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?
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?
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?
Q: My wife and I have are agents under my 86-year-old mother’s durable power of attorney. We are her primary caregivers because she is not able to cook her own meals, clean her own home, do her own laundry, do grocery shopping, drive herself to doctor’s appointments, allocate her own medications, or pay her own … Read moreIs an Agent Under a Power of Attorney Entitled to Compensation?
Q: I am the agent under a durable power of attorney (DPOA) executed in 2013. Is the document still valid if I move to another state? A: It’s wise to execute a Durable Power of Attorney in the new state, for practical reasons more than legal ones. The idea is to have a document … Read moreIs a Power of Attorney Valid in Another State?
Q: My mother wants me to be her agent under a power of attorney, and I went online and found a form I can print up and take to a notary. Is this legal? A: While it is legal to use an online power of attorney form, it usually isn’t a good idea. A power … Read moreIs Using an Online Power of Attorney Form a Good Idea?