Law provides Medicaid special protections for the spouses of Medicaid applicants to make sure the spouses have the minimum support needed to continue to live in the community while their husband or wife is receiving long-term care benefits, usually in a nursing home. The so-called “Medicaid spousal protections” work this way: if the Medicaid applicant …
Medicaid Spousal Protections for the Healthy Spouse Read More »
By: Jeffrey D. Stauffer, Executive Director – Elville Center for the Creative Arts, Inc. Do you have an instrument taking up space in a closet or attic not being used anymore? Perhaps your son or daughter has moved on to other activities and their instrument could use a good home! As the fall semester in …
Donate Your Used or Unwanted Musical Instruments to the Elville Center Today! Read More »
Inheriting real estate from your parents is either a blessing or a burden — or a little bit of both. Figuring out what to do with the property can be overwhelming, so it is good to carefully think through your choices. There are three main options when you inheriting real estate: move in, sell, or …
When Inheriting Real Estate, Consider Your Options Read More »
When interest rates are low, intrafamily loans can be a good way to assist a relative (typically a child) with purchasing a house or a family business, and in certain circumstances they can be used to gift money to the next generation. An intrafamily loan allows family members to borrow money from each other at …
How to Use Intrafamily Loans as Part of Your Estate Plan Read More »
The SECURE Act, passed at the end of 2019, changed a number of rules regarding inherited IRAs, making it more difficult for most beneficiaries to save on taxes by “stretching” distributions over many years. However, an exception to the new rules potentially changes advice that special needs planners often give clients, and leaving an IRA to …
Leaving an IRA to a Special Needs Trust Is No Longer Such a Bad Idea Read More »
The VA offers two veterans’ disability programs. Disability compensation is available only for veterans with service-connected disabilities, while the disability pension benefit is available to anyone who served during wartime and has a disability. The disability does not have to be related to military service. Disability compensation benefit If you have an injury or disease …
Parents or other family members establishing a special needs trust for their child often want to name a professional — usually a bank, trust company, attorney, certified public accountant or non-profit — as one of the trustees of the trust in order to take advantage of that individual’s experience with investments, money management and tax planning. …
Parents and other family members who want to pass on assets during their lifetimes may be tempted to gift the assets. Although setting up an irrevocable trust lacks the simplicity of giving a gift, it may be a better way to preserve assets for the future. A trust is a legal entity under which one person — …
Why an Irrevocable Trust May Be a Superior Option to Gifting Read More »
Passing assets to your grandchildren can be a great way to ensure their future is provided for, and a generation-skipping trust can help you accomplish this goal while reducing estate taxes and also providing for your children. A generation-skipping trust allows you to “skip” over the generation directly below you and pass your assets …
Passing Assets to Grandchildren Through a Generation-Skipping Trust Read More »
As we have written previously, there are a number of tax proposals being considered in Congress that could significantly affect gifting and estate plans. There are planning strategies to help protect your estate from future tax changes, so now is a good time to review your estate plan and see if you need to make adjustments. …
New Tax Proposals Mean You Should Review Your Estate Plan Read More »
