As much as we prefer not to think about it, as we age, so do our parents. The one day you wake up and realize that your parents are elderly. A difficult as that may be to accept on an emotional level, it is imperative to accept it because there are likely some pragmatic concerns that will eventually become an issue as a result of your parents’ aging. One of the most difficult of these issues may be the need to move a parent to nursing home care. Few adult children relish having a conversation … [Read more...]
Garden City Elder Law Attorneys Explain SSI and SSDI
At some point during the course of your lifetime, you may find yourself unable to work as a result of mental and/or physical disability. The sudden, or even gradual, loss of the ability to work can have a devastating impact on you and your family, particularly if your income is a significant contributor to the family finances. The good news is that there are two federal assistance programs that may be able to help. The Garden City elder law attorneys explain the similarities and differences … [Read more...]
Medicaid Attorneys Explain When a Waiting Period May Be Imposed
Like many people, you may well into your retirement years before you have a need to qualify for Medicaid. That need may arise as a result of the need for long-term care (LTC) and the corresponding cost of that care. If you fail to plan ahead by including Medicaid planning in your overall estate plan, you could find yourself facing the loss of valuable assets. If you don’t know the Medicaid eligibility rules you could also find yourself facing a waiting period imposed by Medicaid during which … [Read more...]
New Tax Law May Affect State Income Tax, Too!
The new tax law has many impacts on state income taxes in 2018. The law limits the deductibility of state income taxes for federal purposes. It also raises the federal standard deduction amount. However, taxpayers should consider the impact on their state income tax of the decisions they make to minimize their federal taxes. This article examines why. New Tax Law May Affect State Income Tax, Too! … [Read more...]
Planning for Retirement Plans and IRAs: Asset Protection
Perhaps the largest part of most Americans’ wealth is in their qualified plan or IRA. Planning for these assets is one of the most important parts of the estate plan, for many reasons. This article will discuss the asset protection of such plans and how a trust may be used to provide asset protection. Planning for Retirement Plans and IRAs: Asset Protection … [Read more...]
Sager Family Shows Perils of Blended Families
Blended families require special planning. Communication of those plans is key to keep frictions to a minimum. This story examines the controversy in the family of sports reporter Craig Sager, who died in December 2016. Sager Family Shows Perils of Blended Families … [Read more...]
Planning for Retirement Plans and IRAs: Beneficiary Designation
Perhaps the largest part of most Americans’ wealth is in their qualified plan or IRA. Planning for these assets is one of the most important parts of the estate plan, for many reasons. This article will discuss the importance of beneficiary designations. Planning for Retirement Plans and IRAs: Beneficiary Designation … [Read more...]
How Probate Attorneys Can Help an Executor
When a loved one passes away, family and friends tend to gather together and share their mutual grief and loss. As a general rule, the last thing people want to think about at this time are the legalities involved in a death. Someone, however, must focus on the decedent’s estate and on the probate of that estate. If your loved one named you as the Executor of his/her Last Will and Testament it means that person is you. Because probate can be a complex and time-consuming undertaking, most … [Read more...]
Estate Planning Attorneys Discuss After-Born Children
For most people, one of the primary reasons for creating an estate plan is to ensure that loved ones, such as a spouse and children, are provided for in the event of their death. If providing for your children is at the top of your motives for creating an estate plan, have you considered where after-born children fit into that plan? At one time, the issue of after-born children was relatively easy to explain and even easier to incorporate into an estate plan. In the 21st century, however, it is … [Read more...]
Harrison Medicaid Attorneys Uncover Top 5 Medicaid Myths
Most people are at least vaguely familiar with Medicaid, the federal program that provides healthcare benefits to low-income individuals and families. Unless you have ever needed the benefits offered by Medicaid, however, you probably don’t know as much as you need to know about the program. Like a significant percentage of seniors, you may find that you, or a spouse, will need to rely on the benefits offered by Medicaid at some point during your “Golden Years” if you end up in long-term care … [Read more...]
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