Elder Law and Estate Planning Attorney
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 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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
