Category: Medicaid Asset Protection Trust (MAPT)
There is no one right way to be a caregiver; everyone’s situation is different. You will find that, among a host of things, family dynamics, financial resources and the ability of your parent(s) to provide guidance for the support that they desire will shape your situation. If you’ve been tasked to set up care for […]
A proper Caregiver Agreement is essential when a loved one or friend wants to pay you to provide assistance and care for them. Here is a link to an article in which Michael J. Amoruso, Esq., Managing Partner of Amoruso & Amoruso LLP in Westchester County, NY and Howard S. Krooks, Esq., Of Counsel to […]
The fear that the government could one day seize their homes is deterring some people from signing up [for Medicaid]. Medicaid comes with a lot of give and take. It is a safety net for those who need it, but it does come with its drawbacks. One drawback many are now discovering is “Medicaid Asset […]
The death of a Medicaid recipient’s spouse can affect the amount of assets the Medicaid recipient has, and therefore his Medicaid eligibility. Scenario: One spouse, the institutional spouse, is in a nursing home and is qualified to receive Medicaid benefits to pay for their care. The other spouse, the community spouse, remains at home. Typically, […]
The number of adults caring for someone with a serious health problem is on the rise and is likely to continue growing as the population ages. It is not uncommon for someone to take on the task of caring for an aging parent or relative in their elderly years. But what are the true costs […]
When you inherit property, such as a house or stocks, the property is usually worth more than it was when the original owner purchased it. If you were to sell the property, there could be huge capital gains taxes. Fortunately, when you inherit property, the property’s tax basis is “stepped up,” which means the basis […]
“It’s not that these accounts can’t or shouldn’t be used, it’s just they have to be coordinated carefully with the rest of the plan,” says Patrick Lannon, an estate lawyer with Bilzin Sumberg in Miami, Fla. “If there is more than one child and you make a paid on death account in favor of just […]
There’s never a good or easy time to talk with older parents about their finances and estate plans. But taking advantage of a relaxing moment –well before problems arise – can improve the odds of success. If you are heading out for vacation with your elderly loves ones, you may picture some relaxing time by […]
Mara has bravely faced what millions of Baby Boomers are facing: their aging parents aren’t going to stay financially competent forever … If Mara could give you a heads up today, she would tell you to note those little signs of a parent not being sharp with finances. Dementia is not really a disease in the […]
According to a recent WealthCounsel survey, 35 percent of people are crafting their estate plans to avoid mismanagement by their heirs. They are setting up trusts, naming third-party trustees to manage their bequests and delaying the age that heirs receive them. There are a number of hard questions when it comes to planning for your […]
