Special needs trusts have provided peace of mind for families for years. Designed to ensure a disabled beneficiary receives what he or she needs in the future, these financial tools also provide for the extra comforts of life for the recipients. It is a powerful document that prevents others from interfering with your disabled loved one’s quality of life. Keep reading to learn five more ways a special needs trust can help. Remember, these are just five of the reasons many clients choose … [Read more...] about 5 Ways to Use Special Needs Trusts
Outrageous: When the Elderly Can’t Afford to Retire
As estate planning attorneys who assist our clients with their retirement goals and Medicaid, Medicare or Social Security needs, it’s easy to get lost in that vacuum. But a recent story in Harper’s magazine is enough to jar anyone into the “here and now”. Freelance journalist and adjunct professor at Columbia University Graduate School of Journalism, Jessica Bruder, has just blown the lid off of what she calls the “elderly migrant worker”. When the elderly can’t afford to retire, they often find … [Read more...] about Outrageous: When the Elderly Can’t Afford to Retire
Plain English, Please: Estate Planning Legalese Explained
There’s nothing more frustrating than listening to the pretentiousness of someone attempting to make himself or herself look better, smarter, wiser, etc. Sure, we all love to see it play out on the movie screen, mostly because there’s a bad guy about to get his just desserts. In the real world, though, we meet with clients who want answers – the plain and simple truth about estate planning, wills and trusts. Estate planning legalese works well in law school. In the real world? Not so much. Here … [Read more...] about Plain English, Please: Estate Planning Legalese Explained
Medicare Still Paying for Drugs for the Deceased
The Associated Press calls it a “quirky bureaucratic rule”, others call it wasteful spending and still others say it’s par for the course for a government that has no clue about budgeting resources – and then they use the $18 trillion national debt as proof. It’s all true. Medicare continues to pay for drugs for the deceased, just as it’s done for decades. In November, 2014, the Health and Human Services Department's inspector general released a report that included a Medicare rule that … [Read more...] about Medicare Still Paying for Drugs for the Deceased
Why a Durable Power of Attorney for Health Care is a Must
It’s easy to get lost in the semantics of the various legal documents associated with estate planning. Part of the problem has always been the many names for the same documents. Each state has its own guidelines and names, but regardless of what it’s called, a durable power of attorney for health care is an important document that should be a part of everyone’s estate plan. Don’t assume you won’t need this until you’re older. You never know when an accident or illness will affect your ability … [Read more...] about Why a Durable Power of Attorney for Health Care is a Must
Medicare Paying for Drugs for Deceased
We’ve all heard the many stories of how Medicaid and Medicare are guilty of wasteful spending. The government’s own General Accountability Office (GAO) has long since designated Medicaid as a “high-risk” program. It says it’s “particularly vulnerable to fraud, waste, abuse and improper payments”. Even the Department of Health and Human Services, or HHS, reports an improper payment rate of nearly 10 percent. If you’re wondering what that equates to across the nation, it adds up to a cool $40 … [Read more...] about Medicare Paying for Drugs for Deceased
The Medicaid 5 Year Look Back Period
Many know the stricter Medicaid rules that were put into place several years ago can present problems as they try to qualify for the government program. Unfortunately, many aren’t quite sure what that means for their situation. Congress put these new compliance guidelines in place in order to ensure money was available, across the board, for those who require government paid nursing home care. The Medicaid 5 Year Look Back period was one of those new rules. Medicaid 5 Year Look … [Read more...] about The Medicaid 5 Year Look Back Period
The Aging in Place Movement
The elderly population is growing as more baby boomers reach retirement age. In fact, because we’re living longer, many of those same baby boomers have parents who are still living and often, they require special attention. So even as millions prepare for retirement, they’re also caring for a parent (or both) who are likely in their 80s or 90s. The common goal is simple - stay at home as long as possible, no matter our age. We know, too, that when the elderly are allowed to remain in their … [Read more...] about The Aging in Place Movement
A Trust for Your Pet
Americans treat their pets as part of the family. Many of us agree that the end of the day, coming through the door and seeing our dogs waiting to greet us is important. We also treasure our cats and other domesticated pets and appreciate the value they add to our homes and our families. It comes as no surprise then that we want to be sure that if they outlive us, they will be as well cared for then as they are now. Estate Planning and Your Pet As far as the law is concerned, pets are … [Read more...] about A Trust for Your Pet
Taking Precedence: Your IRA Beneficiary or Your Will?
Did you know that one small mistake in your estate plan can result in big changes in what your heirs receive? A recent case highlights just how easily these errors can occur. Fortunately, it also provides a perspective that can prevent this and many other mistakes from happening. In this particular estate, a man had noted on his IRA beneficiary form that any assets from the account should be distributed according to his will. And that’s where the trouble began. This wasn’t an option on his … [Read more...] about Taking Precedence: Your IRA Beneficiary or Your Will?
