Since long-term care Medicaid (which helps pay for skilled nursing care and medications) is “means-tested” (assets of the applicant are reviewed to determine if there is eligibility for the government to pay), there is a five year “look-back” period as there is a presumption resources...
It is not unusual for married couples to have a will or trust, joint accounts and/or beneficiary designations whereby the spouse is a beneficiary and/or is a fiduciary (i.e., executor, trustee, agent under power of attorney, etc.). However, if the couple divorces, the fiduciary relationship...
In drafting a will or a trust or in making a beneficiary designation, one of the most common questions that should be asked is “who would be entitled the share of my estate if a beneficiary predeceases me?” When you do not want to name...
Revocable living trusts are useful in estate planning for many different reasons (avoidance of probate, privacy, quick transition of an on-going business, etc.) but there are only limited situations when they are helpful in planning for long-term care Medicaid which helps pay for nursing home...
Instead of your beneficiary inheriting outright, below are eight situations whereby you may want a trust for various protection: If your beneficiary is a minor or too immature to handle assets If your beneficiary is a minor, then the beneficiary (as a matter of law) cannot make...
There are a variety of public benefits programs ranging from taking care of drug costs to long-term care costs to assistance for food and shelter. Although some public benefits programs such as Social Security Disability and Medicare are not “means-tested”, eligibility for most public benefits...
It is not unusual for U.S. citizens to own real estate in their ancestral “motherland” or to live abroad and own real estate in another country. Although Wills created in one state are generally recognized if you move to another state (under the U.S. Constitution’s...
SON OF AUSTIN POWERS CO-STAR SHAGGED BY COURTA California Appellate Court has reversed the Los Angeles Superior Court decision over the meaning of the term “grandchild” costing Damian Hurley, son of famed British actress Elizabeth Hurley and Steve Bing (although born out of wedlock), the sum of approximately $250 Million. The...
On Saturday, February 27, 2021, I was a guest on financial advisor Rick Foster’s radio show on 660 AM and he asked the question, “When should an IRA go into a trust?” As a result of this often-asked question, I decided to expand upon this...
A married couple owns a homestead located out-of-state held in a trust. They move to Texas to be closer to their children since the wife needs long-term care. They have no long-term care insurance, and their liquid assets and income are insufficient to pay for...
