When the inhabitants of Gilligan’s Island went out for their three-hour tour aboard the S. S. Minnow, chances are they were not prepared for what was about to befall them. Of course, Thurston and Eunice “Lovey” Howell (being the money-savvy individuals they were) probably had a comprehensive estate plan, complete with a Revocable Living Trust. But what about the rest of them? If they had never been rescued—or worse yet, died at sea—would Mary Ann’s family be stuck in probate court attempting to … [Read more...]
What You Need to Know about Medicaid Estate Recovery
The longer you live, the greater the odds are that you, or a spouse, will need long-term nursing home care. To cover the cost of that care, you may find yourself turning to Medicaid for help. You may have heard, however, that in order to qualify for Medicaid you need to sell your home and use the proceeds to cover expenses first. Someone else may have told you that you can probably avoid selling your home when you apply for Medicaid; however, the state will take it after your death as … [Read more...]
Could Deficit Reduction Take Your Life Savings?
The Federal government enacted the “Deficit Reduction Act” which changed the rules for qualifying for Medicaid. Medicaid is the needs tested program which pays for health care that Medicare and private insurers will not pay for, specifically, custodial care. Such care can cost $50,000 or more per year. However, to qualify for Medicaid, you cannot have over $2,000 in assets. The law makes it much more difficult to qualify for Medicaid benefits. Under both the old and the new laws, … [Read more...]
Keeping Your Vacation Home in the Family
Vacation homes hold a special place in our hearts. Everyone with a vacation home in the family has memories of special times shared with family and friends. Summer weekends and holidays at the lake or mountain home give a rare chance for families and friends to bond without the distractions of the outside world. But, without careful planning, the vacation home can tear families apart after the passing of the parents. That’s what happened to the Jackson family. Bob and Jean had purchased a … [Read more...]
Are You Competent to Do Estate Planning?
Americans today are living longer and longer. However, this can be a double-edged sword. An increasing number of Americans are living long enough to suffer from mental incapacity. Over 4 million Americans suffer from Alzheimer’s Disease alone. In fact, according to the National Institute on Aging, half of those over age 85 have Alzheimer’s Disease. Of course, Alzheimer’s is only one cause for mental incapacity. How do you tell if someone has mental … [Read more...]
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