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...
Husband (the “institutionalized spouse”) enters into a nursing home in November 2018 while his 70 year old wife (the “community spouse”) lives at home. Husband has no long-term care insurance and his income is insufficient to pay for his care (generally at least $5,000 to...
Although there are many still unanswered questions and there has been no written policy since changes were initially announced last August, the Texas Health and Human Services Commission (HHSC) on February 7, 2019 attempted to clarify its new policy regarding treatment of retirement accounts (traditional...
The result of a clinical study entitled “Sprint Mind” seems to demonstrate that intensive treatment to reduce blood pressure (to a consistent systolic pressure of 120 or below) will significantly reduce mild cognitive impairment. Researchers reported a nineteen percent (19%) lower rate of new cases of...
Many wartime veterans or their surviving spouses who become disabled (for reasons other than wartime service) are entitled to a benefit to help pay for costs of care (most commonly if the veteran or their surviving spouse is in an assisted living facility). Although the...
Trusts are often a good tool to achieve one’s estate planning. Although this list is not exhaustive, the following are common things to consider: Protect beneficiaries from lawsuits. If properly drafted, a trust created in your Last Will and Testament or in your own revocable or...
Although certain assets such as a home, car, mineral rights (subject to limitations) and businesses essential for self-support are “non-countable” when applying for long-term care Medicaid, there are numerous exceptions to avoid a successful claim by the State to be paid back for benefits (such...
As the aging population continues to grow, there is more likelihood of disability and a need for long-term care. However, the majority of elderly Americans fail to have long-term care insurance or have adequate assets to be self-insured. As a result, many elderly people rely...
