Sam, Mary’s son and agent under her power of attorney, didn’t bother to seek legal advice after Mary entered a nursing home. “She only has $70,000. There’s nothing we can do”, he told his sisters. Six months later, with her funds exhausted, Mary sought Medicaid to pay for her nursing home care. To Sam’s shock
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. Unlike a traditional IRA, contributions to a Roth IRA are taxed, which means that the distributions are tax-free. Also, unlike a traditional IRA, you are also not
The story below illustrates the importance of including long-term care considerations as part of your retirement and estate planning. What happened to this unfortunate couple has sadly happened to many others and could happen to you and your loved ones also absent proper planning. Clarence and Elsie were the envy of all who knew them.
70% of all Americans over age 65 will need some form of long-term care. A properly-structured Family Caregiver Agreement provides an alternative to placement in a facility and to the impoverishment that comes with it. Benefits of a Family Caregiver Agreement You may ask “Why do I need to enter into a contract to take
After his wife died Frank, a retiree, updated his estate planning. His new will passed his estate in equal shares to his three children. Most of his assets consisted of investments managed in a brokerage account. Frank, unbeknownst to his lawyer and on the advice of his financial planner, later designated the assets in his
Medicaid is the only public benefit program that pays for long-term nursing home care. Medicare and private health insurance don’t. But in order for Medicaid to pay you’ve got to be broke. Worse yet, if you’re married, your spouse, referred to as a “community spouse” must also be broke – almost. Spouses may keep a
The U.S. Department of Veterans Affairs (VA) has many different kinds of programs to benefit the more than 18 million American military veterans living in the United States. Among others, these include assistance with health, education, and home loans. But surprisingly, VA disability payments are one of the most common entitlements veterans overlook – even
More than 65 million people across the country receive Medicare benefits. When Does Medicare Start? At age 65, you become eligible for Medicare if you are a U.S. citizen. You do not have to wait until you retire to apply for the program. You can enroll in Medicare beginning three months prior to your 65th
An executor is the person named in a Last Will & Testament who is responsible for managing the administration and distribution of the estate of a deceased individual, the “decedent”. For persons who die without a will, the court appoints an administrator to perform that function. Although the time and effort involved will vary with
Incorporating legal measures as part of one’s estate and retirement planning to protect against catastrophic healthcare costs, especially nursing home charges, is important but often overlooked. Elder law attorneys have the expertise needed to properly address those concerns in addition to handling other aspects of estate planning. But what if someone has already entered a
