Will the New Administration Change Estate Tax or Stepped-Up Basis Rule?

Avoid Estate Tax with Local Estate Planning Attorney

While it remains unclear exactly what tax changes President Biden’s administration will usher in, a new administration usually means that tax code changes are coming.  Two possibilities are that the new administration will propose lowering the estate tax exemption and Read More …

Theft from Special Needs Trust. Consider Using a Professional Trustee.

Special Needs Trust Attorney Keeps Theft from Happening

A New Jersey man has been charged with stealing $330,000 from the special needs trust (SNT) of a man living in a long-term care facility.  The case highlights the importance of having a professional trustee manage a special needs trust. Read More …

What to Do with Stimulus Check if You’re in a Nursing Home or on Medicaid

Elder Law Attorney in Avon Ohio

As the second (and maybe third) round of stimulus checks go out, it is important to know that nursing home residents are not required to turn their checks over to their nursing home. And Medicaid recipients need to spend the Read More …

Prepare for Medicaid with These Estate Planning Tips

Medicaid Planning Attorney Westlake, Ohio

Long-term care involves not only a loss of personal autonomy; it also comes at a tremendous financial price. Proper long-term care planning can help your family prepare for the financial toll and protect assets for future generations. Long-term care can Read More …

What is Long-Term Care and Who Provides It?

Long-Term Care Planning Avon

Long-term care is the care you need if you can’t perform daily activities on your own for an extended period of time. There are a number of different ways that long-term care can be provided which are explained in our Read More …

Update Your Estate Plan when Moving to a New State.

Estate Planning Attorney Ohio Near Me

If you’re planning to move to another state, tell your estate planning attorney. There are a number of components making up your estate planning and long-term care planning that could be effected. Previous posts: Does My Living Will, or Advance Read More …

Maximize Life Insurance as an Estate Planning Tool

Life-Insurance-Estate-Planning

Life insurance can play a few key roles in an estate plan, depending on your age and situation in life. Because life insurance passes outside of probate, it can also provide heirs needed funds more quickly than assets passing through Read More …

Rise in Assisted Living Facility Costs Amid Pandemic

Long-Term Care Planning Attorney Near Me

All long-term care costs rose sharply in 2020, but assisted living facility costs increased the most, according to Genworth’s latest annual Cost of Care Survey. The across-the-board rises were due in part to increased costs brought on by the coronavirus Read More …

Three Estate Planning Documents to Create When Your Child Turns 18

power of attorney for 18-year-old

Once your child reaches the age of 18 the state considers your child to be an adult with the legal right to govern their own life. While your child is a minor you are entitled to access your child’s medical Read More …

IRS Long-Term Care Premium Deductibility Limits for 2021

Long Term Care Premium Tax Deductions

The Internal Revenue Service (IRS) has announced the amount taxpayers can deduct from their 2021 income as a result of buying long-term care insurance. Premiums for “qualified” long-term care insurance policies (see explanation below) are tax deductible to the extent Read More …

Ability to Take Early Withdrawals from Retirement Plan Without Penalty Expires Soon

Early Retirement Withdrawal

Those that are experiencing financial hardship due to the coronavirus pandemic, may want to consider withdrawing money from retirement accounts while they can still avoid a penalty. The special exemption allowing early withdrawals without a penalty ends soon. Passed in Read More …

2/11/2021: Estate Planning 101 Online with the North Ridgeville Library

Estate Planning Events Classes

Register now for our free event with the Lorain Public Library System. This is an event happening using Zoom, a video conferencing tool, so join from your home or wherever you are on Thursday, February 11th.  Event sponsored by the Read More …

Plan for a Small Increase in 2021 Medicare Premiums

2021 Medicare Premiums

Medicare premiums are set to rise a modest amount next year, but still cut into any Social Security gains. The basic monthly premium will increase $3.90, from $144.60 a month to $148.50. The Centers for Medicare and Medicaid Services (CMS) Read More …

What Can Go Wrong with Do-it-Yourself Estate Planning?

DIY Estate Planning Documents

Many websites offer customized, do-it-yourself wills and other estate planning documents.  Although such products are convenient, using them could create serious and expensive legal problems for heirs. These digital services appear to offer a cost-effective and easy alternative to visiting an Read More …