The Second Marriage Long Term Care Problem Revisited
Last year I wrote about the impact long term care has on a second marriage (see blog post 1/5/09). In the 19 months since then, I have seen an increasing number of second marriage “horror stories”. A call we received last week, again highlights the danger. Joe, a 70 year
Will They or Won’t They? An Update on Federal Estate Tax Law
My first post of the year (1/4/2010) concerned the elimination of federal estate tax for this year and this year alone. While that sounds like a good thing for the average American it’s not really because the law also eliminated the capital gains step up in basis. So many estates
My Disabled Child is Now 18 – Does Anything Change? Part 2
A few weeks ago I wrote about a scenario we are seeing with increasing frequency, the child with special needs who reaches adulthood and how that changes the ability of a parent to protect and/or act for that child. There probably won’t be any noticeable change in the family’s life
Will I Lost My Family Business if I Need Long Term Care (Part 2)
So, we were discussing Joe’s situation last week. He owns a business and a building which rents space to his company and 3 other tenants. Their combined value is $1.25 million dollars. As we learned last week these assets are countable for Medicaid purposes as assets that need to be
Will I Lose My Family Business if I Need Long Term Care (Part 1)
Joe built his construction business from nothing. He was able to provide for his family, put his children through college and live a nice life on the income generated from it. Now in his 70’s, Joe doesn’t work much anymore. He goes into the office a few days a week,
My Adult Disabled Child Has Turned 18 – Does Anything Change?
Last September I wrote a post about a scenario increasing in frequency involving an elderly parent who is deteriorating mentally but has refused to sign a power of attorney or health care directive. The family’s last resort is the guardianship process. A few weeks ago I wrote about how parents
We Don’t Owe Estate Tax So What the Heck is Inheritance Tax?
I got a call from Joe last week. His brother Jim died 5 months ago. Jim had never married and had no children, leaving his estate of assets totaling $150,000 to Joe. Everything seemed so simple. There was no need to pay taxes, or so he thought, because there is
Should I Leave My Disabled Child’s Inheritance to a Sibling to Hold?
For a variety of reasons parents often wish to distribute their estates equally amongst their children but not necessarily to each child outright. That may be because the child has a disability, substance abuse problem, issues managing money or other financial problems. Many people attempt to solve this problem by
If I Apply for VA Benefits Can I Still Get Medicaid?
I am always explaining how the various sources of payment for long term care don’t mesh well together. That is certainly true when it comes to VA Aid and Attendance and Medicaid benefits. There are quite a few misconceptions. One is the idea that by receiving VA benefits in an
If We Apply for Nursing Home Medicaid are We Giving Up?
When working with families struggling with the sudden realization that long term nursing care is necessary for a loved one, two issues so often cause internal conflict. One is the fear that, at $10,000 a month or more, “we’re going to run out of money”. The other is the desire