The federal law called the Achieving a Better Life Experience (ABLE) Act gives some people with disabilities or their families to establish a tax-free savings account that will not count as a resource for Medicaid eligibility (which is “means-tested”). For an adult disabled person who...
Do you bank online? Do you have a Facebook, Twitter or Linked In account? Do you have an app such as Shutterfly? What about Bitcoins? These are all examples of digital assets (see our article about estate planning issues concerning digital assets by clicking here). As a...
Dad, a nursing home resident in a facility that accepts Medicaid, owns highly appreciated out of state real estate that has been in the family for decades and approximately $100,000 of cash. The goals are to protect the real estate, have governmental assistance in paying...
If a Texas resident dies (the “decedent”) without a Will (“intestate”) and the estate assets are less than $75,000 (excluding exempt property such as a homestead if it retains its homestead status when there is a surviving spouse and minor children of the decedent in...
Although there are numerous ways to avoid a successful claim for estate recovery by the state government for Medicaid benefits (such as long-term care in a nursing home, assisted living facility or care at home, in addition to drugs) as set forth in a prior...
If you have a dependent (i.e., a young child, an elderly parent or a disabled child) who lives with you more than one-half the year and who cannot be left alone, you might be entitled to a tax credit. Although you can no longer claim a...
This is a case where a client took advantage of one of the exceptions to the long-term Medicaid transfer penalty rules to shift the burden of the cost of care to Medicaid while helping fund her grandchild’s college education. Elderly single client (who has limited resources)...
When world famous Chanel fashion designer Karl Lagerfeld died on February 19, 2019, it has been widely speculated that a good portion of his estimated estate of more than $150,000,000.00 will be inherited by his Birman cat, Choupette, if proper legal planning was prepared. Lagerfeld...
This year (2019) is the last year that some married couples can maximize their Social Security income by using the “claim now, claim more later” strategy. If one spouse reaches 66 years of age (full retirement age) in year 2019, the higher-earning spouse can claim...
Although most parents do not want to disinherit a child, sometimes they become estranged for reasons ranging from disrespect by the child to the child doing some sort of criminal act. As a result, sometimes disinheritance becomes logical and needed. The following are a few ways...
