What Are a Special Needs Trustee’s Record-Keeping Duties?
One of the most important roles in a special needs plan is that of trustee, the person who administers a special needs trust (SNT). Of a trustee’s many responsibilities, record-keeping is perhaps the most crucial. Because the trustee is managing accounts on behalf Read More ...
Medicare Premiums to Increase Dramatically in 2022
Medicare premiums are rising sharply next year, cutting into the large Social Security cost-of-living increase. The basic monthly premium will jump 15.5 percent, or $21.60, from $148.50 to $170.10 a month. The Centers for Medicare and Medicaid Services (CMS) announced Read More ...
Why You May Need a Trust in Addition to a Power of Attorney
While everyone should have a durable power of attorney that appoints someone to act for them if they become incapacitated, in some circumstances it is not enough. In these cases, a revocable trust can help. A durable power of attorney Read More ...
What is the Difference Between Elder Law and Estate Planning?
Elder law and estate planning serve two different -- but equally vital -- functions. The main difference is that elder law is focused on preserving your assets during your lifetime, while estate planning concentrates on what happens to your assets Read More ...
IRS Issues Long-Term Care Premium Deductibility Limits for 2022
The Internal Revenue Service (IRS) has announced the amounts taxpayers of different ages can deduct from their 2022 income as a result of buying long-term care insurance, and the figures are almost the same as in 2021. Many types of Read More ...
Medicare’s Limited Nursing Home Coverage
Many people believe that Medicare covers nursing home stays. In fact Medicare's coverage of nursing home care is quite limited. Medicare covers up to 100 days of "skilled nursing care" per illness, but there are a number of requirements that Read More ...
How to Use Intrafamily Loans as Part of Your Estate Plan
When interest rates are low, intrafamily loans can be a good way to assist a relative (typically a child) with purchasing a house or a family business, and in certain circumstances they can be used to gift money to the Read More ...
Who Makes Health Care Decisions If You Can’t?
Being able to make health care decisions for ourselves is so important to us, but what happens if you become incapacitated and are unable to voice your opinion? If you don’t have a health care power of attorney or guardian Read More ...
Lock in the Current Estate Tax Exemption to Benefit Your Spouse
With the fate of the estate tax exemption uncertain, you may want to use the current large exemption to transfer assets to a trust to benefit your spouse. A spousal lifetime access trust (SLAT) can help transfer assets outside of Read More ...
In 2022, Social Security Disability Recipients Will See the Biggest Increase in Four Decades
The year was 1983: The U.S. invaded Grenada. A gallon of gas cost 96 cents. Michael Jackson’s "Thriller" video premiered. That year was also the last time that recipients of Social Security disability benefits saw a cost-of-living increase steeper than the Read More ...
“New and Improved” Tax Deductions for Parents of Children with Special Needs
Unique tax benefits are available to families who have children with special needs. And thanks to recent changes in the tax code, there are opportunities to save substantial amounts of money at tax time. Thomas M. Brinker, Jr., a professor of accounting Read More ...
What It Means to Need ‘Nursing Home Level of Care’ for Medicaid Eligibility
When applying for Medicaid’s long-term care coverage, in addition to the strict income and asset limits, you must demonstrate that you need a level care typically provided in a nursing home. Whether you are applying for nursing home coverage or Read More ...
In 2022, Social Security Beneficiaries Will See the Biggest Increase in 39 Years
The year was 1983: The U.S. invaded Granada. A gallon of gas cost 96 cents. Michael Jackson’s ‘Thriller’ video premiered. That year was also the last time that Social Security recipients saw a cost-of-living increase steeper than the one just Read More ...
Social Security Shortfalls Are Predicted to Begin a Year Earlier Due to the Pandemic
The Social Security trustees are projecting that due to the economic downturn caused by the pandemic the Social Security trust fund will be depleted in 2033 -- one year earlier than the previous estimates. Once the fund is depleted, Social Read More ...
Watch Out for These Potential Problems with Life Estates
Life estates can be an excellent tool for Medicaid planning, probate avoidance and tax efficiency, but there are potential problems to look out for. Knowing the implications and risks of a life estate is essential in determining whether it is Read More ...
Better Than No Loaf: Medicaid Planning Using “Half a Loaf” Strategies
While it is preferable to conduct long-term care planning well in advance of needing care, if you haven’t planned ahead, there are some strategies available to avoid spending all your assets. Three so-called "half a loaf" approaches allow a Medicaid Read More ...
Medicaid’s Attempt to Ensure the Healthy Spouse Has Enough Income: The MMMNA
When most of a couple's income is in the name of the spouse who is receiving Medicaid, the spouse remaining in the community may wonder what he or she will live on. Medicaid has created some protections for the community spouse. Read More ...
Nov. 4th – Lorain County Chamber of Commerce Business Expo
Come meet Joseph L. Motta on Thursday, November 4th, 2021, at the Lorain County Chamber of Commerce Business Expo from 3:30pm-6:30pm. The aim of the EXPO is simple- to provide exhibitors and attendees an opportunity to network, collaborate, learn about Read More ...
The Perils and Pitfalls of Do-It-Yourself Special Needs Planning
Among the costs of caring for a dependent with special needs are the fees for professional advice. Some families are tempted to save on these costs by setting up a plan on their own. This can be attractive because so Read More ...
Are Your Estate Planning Documents Safe from Disasters?
It’s an unfortunate reality that with the increasing number of natural disasters across the country, including fires, floods, and hurricanes, the chance that you could lose your house and possessions has become more likely. In the event of such a Read More ...
Medicare Open Enrollment: Review Your Choices
Every year Medicare gives beneficiaries a window of opportunity to shop around and determine if their current Medicare plan is still the best one for them. During Medicare's Open Enrollment Period, which runs from October 15 to December 7, beneficiaries Read More ...
Is it Likely You, or a Loved One, Will be Financially Scammed?
All older Americans are vulnerable to financial abuse, but there are certain circumstances that make someone more likely to be scammed. An online survey can help older adults (or their caregivers) assess their risk of being exploited based on how they Read More ...
New Advice: Consider Leaving an IRA to a Special Needs Trust.
The SECURE Act, passed at the end of 2019, changed a number of rules regarding inherited IRAs, making it more difficult for most beneficiaries to save on taxes by "stretching" distributions over many years. (Read our post, SECURE Act Increases Tax Read More ...
Consider Getting Long-Term Care Insurance Before it Isn’t Offered
With nursing home care in some parts of the country costing as much as $10,000 a month, a long-term need for care can deplete even the best-planned estate. As a result, many seniors buy long-term care insurance to cover this Read More ...
New Tax Proposals Mean Some Should Review Their Estate Plans
A number of tax proposals being considered in Congress could significantly affect gifting and estate plans for those with larger estates -- over $3.5 million. If you're in that category, you might want to meet with your estate planner to take Read More ...
Preserving the Family Vacation Home for Generations to Come
Summer is winding down and if you are one of the lucky ones, you got to spend some time at a family vacation home. How do you make sure your children and grandchildren can enjoy that second home as much Read More ...
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 ...
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 ...
July 16th, 6 – 9PM at the Lake Erie Crushers Game in Avon, OH
Do you love local baseball as much as Joe? Take advantage of the opportunity to enjoy a wonderful night with the family watching baseball at the Lake Erie Crushers stadium in Avon on July 16th and stop by Joe's table. Read More ...
North Coast Business Expo Thurs., July 15th 3-5:00 PM in Avon Lake
The City of Avon Lake, in cooperation with the North Coast Chamber of Commerce, has announced the return of the 8th annual North Coast Business Expo on Thursday, July 15 from 3:00 p.m. to 5:00 p.m. at Ahern's Banquet Center, 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 ...
Legacy Newsletters
We mail print versions of newsletters a few times a year. Contact us to get on the mailing list.
Spring 2018 Legacy Newsletter
Download a copy of :The Legacy Advisor Spring 2018 IRAs and other tax-deferred retirement accounts allow your savings to grow tax free until you start withdrawing funds. Any distributions you take from a retirement account (with the exception of Roth Read More ...
Winter 2017 Legacy Newsletter
Download a copy of The Legacy Advisor Winter 2017 A Gift for you, a Gift for Your Family Featured Guest Article by Loretta Heindrichs – Personal Historian and Legacy Advisor, www.KeepsakeVM.com As maturity creeps up on us, we begin to see the Read More ...
Summer 2017 Legacy Newsletter
Download a copy of The Legacy Advisor Summer 2017 Planning Ahead, Featured Guest Article by Julie Graf Skinner – Funeral Planning Specialist, Funeral Director, Busch Funeral and Crematory Services We exert a great deal of energy in effort to protect our loved Read More ...