Basic real estate succession planning typically is planning to ensure that your children (or whomever you want), will inherit your home when you die. For most folk, real estate means their personal residence and is their most valuable asset. For the purpose of this article, real estate includes virtually all kinds of real estate. Concerned … Read moreReal Estate Planning: Before & During Probate
Q: I understand Medicaid’s five-year look back period and its transfer penalty. Most advice I see says that if money has been gifted, you should not apply for Medicaid until the five-year period has passed. What if the amount of money is only around $25,000? If the penalty period starts once you are approved to … Read moreWhen Does a Medicaid Penalty Period Begin?
The Veteran’s Administration (VA) offers a pension benefit to low-income veterans (or their spouses) who are in nursing homes or who need help at home with everyday tasks like dressing or bathing. The pension, called Aid and Attendance, is currently underused, but impending regulations will soon make it available to even fewer veterans. The new … Read moreNew Rules Will Make It Harder to Qualify for Long-Term Care Help From the VA
Knowing the “cost basis” of your property is important for tax purposes, but proving cost basis can be difficult. Cost basis adjusts at death, so it is a good idea to appraise property when a joint owner dies. Cost basis is the monetary value of an item for tax purposes. When determining whether a capital gains … Read moreDo You Pay Capital Gains Taxes on Property You Inherit?
Immediate annuities are among the tools elder law attorneys use to help married nursing home residents qualify for Medicaid coverage while protecting the standard of living of the healthy spouse and to help preserve assets for the families of unmarried or widowed nursing home residents. Immediate annuities can help Medicaid applicants in two basic ways: First, many spouses … Read moreCourt Approves Use of Short-Term Annuities for Medicaid Planning
For only the third time in 40 years, the nation’s elderly and disabled Social Security recipients will not receive an increase in benefit payments next year. However, as a direct result of this about 30 percent of Medicare are facing a staggering 52 percent increase in their Part B premiums and all beneficiaries will see … Read moreSocial Security Benefits to Remain Flat in 2016, While Millions Could Get Stuck With Huge Medicare Increases
Q: My mother-in-law is 85 and suffered a stroke for which she now receives medication. The stroke left her occasionally incontinent, with some confusion and weakness. We are looking for an in-home care person and wondered whether Medicare would compensate some or all of the cost. Also, her husband was a veteran who served at … Read moreWill Medicare or the VA Pay for My Mother-in-Law’s Home Health Care?
Q: My mother spent four days in the hospital and Medicare approved 100 days of skilled nursing facility care after her stay. After 48 days, the nursing home cut off her therapy and ended her Medicare benefits, without notifying us either in writing or by phone. She was not discharged from the nursing home, however, … Read moreCan the Nursing Home Stop Billing Medicare for My Mother’s Treatment?
As a trust beneficiary, you may feel like you are at the mercy of the trustee, but depending on the type of trust, trust beneficiaries may have rights to ensure the trust is properly managed. A trust is a legal arrangement through which one person, called a “settlor” or “grantor,” gives assets to another person … Read moreWhat Rights Do Trust Beneficiaries Have?
Q: My mother died 13 years ago. My brother has been in charge of her estate. He refuses to put her home up for sale, instead using the estate’s money to pay the upkeep on an empty house for 13 years. What can we do to get this estate settled? Can my brothers and sister … Read moreCan I Force My Brother to Close Out My Mother’s Estate?