Posts Tagged ‘abramsberger.com’
Are You Taking the Steps Towards Legal Estate Planning For Your Loved Ones?
Without proper legal estate planning, caring for aging loved ones is often emotionally and financially distressing for everyone involved. Families struggle at the last minute to find information, guidance and assistance to handle the complex health care financial and legal needs.
By planning ahead and obtaining the right legal documents, families can help their aging relatives gain security, take advantage of public benefits and preserve their assets.
First, estate plans are key. They can help families avoid probate, which occurs when an individual owns assets in his or her name alone, and the court determines distribution. If not handled properly, probate can be time-consuming and costly while providing no privacy for the family. Read the rest of this entry »
What are the Top 8 Mistakes People Make with Medicaid Planning?
8 Medicaid Planning Mistakes Are:
1. Thinking it’s too late to plan.
It’s almost never too late to take medicaid planning steps, even after a senior has moved to a nursing home.
2. Giving away assets too early.
First, it’s your money (or your house, or both). Make sure you take care of yourself first. Don’t put your security at risk by putting it in the hands of your children. Precipitous transfers can cause difficult tax and Medicaid problems as well.
3. Ignoring important safe harbors created by Congress.
Certain transfers are allowable without jeopardizing your Medicaid planning eligibility. These include: transfers to disabled children, caretaker children, certain siblings and into trust for anyone who is disabled and under age 65; a transfer to a “pay-back” trust if under age 65; and a transfer to a pooled disability trust at any age.