Can I Leave the House to my Children and not my Spouse? (Part 2)
Last week I was telling you about Sara, who called about her Mom. Dad left the house to Sara and her sisters but because of something called the elective share, I told Sara that the house may not be entirely protected when it is time to file for Medicaid
Can I Leave the House to my Children instead of my Spouse?
Sara called because her mom, living at home, needed nursing home care and would need Medicaid after spending down her remaining $20,000 of assets. She told me that her dad had died 3 years earlier. I asked her about what happened since then. Sara explained that Mom’s health had steadily
Little Known Law May Help Seniors Needing Long Term Care (Part 2)
Last week we were discussing a little known law that can be a boon to seniors. The Pension Protection Act of 2006 contains provisions that allow individuals to use their annuity cash value to purchase long term care coverage. Let’s look at an example of how that can work.
Little Known Law May Help Seniors Needing Long Term Care
On August 17, 2006, President George W. Bush signed into law the Pension Protection Act of 2006. The average American probably never heard of the law but some provisions in that law, which became effective in 2010, can be a real boon to Americans struggling to find ways to
Uneven Inheritance – To Tell or Not to Tell
“I want to leave more to one child than another”, the client will tell me. In some cases one child is more financially established than another. Or maybe one child has special needs, whether diagnosed or not. When I ask whether this has been disclosed to either child the answer often
Using Your Own Money to Pay for Long Term Care – the Better Way? Part 2
Last week I was talking about the difficulties in funding long term care through long term care insurance or Medicaid. Insurance companies are getting out of the long term care market entirely or drastically raising premiums. Medicaid, the primary government program that covers long term care, is still a
Using Your Own Money to Pay for Long Term Care – the Better Way?
As I always explain to people, there are 3 ways to pay for long term care. One way is to use your own money. A second source is long term care insurance and the third is government benefits – primarily Medicaid and the VA Aid and Attendance program. I
Your Digital Assets – Are You Covered? Part 2
Last week I raised the legal issues faced by digital assets – specifically property rights. Who owns my Facebook account after I die? Who can access that account when I am alive but incapacitated? Courts are often wrestling with these issues for the first time. State legislatures have not,
Your Digital Assets – Are You Covered?
Technology has allowed us as a society to go places and do things never before imagined. But, it has created issues and problems that, likewise, we could never have imagined. Much has been written about the problem of texting while driving or “sexting” by minors. Our laws have been
Turning Life Insurance into Long Term Care Insurance (Part 2)
So your parent has an insurance policy that they can no longer afford and they are in spend down mode to qualify for Medicaid. Cashing in the policy and spending the proceeds is necessary before Medicaid will kick in. But last week I mentioned another option, something called a