Passing assets to your grandchildren can be a great way to ensure their future is provided for, and a generation-skipping trust can help you accomplish this goal while reducing estate taxes and also providing for your children.
Do you have a will? A durable power of attorney? A health care proxy? If not, why not? Failure to create an estate plan risks causing discord in your family for generations to come.
A recent court case involving a power of attorney demonstrates the problem with using online estate planning forms instead of hiring an attorney who can make sure your documents are tailored to your needs.
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.