Tax Planning Question: When several siblings are heirs to a parent’s estate, who pays the capital gains tax when the home is sold? Does each heir pay on his or her portion of the proceeds or are taxes paid from the estate before funds are distributed? Answer:...
Assisted living facilities are a housing option for people who can still live independently but who need some assistance. Costs can range from $2,000 to more than $6,000 a month, depending on location. Medicare won’t pay for this type of care, but Medicaid...
If you are single, you may not think you need to plan your estate, but single people are in as much need of a plan as anyone else. Estate planning not only involves determining where your assets will go when you die — it also helps you plan for what will happen...
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 advantage of...
When you need someone else to care for money or property on your behalf, that person (or organization) is called a fiduciary. A fiduciary is a person or entity entrusted with the power to act for someone else, and this power comes with the legal obligation to act for...
Question: My mom needs Medicaid for a possible future stay in a nursing home. She has not given any of her children power of attorney, and she refuses to sign anything, including any Medicaid application papers. Is there any way to apply for her without her signature?...
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 after you die....
Vaccines can become less effective over time. Even individuals fully vaccinated as children may need to update their immunizations. Medicare Parts B and D offer vaccination coverage. Medicare Part B covers shots for the flu, hepatitis B, pneumococcal (pneumonia), and...
Anyone who gifted assets within five years of applying for Medicaid may be subject to a penalty period, but that penalty can be reduced or eliminated if the assets are returned. In order to be eligible for Medicaid, you cannot have recently transferred assets....
The Centers for Medicare and Medicaid Services (CMS) has released its Spousal Impoverishment Standards for 2022. The spousal impoverishment thresholds will increase 5.4 percent over 2021’s figures. The official spousal impoverishment allowances for 2022 are as...
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