Under the laws of most states, when you transfer your house to a child or anyone else, you enter into a Medicaid penalty period, barring your eligibility for Medicaid for a period of time. A way to avoid the penalty period is for the Medicaid applicant to transfer the house to a child considered to […]
06
Oct
Oct
A recent case in Illinois highlights the value of mediation in resolving estate-planning disputes. The case involved a successful family business created by Daniel and Mary O’Brien. The business, valued at $125 million as of 2013, included interests in hotels, a nursing home, a golf course, gas stations, fast-food franchises and warehouses. Most of the […]
05
Oct
Oct
Grandparents are regularly generous with grandchildren, sometimes giving significant amounts of money. Often they want to share their resources to leave a legacy. In some cases, their children or grandchildren are dealing with financial hardship. Grandparents might also believe that their kin shouldn’t have to wait for their inheritance. Grandparents commonly provided assistance paying for […]
03
Oct
Oct
So much is online these days, which means we have passwords for just about everything! This is great for ease of use, but it can present some challenges for your heirs should something happen to you. Even if you have a power of attorney in place, without passwords, it may be difficult for designated individuals […]
27
Sep
Sep
As people live longer and the cost of medical care increases, understanding the types of long term care available is important for families. It is both an emotional and financial decision that does not come easy. Below is an overview of the major types of long term care and what families should know about each. […]
27
Sep
Sep
Long term care is one of the most expensive costs that you may encounter later in life. For most, it creates a financial hardship and forces difficult decisions by family members. Understanding your options can help you better prepare now for potential future needs. Here are 5 ways to pay for long term care in […]
25
Sep
Sep
When we think of estate planning, we often think of the legal documents involved such as the will, trust, power of attorney, etc. However, good estate planning goes beyond that. When we pass, our families are often left to figure out a lot of things, even when an estate plan exists. Getting organized can help […]
09
Sep
Sep
Capital gains taxes are a major concern when selling a highly appreciated piece of real estate. The rules for capital gains are very different if you sell during your lifetime vs. if the property is sold after death. This is where your estate plan can help. “Can My Estate Plan Solve My Capital Gain Tax […]
09
Sep
Sep
In our previous blog post, we covered taxes on selling primary residences. Converting the use of a property can change your tax liability when it comes time to sell. Knowing the laws will help you maximize your investment and save significant money. This overview on taxes on selling primary residences converted to investment properties is […]
If you’re single with no kids, or married without kids, you have some unique estate planning needs. You’ll require special strategies for health care, emergencies and division of your estate. Plan for extra care costs. Growing older without a built-in support team may mean you’ll have extra expenses for care. You may need to hire […]