Elder Law and Estate Planning Attorney
What is Mental Incapacity or Incapacitated? As we age, our likelihood of mental incapacity increases. After all, our bodies and minds deteriorate as we age. Mental incapacity could result from dementia, stroke, brain injury, or other illness. What is mental Read More …
Running a small business can keep you busy, but it should not keep you from creating an estate plan. Not having a plan in place can cause problems for your business and your family after you are gone. What Happens Read More …
Gifting assets to your grandchildren can do more than help your descendants get a good start in life — it can also reduce the size of your estate and the tax that will be due upon your death. Perhaps the simplest Read More …
If your spouse dies, you may have to decide whether or when to sell your house. There are some tax considerations that go into that decision. The biggest concern when selling property is capital gains taxes. A capital gain is Read More …
When loved ones pass away, there are lots of considerations, including what happens to their Social Security. The decedent’s payments need to be stopped, but survivor’s benefits may be available to the spouse or, in certain cases, children. Social Security Read More …
Being the executor of an estate can be a time-consuming job, depending on the size and complexity of the estate. While a simple estate can take a few months and not require a huge time commitment, if there are problems, Read More …
A Roth IRA does not have to be used as just a retirement plan; it can also be a way to transfer assets tax-free to the next generation. Unlike a traditional IRA, contributions to a Roth IRA are taxed, which Read More …
Long-term care costs climbed again in 2021, with rates for home health aides and homemakers seeing the sharpest rises, according to Genworth’s annual Cost of Care Survey. The coronavirus pandemic continues to contribute to cost increases. In the past year, Read More …
Acting as an agent under a power of attorney is a big responsibility and it isn’t something everyone can take on. It is possible to resign or refuse the position. There are two main types of powers of attorney – Read More …
Although the vast majority of Americans have estates that fall under the estate and gift tax exemption, the exemption is set to be cut in half in 2026. Proper planning may be necessary to make sure you are taking full Read More …
Not everyone wants to take the required minimum distributions from their retirement accounts right away. If you don’t want your distribution, one option is to donate it to charity and get a tax deduction. You are required to begin taking Read More …
The maximum amount that can be contributed each year to an ABLE account for a person with disabilities rose $1,000 to $16,000 on January 1, 2022. The figure, which is tied to the inflation-adjusted value of the IRS’s gift tax exclusion, had Read More …
If you have a child with disabilities, it is crucial to set money aside for the child’s future. At the same time, you need to consider your child’s access to public benefit programs such as Medicaid and Supplemental Security Income (SSI), Read More …
Medicaid applicants must prove that they have limited income and assets in order to be eligible for long-term care services. Before beginning the application process, it is helpful to understand what information you will be required to provide to prove Read More …
Long-term care involves not only a loss of personal autonomy; it also comes at a tremendous financial price. Proper planning can help your family prepare for the financial toll and protect assets for future generations. Long-term care can be very Read More …
Federal law requires the state to attempt to recover the long-term care benefits from a Medicaid recipient’s estate after the recipient’s death. If steps aren’t taken to protect the Medicaid recipient’s house, it may need to be sold to settle the claim. For Read More …
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 …
The amount you can gift to any one person without filing a gift tax form is increasing to $16,000 in 2022, the first increase since 2018. The federal estate tax exclusion is also climbing to more than $12 million per individual. Read More …
This month’s Northeast Ohio Boomer magazine features an article written by Joseph Motta. Understanding Long-Term Care 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 Read More …
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 …
