How Can the Government Tell Me I Can’t Help My Family?
Mary had been reading my blog posts for some time now about the need to plan ahead for long term care. Something struck a chord with her and she called. She has a home and about $200,000 in investments. While still healthy, she is 70 and thinking about the future.
I Don’t Have an Estate Tax Problem — Do I?
A few months back I wrote about how estates up to $3,500,000 are not subject to federal estate tax and that the tax will be eliminated in 2010. For this reason, when people call our office to discuss estate planning they will often begin by saying that they are not
New York’s New Power of Attorney – What Does it Mean for You?
On September 1, 2009 New Yorkâs new power of attorney law became effective. There has been much written about it. The intent of lawmakers was to correct the financial abuses that seem to increase in frequency, probably due to the aging of our populace. As with any new law, however,
Should I Take Social Security Early or Not?
One of the more common questions asked of me is âshould I take Social Security early?â. The questioner is referring to the ability to take Social Security as early as age 62, rather than waiting till the full time retirement age of 65. (By the way that age gradually increases
NFL Seat Licenses and Medicaid — Huh?
I met with a family with the following scenario. Dad needed nursing home care and the family had done no long term planning. We talked about how under Medicaid rules the coupleâs assets would be counted, divided in half and that Mom would be able to keep 50% of the
Mom Needs Help But a Guardianship Won’t Work – What Now?
I discussed in last weekâs post how a guardianship may not be possible where Mom needs help but is not necessarily incompetent. So, what other options are there? Momâs health has been in gradual decline. The family sees it. Sometimes they agree that action is necessary, some times not. They
Mom Needs Help But Won’t Accept It – Can We Apply for Guardianship?
The caller gives me the following fact pattern or some variation. Momâs health is deteriorating. Her behavior is becoming extremely erratic, in some cases violent or abusive. In some cases itâs dementia. In others itâs alcohol or the side effect of the medications she is taking. Bills go unpaid. Spending
Respite Care – Taking Care of the Caregiver
Long term care for people suffering from Alzheimerâs Disease and other progressive, degenerative neurological diseases comes in many forms. In past posts I have discussed nursing homes, assisted living facilities, adult day care and home care administered by professionals and family members. Another type of care that you may or
My Disabled Son is Going to Receive an Inheritance and Lose His Government Benefits â What Can We Do?
Mary calls with the following problem. Her father recently passed away and left a sum of money to each of his grandchildren, including Maryâs son, John. âSo, whatâs the problemâ, you ask. John is 25 and mentally challenged. He is disabled, doesnât work and receives Medicaid. Mary is concerned because
What Michael Jackson and Yung-Ching Wang can Teach All of Us
The recent deaths of two wealthy men, one very well known, the other not, illustrates yet again the complications and costs of not preparing an estate plan. The media has focused in the last few months on the story about Michael Jacksonâs death and its aftermath. No doubt we will