REGISTER for our FREE Estate Planning & Elder Law Workshop! (CLICK HERE)
Services About Us Testimonials Resources Blog Client Portal MAKE AN APPOINTMENT Login

What Are the Rules for Medicaid Qualification (Part 7)? - Spousal Protections

For the final topic in our series on Medicaid qualification rules, we'll be looking at important information in regard to spousal protections. As with part six of our series, your Medicaid planning advisor can best help you determine how the rules apply to your specific circumstances in your specific locality. Before you get into the specifics, however, it’s always a good idea to familiarize yourself with the general federal guidelines for Medicaid qualification that apply everywhere. To start at the begining of our series, click here

Let's Continue....

Spousal Protections

The spouses of nursing home residents are provided certain protections under Medicaid law. Here is a brief overview:

  • Snapshot of Couple’s Assets – With married applicants, Medicaid takes a “snapshot” of the couple’s assets when the ill spouse enters a hospital or long term care facility for at least a 30-day stay.
  • Community Spouse Resource...
Continue Reading...

Revocable Living Trusts (Part 1) With Nicole Wipp

Revocable Living Trusts (Part 1) With Nicole Wipp

How Do Revocable Living Trusts Work?

In this episode, host Nicole Wipp discusses what a “RLT” is and the importance of “funding your trust” – a commonly missed step.

You will learn:

  • What the primary purposes of revocable living trusts are
  • What a revocable living trust does NOT do for you
  • Common misunderstandings as to how this trust works
  • What trust funding is and why it is critically important

This is Part 1 of a two-part series on Revocable Living Trusts. To listen to Part 2, click here.

 

Be a SMART PLANNER!

Contact Us Today at (248) 278-1511. We Can Help.

The information in this podcast is not intended to be, nor should it be, construed as legal advice. It is for informational purposes only. For advice, specific to your situation, consult with a qualified attorney.

Continue Reading...

Irrevocable Trusts - The Facts

IRREVOCABLE TRUSTS...

The Facts...

A trust is a contract between the Grantor (the person who creates the trust), the Trustee (one who controls the trust) and the beneficiaries (those entitled to benefit from the trust). You, as Grantor, determine how the trust will be operated by the Trustee and who benefits, how and when.

While a Revocable Living Trust permits you to maintain full control (as Trustee) and have access to all your assets (as beneficiary), an Irrevocable Trust, once created, may prohibit your right to control the trust (as Trustee) or have access to your assets, but you get to decide to what extent.

It is a common misconception that irrevocable trusts, once created, cannot be changed. While that is true of many irrevocable trusts created to avoid taxes (tax reduction or avoidance trusts), it is not true of all irrevocable trusts. An irrevocable trust is a trust you create for the benefit of yourself or others and once created, you, as Grantor, must give up your right...

Continue Reading...

Elder Law or Estate Planning? (What's The Difference?)

elder law estate planning Jun 29, 2016

When new clients come to see us, they often focus on wills and trusts. They say something like, “I want to make sure my assets pass to my heirs with as little as possible in taxes and other expenses.”

That’s typical traditional Estate Planning.

elder law

But for seniors and leading edge Baby Boomers (retired or nearing retirement), you need to know the difference between Elder Law and Estate Planning.

Elder Law Incorporates Estate Planning, But Takes Care Issues Into Account

Understanding the difference between “estate planning” and “elder law” is essential for everyone. Elder law attorneys provide tools and strategies that most estate planning attorneys simply don’t. At the end of the day, what makes sense in an estate planning sense may prove financially catastrophic when viewed from an elder law standpoint.

Estate Planning = Death Planning

An estate plan helps someone who is worried about “what happens when I die.” It...

Continue Reading...

Estate Planning Checklist - Do You Need Estate Planning?

Here Are Eighteen Estate Planning Checklist Questions to Help You Learn Whether YOU Need Estate Planning

Many people have mistaken ideas about what estate planning is, or what it can do for you - and more importantly, for those you love. (These cover the most common concerns/concepts related to estate planning.)

  1. Do you have minor children or are you the legal guardian of a child under the age of 18?  Yes___ No__
  2. If your financial situation or finances become public knowledge, do you have concerns that predators might take advantage of loved ones in their time of grief or stress?  Yes____ No___
  3. If you got sick or injured, would you want to ensure that the person(s) that YOU say get to make your medical decisions if you can't do it for yourself? (And that a judge, or someone else, doesn't get to say who makes these decisions??)  Yes____ No___
  4. If you got sick or injured, would you want to ensure that the person(s) that YOU say get to make...
Continue Reading...
1 2
Close

50% Complete

Two Step

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.