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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?

When choosing a beneficiary for a retirement plan, it is important to understand how your spouse will be treated under the plan. Surviving spouses are treated differently under 401(k)s and individual retirement accounts (IRAs). While a 401(k) provides protections for a surviving spouse, an IRA does not.

There are three main options when you inherit real estate: move in, sell, or rent. Which one you choose will depend on your current living situation, whether or not you have siblings, your finances, whether the house has a mortgage or liens, and the physical condition of the house.

When creating an estate plan, the main decision is how your assets will be distributed after you pass away. Understanding "per stirpes" and "per capita" distribution is key to that decision.  The terms "per stirpes" and "per capita" become important when your descendants include children and granchildren.

Many married couples in Arizona think that if one of them dies without a will, the other will inherit everything from the deceased spouse.  That is only true in Arizona if the deceased spouse was not survived by descendants from another relationship.  Whether you intend to or not, if you fail to do some kind of estate planning, you could end up disinheriting your spouse to some extent.

A fiduciary is a fancy legal term for the person who will take care of your property for you if you are unable to do it yourself, such as the executor of an estate, the trustee of a trust, or an attorney-in-fact under a power of attorney. Your first instinct might be to name one of your children as a fiduciary, but if you want to avoid conflict among your children, this might not be the best option.

Stimulus payments will NOT be treated as income but rather as a tax refund which is exempt (not countable as a resource) for 12 months. For recipients whose countable resources are already below $800, such that the stimulus payment plus the existing countable resources will not exceed the typical $2,000 resource limit, no spend down will be required. Recipients whose existing countable resources are greater than $800 will have 12 months to spend their resources down to below the resourse limit.

Here is DIY estate planning mistake #17: Putting the names of one or more additional persons on your bank and brokerage accounts. This is poor planning for many, many reasons. Here are some of the reasons, in no particular order.

Irrevocable trusts are an excellent way of protecting assets for your heirs, but need to be designed by an experienced attorney.

Surviving spouses are treated differently under 401(k)s and individual retirement accounts (IRAs). While a 401(k) provides protections for a surviving spouse, an IRA does not.

A Revocable Living Trust can be the best way to pass your estate to your heirs, in the way YOU want it to. An experienced, knowledgeable trust attorney is who you need to design the right trust for your unique situation.