Under the new rules of the SECURE Act, one category of individuals who are still entitled to the financial benefit of stretching distributions from the account over their life expectancy include beneficiaries of the retirement account who are disabled or chronically ill. This is a huge benefit and advantage for those disabled or chronically ill beneficiaries, possibly over other beneficiaries you may have.
As an elder law attorney, I often meet senior clients as a result of them coming into our offices with their adult children. When this situation happens, it is the lawyer's job to recognize the differing needs and rights of both parties. The lawyer must be clear on who is being represented and then do his or her part to focus on that client.
Just like it is a bad idea to add yourself (you being the adult child, friend or other helper) to the elder's bank accounts as a co-owner, it is a bad idea to add yourself to the elder's credit card accounts as an "authorized user". That method "works", but there's a downside, which is the elder's credit card account will now appear on YOUR credit report. If they have a high balance compared to the available credit, or just a high balance in general, or a poor payment history, these things could negatively affect YOUR credit score.
Who pays for hospice care?
I always tell clients to plan for today but be prepared to make changes as circumstances change. If Joe Biden is elected as our next President (2020 election), clients of estate planning attorneys across the country will have a lot of unfavorable changes to accommodate. The changes will almost certainly have a detrimental impact on capital investment in the US.
The coronavirus pandemic has had a devastating impact on the elderly, particularly those in nursing homes and other long-term care facilities. This has raised questions about how the virus has influenced the costs and provision of long-term care insurance, which covers care in facilities and sometimes at home as well.
An individual with mental health issues can benefit greatly from having proper health care directives in place, especially since it allows a chosen, trusted loved one to help with decisions about care, treatment, and medications, as well as the ability to help complete paperwork.
Illegal evictions of Medicaid nursing home residents are nothing new, but the coronavirus pandemic is exacerbating the problem, according to an investigation by the New York Times.
No parents want their children to fight among themselves after they are gone. Sadly, conflicts often arise, especially when a parent has gifted or loaned money to one child and not others. However, a few key words in your estate plan can minimize the potential for conflict.
there are often ways to expedite the death benefits process to receive them quickly to help pay for death expenses.
The Setting Every Community Up for Retirement Enhancement (SECURE) Act, part of the massive bill, makes major changes to retirement plan rules, including inherited plans.
Typically, adult children have three options when they inherit a house from their parents: they can move in, sell, or rent it out.
As baby boomers age, more and more millennials are becoming caregivers. Many are taking on this role while just getting started in their own lives, leading to difficult decisions about priorities. Proper planning can help them navigate this terrain.
As a Crossville estate planning attorney, I would like to share some remedies to consider when you find yourself dealing with an untrustworthy trustee.
Medicare is adding a new outpatient opioid treatment benefit, paying for methadone and related treatment in certain facilities.
If you don't have a will or trust, you have no control over how your estate is distributed.
Medicaid law provides special protections for the spouses of Medicaid applicants to make sure the spouses have the minimum support needed to continue to live in the community while their husband or wife is receiving long-term care benefits, usually in a nursing home.
Your responsibility as Executor is to either fulfill the obligations expected of you as Executor or to pass on those responsibilities to a Successor Executor. That being said, not everyone is immediately ready to serve in this important role.
The Internal Revenue Service (IRS) has announced the amount taxpayers can deduct from their 2020 income as a result of buying long-term care insurance.
The new law will now affect how individuals are able to save money for their retirement, and how heirs will eventually be able to use those funds once the account holder has passed away.
Medicare does not offer much in the way of dental benefits. To get dental coverage, you need to purchase separate and often costly dental insurance or sign up for a Medicare Advantage plan that includes dental care. Advocates for Medicare beneficiaries are arguing for a change.
Some do-it-yourselfers have tried to transfer real property to another person, to be effective at death, by signing and acknowledging an actual deed but then hide the deed in a desk drawer or safety deposit box to be found when the grantor dies, expecting that the grantee can then take the deed to the recorder's or register of deeds office and record it. This technique does not work . . .
The Centers for Medicare & Medicaid Services (CMS) has released the 2020 federal guidelines for how much money the spouses of institutionalized Medicaid recipients may keep, as well as related Medicaid figures.
This question comes up a lot, but usually after one of the owners has died, unfortunately. I write "unfortunately", because more often than not result is not what the true account holder intended, and this results in a lot of family strife at a time when stress levels are high. The answer to this question is, as usual, it depends. Tennessee law is very clear on this, but usually when people open these types of accounts aren't particularly clear on what it means. Here are the options that the bank should offer you when you are opening an account in the names of two or more persons (or adding a person to an account formerly held by only one person) and what each option means:
Who would be entitled to the money -- you or the former owner's estate?
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