicaid spend-down requirements, now is the time to find out! Waiting until the last minute could result in losing your property. Check today to know what real property is exempt in order to start receiving your Medicaid benefits as soon as possible.
Is a long-term care insurance policy a wise addition to your estate plan? Ask yourself if you can afford to pay over $200,000 out-of-pocket for long-term care. If not, you may want to consider purchasing long-term care insurance because that’s what the average stay in a facility will cost you; however, don’t sign on the dotted line until you understand how long-term care (“LTC”) insurance works.
Did you recently inherit money or other assets? If so, it is imperative that you make wise choices with your newfound wealth. To help you, we have created an inheritance “Dos and Don’ts” list.
Who are your designated beneficiaries? Not sure? If so, you are not alone; it’s not uncommon to select designated beneficiaries without considering your overall estate plan. However, the failure to coordinate them could wreak havoc on your overall estate.
Do you know what your home’s value is? Not just the home’s market value, but all the myriad of ways you can benefit from being a home owner? Though you may not realize it, the benefits of home ownership go far beyond the value of the equity you have in the home
If you are a nonresident alien, or you are married to someone who is, estate planning can be more complicated to navigate, and more important. Failing to plan ahead could even result in the loss of much of your estate assets to federal gift and estate taxes.
For many, one of the most complicated and awkward conversations is likely a discussion around funerals. Preplanning for a funeral can be the ideal opportunity to start a conversation, and if you’re a Medicaid recipient, it’s even more important.