Why “I Love You” Wills Really Don’t Say “I Love You”

As February brings heart-shaped chocolate boxes and roses by the dozen into your imagination, seize the moment to learn about the drawbacks of “I love you” Wills and introduce yourself to the estate planning move that’s actually going to ensure you do well by your loved ones: a lifetime beneficiary trust.

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Congress Considering Limiting Use of Spousal Annuities by Medicaid Applicants

Although the following is not a favored practice in the State of New York, this article illustrates the current climate and foreclosing planning opportunities.

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How to Use Money for a SNT Beneficiary Without Disrupting Their SSI

One of the first questions clients ask when discussing a special needs trust is how the money can be used for the beneficiary.  It is crucial to be careful when making distributions for the benefit of the trust beneficiary.  This is particularly true if the beneficiary receives Supplemental Security Income (SSI) because any distribution could potentially violate Social Security’s rules regarding unearned income for SSI recipients. If a distribution runs afoul of these rules, the Social Security Administration will treat the distribution as unearned income on behalf of the beneficiary and reduce the beneficiary’s income dollar-for-dollar after the first $20 of the distribution.

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Crucial Component of Estate Planning: Standalone Retirement Trusts

For many Americans, the majority of our wealth is held in retirement accounts. When it comes to inheritance and estate planning, special considerations are necessary to ensure that these assets are protected and distributed according to your wishes. It is critical to have knowledge of all the options available for retirement asset transfer, in order to best serve your needs.

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Finding the Right Elder Law Attorney: Penalty Period Appropriate for Medicaid Applicant Who Did Not Show Past Pattern of Transfers

Seniors face complex legal concerns that are different from what they faced when they were younger.  Certain actions that you take may have unintended legal effects.  As a senior or someone who’s helping make decisions for a senior, it’s important that you work with an attorney who is knowledgeable in Elder Law.  You will want to hire the attorney who regularly handles matters in the area of concern in your particular case and who will know enough about the other fields to question whether the action being taken might be affected by laws in any of the other areas of law.  To avoid Substantial Avoidable Penalties, you should contact an experienced Elder Law attorney to address those issues.

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Home Modifications: Can the Trustee Pay?

Suitable housing is a critical issue for many clients with disabilities.  Frequently, the client’s disability requires modifications to their residence.  However, if the individual is the beneficiary of a special needs trust (SNT) and trust funds might be used to pay for modifications or repairs to a home that the beneficiary doesn’t own, things can get complicated.

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The Holidays Is a Great Time To Bring Families Together, Which Can Also Be a Good Time To Address Your Estate Planning Needs

Many of us labor a lifetime to build up our assets and fight for causes that matter to us. Few things are more fulfilling than the thought of sharing wealth and legacy with our family.

Of course, it’s impossible to plan for every eventuality, but careful planning can mitigate against the two primary risks.

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Federal Medicaid Law Preempts Less Restrictive State Regulation Regarding Annuities

The U.S. Court of Appeals for the Sixth Circuit rules that a case by the family of a Kentucky Medicaid recipient challenging the state’s adherence to federal law regarding spousal annuities rather than to a less restrictive state regulation is dismissed because federal law preempts the state regulation. Singleton v. Commenwealth of Kentucky (6th Cir., No. 16-5596, Dec. 6, 2016).

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Proposed Amendments to Increase the Benefits of the ABLE Act

The U.S. Senate Committee on Finance recently proposed enhancements to the Achieving a Better Life Experience (ABLE) Act which would increase the amount of money that can be contributed to ABLE accounts. However, advocate groups say the enhancements don’t go far enough.

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No Medicaid Penalty in Transfer of House to Daughter Who Paid Mortgage

When a loved one requires Medicaid there are many defenses that can be used to protect your family’s assets in given situations. Hiring a qualified Elder Law attorney is paramount to ensure you and your family receive the care they need while protecting assets.

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