It is a very good idea to create advance directives in order to plan for the possibility that you may one day be unable to make your own medical decisions. In doing so, there can be confusion about the difference between a living will and a “do-not-resuscitate” order (DNR). While both these documents are advance medical directives, they serve different purposes.
You can’t amend it, modify it, change it or revoke it. The written terms of an irrevocable trust are much like the iron-clad sides of ship, strong and impenetrable, except in some rare circumstances. Not to be altered for any reason and managed by a trustee, when you place assets in an irrevocable trust, you essentially no longer own them. With all that said, for certain individuals, there are some distinct advantages to having an irrevocable trust.
Read moreThe median cost of a private nursing home room in the United States increased to $100,375 a year in 2018, up 3 percent from 2017, according to Genworth’s Cost of Care survey, which the insurer conducts annually.
Read moreWe are sending you this alert as there will be a significant change in the qualification requirements for wartime Veterans and surviving spouses of wartime Veterans who are eligible for VA pension benefits. These new rules go into effect on October 18, 2018 and will make it more difficult to qualify for this important benefit that can help defray the cost of care.
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Although a nursing home cannot require a child to be personally liable for their parent’s nursing home bill, there are circumstances in which children can end up having to pay. This is a major reason why it is important to read any admission agreements carefully before signing.
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Older parents are becoming more common, driven in part by changing cultural mores and surrogate motherhood. Comedian and author Steve Martin had his first child at age 67. Singer Billy Joel just welcomed his third daughter. Janet Jackson had a child at age 50. But later-in-life parents have some special estate planning and retirement considerations.
JANUARY 9- IF MEDICAID IS ON THE FEDERAL CHOPPING BLOCK, WHAT SHOULD YOU DO?
With the recently-passed tax bill in the news, many are fearful Medicaid funds will be cut. That’s been a goal for Congressional Republicans for many years. Lou explains that the tax bill is estimated to add 1.4 trillion dollars to the deficit, which is also an impetus for cuts in the entitlement prorams. Medicare, a health care program for the elderly, could face cuts. Medicaid, which is a Federal-State health insurance program for low-income and needy people, may be cut as well. Eligibility rules for the program could also change. Lou’s biggest piece of advice is to plan ahead and soon! If you do legal planning under current eligibility rules, you will be grandfathered in, meaning that Medicaid can’t revoke your assistance down the road.
Give us a ring to get started. Pierro, Connor & Associates offers a free consultation at any of our locations or by phone. Call 1-518-459-2100 or email us at [email protected]
Families taking advantage of ABLE savings accounts will have a little more flexibility in planning for special needs as a result of the new Tax Cuts and Jobs Act signed into law by President Trump on December 22, 2017.
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Each week iHeartMedia radio station, WGY, invites local experts to share their knowledge on a range of topics. Recently, they invited attorney Lou Pierro to share his biggest tips on Estate Planning. Listen below!
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While most of the new tax law – the Tax Cuts and Jobs Act – has to do with reducing the corporate tax rate from 35 percent to 21 percent, some provisions relate to individual taxpayers. Before we get into the details, be aware that almost everything listed below sunsets after 2025, with the tax structure reverting to its current form in 2026 unless Congress acts between now and then. The corporate tax rate cut, however, does not sunset. Here are the highlights for our readership:
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