Keep the Cost of Long-Term Care from Depleting Your Estate
One of the greatest concerns of seniors and their families is the cost of long-term care, especially the cost of nursing home care. Long-term care refers to a range of services necessary to meet your personal needs. Most long-term care Read More ...
Sept. 8th – Free Estate Planning Seminar at Lorain County Library in Sheffield Lake
Register now for our free event with the Lorain Public Library System at the Domonkas Branch in Sheffield Lake. Seniors, join us for a series of programs designed specifically for you! Joseph Motta discusses why most estate plans fail to protect your Read More ...
Avoid the Estate Tax With an Irrevocable Life Insurance Trust
Wondering how to avoid, or reduce, the estate tax? With the federal estate tax exemption possibly about to be lowered, many find themselves thinking about steps they can take to pass as much wealth onto their heirs and keep their Read More ...
Protecting Your House from Medicaid Estate Recovery
After a Medicaid recipient dies, the state must attempt to recoup from his or her estate whatever benefits it paid for the recipient's care. This is called "estate recovery." For most Medicaid recipients, their house is the only asset available, Read More ...
Can You Name Minors as Your Beneficiaries?
Most people want to pass their assets to their children or grandchildren, so should you name a minor as your beneficiary? No. Naming a minor as a beneficiary can have unintended consequences. It is important to make a plan that Read More ...
Expanded Protections for Non-Borrowing Spouse of Reverse Mortgage Holders
This is our first post about reverse mortgages. If you have questions about how a reverse mortgage could fit into your estate planning, please contact us for a free consultation. New Protections for the Non-Borrowing Spouse of Reverse Mortgage The Read More ...
Dual Eligibility: Qualify for Both Medicare and Medicaid to Reduce Costs
Qualifying for Medicare hardly means free health care -- there are still premiums and deductibles. However, people who qualify for both Medicare and Medicaid (called “dual eligibility”) receive help paying their out-of-pocket costs. Medicare is a federal program available to Read More ...
Why Everyone Should Have an Estate Plan
Do you have a will? A durable power of attorney? A health care proxy? If so, no reason to read on. If not, why not? Failure to create an estate plan risks causing discord in your family for generations to Read More ...
Dangers of Using an Online Power of Attorney Form
A power of attorney is a very important estate planning tool. Power of attorney (POA) is a legal document in which you give someone else the authority to act on your behalf and most states will accept powers of attorney Read More ...
A Directed Trust: What is it and What Are Its Benefits?
Directed trusts can be a useful estate planning tool, allowing you to place your family’s assets in a trust but benefit from the expertise of an advisor who knows more about the handling of certain trust functions than you may. Read More ...
Estate Planning
Keep the Cost of Long-Term Care from Depleting Your Estate
One of the greatest concerns of seniors and their families is the cost of long-term care, especially the cost of nursing home care. Long-term care refers to a range of services necessary to meet your personal needs. Most long-term care Read More ...
Avoid the Estate Tax With an Irrevocable Life Insurance Trust
Wondering how to avoid, or reduce, the estate tax? With the federal estate tax exemption possibly about to be lowered, many find themselves thinking about steps they can take to pass as much wealth onto their heirs and keep their Read More ...
Protecting Your House from Medicaid Estate Recovery
After a Medicaid recipient dies, the state must attempt to recoup from his or her estate whatever benefits it paid for the recipient's care. This is called "estate recovery." For most Medicaid recipients, their house is the only asset available, Read More ...
Can You Name Minors as Your Beneficiaries?
Most people want to pass their assets to their children or grandchildren, so should you name a minor as your beneficiary? No. Naming a minor as a beneficiary can have unintended consequences. It is important to make a plan that Read More ...
Expanded Protections for Non-Borrowing Spouse of Reverse Mortgage Holders
This is our first post about reverse mortgages. If you have questions about how a reverse mortgage could fit into your estate planning, please contact us for a free consultation. New Protections for the Non-Borrowing Spouse of Reverse Mortgage The Read More ...
Why Everyone Should Have an Estate Plan
Do you have a will? A durable power of attorney? A health care proxy? If so, no reason to read on. If not, why not? Failure to create an estate plan risks causing discord in your family for generations to Read More ...
Dangers of Using an Online Power of Attorney Form
A power of attorney is a very important estate planning tool. Power of attorney (POA) is a legal document in which you give someone else the authority to act on your behalf and most states will accept powers of attorney Read More ...
A Directed Trust: What is it and What Are Its Benefits?
Directed trusts can be a useful estate planning tool, allowing you to place your family’s assets in a trust but benefit from the expertise of an advisor who knows more about the handling of certain trust functions than you may. Read More ...
Medicaid Planning: Beware of Non-Lawyers Offering Advice
In recent years a number of non-lawyers have started businesses offering Medicaid planning services to seniors. While using one of these services may be cheaper than hiring a lawyer, the overall costs may be far greater. If you use a Read More ...
Bill Reintroduced to Greatly Expand Eligibility for ABLE Accounts
More than six million people whose disabilities arose later in life will be able to open ABLE savings accounts if a bill just reintroduced in Congress, the ABLE Age Adjustment Act, becomes law. In 2014, Congress passed the Achieving a Better Life Experience (ABLE) Read More ...
Long Term Care Planning
Keep the Cost of Long-Term Care from Depleting Your Estate
One of the greatest concerns of seniors and their families is the cost of long-term care, especially the cost of nursing home care. Long-term care refers to a range of services necessary to meet your personal needs. Most long-term care Read More ...
Expanded Protections for Non-Borrowing Spouse of Reverse Mortgage Holders
This is our first post about reverse mortgages. If you have questions about how a reverse mortgage could fit into your estate planning, please contact us for a free consultation. New Protections for the Non-Borrowing Spouse of Reverse Mortgage The Read More ...
Dual Eligibility: Qualify for Both Medicare and Medicaid to Reduce Costs
Qualifying for Medicare hardly means free health care -- there are still premiums and deductibles. However, people who qualify for both Medicare and Medicaid (called “dual eligibility”) receive help paying their out-of-pocket costs. Medicare is a federal program available to Read More ...
Medicaid Planning: Beware of Non-Lawyers Offering Advice
In recent years a number of non-lawyers have started businesses offering Medicaid planning services to seniors. While using one of these services may be cheaper than hiring a lawyer, the overall costs may be far greater. If you use a Read More ...
Saying Medicaid Estate Recovery Keeps Families in Poverty, Groups Call to Abolish It
To qualify for Medicaid coverage of long-term care, you must satisfy very complicated financial eligibility rules—rules that often can be traps for the unwary. One of the most significant traps is Medicaid's right to recover its expenses from your estate Read More ...
Industry Group Reports 2021 Premiums for New Long-Term Care Insurance Policies
Prices of new long-term care insurance policies for 2021 have have been posted in the annual report from the American Association for Long-Term Care Insurance, an industry group. The price increases apply to new, not current policies. Comparing the 2021 prices with 2020 Read More ...
Don’t Wait Too Long to Purchase Long-Term Care Insurance
The older you get, the harder it is to qualify for long-term care insurance. If you are interested in buying this insurance, it is better to act sooner rather than later. Many people put off purchasing long-term care insurance until Read More ...
Who Should Buy Long-Term Care Insurance?
Buying long-term care insurance is one way to protect against the high cost of long-term care. However, this type of insurance may not be for everyone, so consider all your options. Long-term care – care in a nursing home or Read More ...
Why an Irrevocable Trust May Be Superior to Gifting
Parents and other family members who want to pass on assets during their lifetimes may be tempted to gift the assets. Although setting up an irrevocable trust lacks the simplicity of giving a gift, it may be a better way Read More ...
Advanced Planning for Long-Term Care Can Protect Assets from Medicaid
When most people think of long-term care or the "need to stay in a home," they think of it has a worst-case scenario as we approach end of life that entails losing one's independence and personal autonomy. Although that may Read More ...