A new survey has found that motivated in part by the coronavirus pandemic, younger adults are now more likely to have a will than middle-aged adults. Nevertheless, the overall percentage of Americans with a will has dropped over the past several years.
While legally you may not need all-new estate planning documents if you move to a different state, you should have your documents reviewed by a local attorney in your new home.
In order to qualify for Medicaid, a nursing home resident’s income must not be above a certain level.
Medicaid law provides special protections for the spouses of Medicaid applicants to make sure the spouses have the minimum support needed to continue to live in the community.
The basic Medicaid rule for nursing home residents is that they must pay all of their income, minus certain deductions, to the nursing home.
In some states (called “income cap” states), Medicaid applicants who have excess income can qualify for Medicaid only if they put the excess in a special trust, called a “Miller” trust or a “Qualified Income Trust.
In order to be eligible for Medicaid benefits a nursing home resident may have no more than $2,000 in “countable” assets (the figure may be somewhat higher in some states).
The IRS has announced that the tax deduction for medical expenses includes amounts spent on face masks, sanitizer and other products purchased to prevent the spread of the coronavirus.
Netflix’s popular new movie, I Care a Lot, may be far-fetched in a lot of ways, but it does highlight some real weaknesses in the guardianship system. Fortunately, steps can be taken to avoid the guardianship system and the kind of nightmare the film portrays.