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So far Elder Law Attorneys has created 337 blog entries.

What Is A Gun Trust and Do You Need One?

According to Pew Research, 30 percent of adults in the United States report owning a firearm. Gun sales have risen in recent years, particularly during the Coronavirus pandemic. While many reported having weapons for protection and hunting, 6 percent owned guns that were family heirlooms. If you own a firearm of monetary or sentimental

Inherited IRA: How to Minimize Tax Consequences

Individual Retirement Accounts, or “IRA”, were established under federal law as an incentive for workers to set aside savings for their retirement. You can create and fund your own IRA and defer payment of income tax on the contributions until years later, when they are withdrawn. Meanwhile, the appreciation in value of this money is

Saving on Taxes: Sunsetting the Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act (TCJA) took effect on Jan. 1, 2018, and impacted personal income taxes, small businesses, estate tax rules, capital gains rules, special needs accounts, and much more. The TCJA is scheduled to “sunset”, that is, terminate, on January 1, 2026. This will lead to significant changes for taxpayers. So, how

When Does Someone Need Financial Guardianship?

Adults who cannot manage their finances and do not have requisite cognitive capacity to appoint an agent under power of attorney become subject to court supervision via appointment of a guardian. In Pennsylvania, such a person is referred to as a “Guardian of the Estate”. In cases where individuals need help with personal care decisions,

SSDI for Adults With Disabilities When a Parent Retires

When the parent of an adult with disabilities retires or passes away, the child may qualify for federal disability benefits, even if the child has never worked. Each month in 2021, the Social Security Administration (SSA) paid an average of $2.8 billion in benefits to 4 million children with retired, deceased, or disabled parents. Social

What is a “Spendthrift Trust” and Who Needs One?

Did you ever wonder what happens to most inheritances after they are received? An Ohio State University study determined that those who receive an inheritance spend half. One-third of those who received an inheritance spend it all within two years and end up with negative savings. Unfortunately, a typical inheritance does not provide sustained financial

You Can ‘Cure’ a Medicaid Penalty Period by Returning a Gift

Anyone who gifted assets within five years prior to applying for Medicaid may be subject to a penalty period, but that penalty can be reduced or eliminated if the assets are returned. In order to be eligible for Medicaid, you cannot have recently transferred assets. Congress does not want you to move into a nursing

Why You May Need a Trust in Addition to a Power of Attorney

While a durable general power of attorney that appoints someone to act for you if you become incapacitated is a great tool, in some circumstances it is not enough. In these cases, a revocable trust can help. A durable general power of attorney allows you to appoint someone you trust to step in for you

What Is The Difference Between Elder Law And Estate Planning?

Elder law and estate planning serve two different — but equally vital — functions. The main difference is that elder law is focused on preserving your assets during your lifetime, while estate planning concentrates on what happens to your assets after you die. Elder law planning is concerned with ensuring that seniors live long,

What is a Trust and Do You Need One?

According to the 2023 Wills and Estate Planning Survey by Caring.com, only 34 percent of Americans have an estate plan. The primary reasons respondents gave for not participating in estate planning are: Procrastination Believing they need more assets Not knowing how to make an estate plan An estate plan is a comprehensive set of legal documents and