Thinking About Transferring Your Home – Have You Considered the Tax Implications? – Part 1
"Mom wants to transfer her home to me. Do you think itâs a good idea?" A seemingly simple question and one that is probably one of the more common questions I am asked as an elder law attorney. But, not one that I can answer without knowing more. One size
Elder Law Today Show #16 Mom is Not Capable of Handling Her Affairs – When is a Guardianship Appropriate
Mom is unable to handle her affairs and either canât or wonât accept assistance from other family members. Or maybe one child lives close by and is taking advantage of mom and other family members, who live a distance away, are frustrated in their attempts to protect mom. Is guardianship
How a Declining Stock Market Can Cause a Long Term Care Nightmare
As the current economic crisis deepens, it is becoming increasingly clear that we are heading into uncharted waters, in so many respects. Specifically, however, I am talking about the long term care arena, and a recent phone call I received highlights this so clearly. John called concerning his father. Dad owns
Assisted Living Care – I’m Out of Money So Now What?
Dad has been living in an assisted living facility for 3 years at a cost of $4500 per month. He likes it there, is safe and well cared for. There is one small problem. He is running out of money and the family is becoming desperate. Fortunately, some states have Medicaid
The Unpredictability of Alzheimers’ Disease
So often, when working with families who are struggling to care for a loved one with dementia, the most frustrating part is the uncertainty of the condition from day to day. The recent case in Minnesota of Verne Gagne highlights that very clearly. Verne Gagne was a prominent professional wrestler
Married … Well Not Really – A Long Term Care Quagmire
Jane calls us to relate the same problem that many Americans today are coping with, trying to care for aging parents. She calls because Dadâs health is rapidly deteriorating and she fears he will need nursing home care. I ask about Momâs health. Jane replies that she is healthy. And
Elder Law Today Podcast Show #15 – You Have Spent Down all Your Money and Still Can Not Get Medicaid How Could This Happen?
You've spent down the remaining assets on Mom's care and have no more money left. You apply for Medicaid but are told, "Sorry, Mom is not eligible for another 8 months." How could this happen? What can you do to avoid this horrific outcome? In Show 15 of his
The Home – To Transfer or Not to Transfer – Part 2
As we discussed last week, Joe wants to transfer his home to Jim, who lives there with his wife and children. But letâs change the facts a bit. Joe is not healthy but has the early stages of dementia and needs some in home assistance. It is possible that within
The Home – To Transfer or Not to Transfer – Part 1
Home ownership has long been a large part of the American dream. Through the course of the 20th century, the percentage of Americans owning their homes rose considerably. In many of these homes three generations lived under one roof. Today, there still are many 3 generations homes. The reasons for
A Two Generation Family Long Term Care Crisis – Part 2
So, in last weekâs blog I presented a common scenario, Mom and Dad both needing long term care and nothing but a house left in their names. The children are paying for their care to the tune of $10,000 per month. We get Dad on Medicaid first. Now we work