Transferring money to a child can cause a penalty period for a Medicaid applicant if done within the five years prior to the application. One exception to this rule is a transfer in exchange for fair market value of services. This exception allows a parent to pay a child for taking care of him or her.
If your spouse receives a diagnosis from a doctor that she or he has dementia or Alzheimer’s Disease, it is time to consider changing your estate plan. Why? Because if you die and your spouse needs Title 19 (Medicaid), your family could lose most of its wealth.
Grandparents play an increasing role in the education of their grandchildren. With a private college education exceeding $50,000 per year, and grandchildren increasingly attending graduate school, many parents do not have the ability to pay for all of their children’s education.
In this day and age, it is not uncommon to remarry after a divorce or the death of a spouse. Often in these remarriages, one or both spouses have children from a prior marriage. These blended families can pose some challenging estate planning issues for the newlyweds. If you die before your new spouse, how do you ensure that both your new spouse and your children from your first marriage receive an inheritance? Who gets the house – your new spouse or your children? How will your new spouse get by financially if you choose to provide an immediate inheritance for your children?
On June 12, 2014, in the case of Clark v. Rameker, the U.S.
Do you remember the first time one of your parents let you drive the family car? Remember the excitement you felt getting behind the steering wheel, followed quickly by that rush of anxiety as you realized you were accelerating down the road, and the trees appeared to jump out toward the car? Remember the sound of the engine roaring from you pressing too hard on the accelerator, turning quickly into the sound of a neck jolting screech as you attempted to apply the brakes for the first time? During my first lesson, my Dad's quick corrections on the wheel saved several unsuspecting joggers
What responsibilities will I have as an Agent?
The most important thing to remember when you step in as Agent is that the assets you control are not your assets. You are safeguarding them for the principal for whom you are the agent under the power of attorney and for the beneficiaries of the principal’s estate.
Springtime after a long, cold winter means it is time to discard unwanted papers and clutter. As we age, we tend to hold onto things longer and the piles multiply. It is difficult to decide what to discard. Although you may have other reasons for holding onto certain items, in the spirit of spring cleaning, we offer the following guidance on what to keep and what to discard from an estate planning perspective:
For many people, the decision to prepare a Will is easy, but the motivation to follow through is missing. The thinking goes something like this:
What’s the rush? I am in good health. There are more pressing matters. I’ll get to it eventually. I plan on being around for a long time. Right now, I need to focus on supporting my family, saving for college and retirement, and paying for health care. I’ll prepare a Will at the end of the year when things slow down.
