A special needs trust is a legal device that can be used to enhance the quality of life of a beneficiary who is challenged by a disability. Many people with special needs are enrolled in government benefit programs like Medicaid and Supplemental Security Income (SSI). You cannot maintain your eligibility for these need-based programs if your financial status significantly improves. A special needs trust can provide a solution. If a special needs trust is established for the benefit of a … [Read more...] about Can I Protect My Injury Settlement With a Special Needs Trust?
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Free Report: Does An Indiana Revocable Living Trust Provide Asset Protection
Though Medicaid is the solution of last resort for many, you do not automatically qualify for Medicaid coverage if you need long-term care as an elder. It is a need-based program, and you cannot qualify if you have countable assets that exceed $2000 in value. Topics covered in this report include: Paying for Long-Term CareHealthy Spouse & Medicaid Monthly Maintenance Needs Allowance Click here to read the whole article or download the PDF. … [Read more...] about Free Report: Does An Indiana Revocable Living Trust Provide Asset Protection
Elder Law FAQs: Should I Give My Home to My Child?
Nursing home asset protection is something that should be on your radar when you are looking ahead toward your elder years. If you were to consult with an elder law attorney, you would hear about the impact that long-term care costs can have on your financial legacy. Many people are surprised when they find out that Medicare does not pay for nursing home care. This is relevant even if you have been healthy throughout your life, because most seniors will someday need living assistance. In … [Read more...] about Elder Law FAQs: Should I Give My Home to My Child?
What Is Included in My Estate Plan?
The ideal estate plan will vary on a case-by-case basis. Different types of documents can be utilized, and what is right for one person will not be suitable for the next. Though estate planning is a personalized affair, there are some basic bases that everyone must cover. Let's look at the rudiments of a typical estate plan. Inheritance Distributions Clearly, when you devise your estate plan, you leave behind inheritances to your loved ones. You have options with regard to the legal … [Read more...] about What Is Included in My Estate Plan?
What Is a Self-Proving Will?
When you use a will as your asset transfer device, you name an executor or personal representative to handle the business of the estate after your passing. The executor cannot look at the instructions, follow them, and act independently. The will must be admitted to probate before the executor can distribute assets. During probate, the court determines the validity of the will. We practice law in the state of Indiana. For a will to be valid in our state, the testator must sign the will in the … [Read more...] about What Is a Self-Proving Will?
What Are the Gift Tax Exclusions?
They say that no good deed goes unpunished. Most people think that gift giving is a very good thing, but the tax man sees it as an opportunity to take his share. There is a federal gift tax in place, and you should be aware of this tax when you are making financial decisions. Fortunately, there are some gift tax exclusions that allow you to transfer a certain amount before the gift tax would become applicable. One of them is the annual per person gift tax exclusion. You can give up to $14,000 … [Read more...] about What Are the Gift Tax Exclusions?
Can Veterans Get Help With Long-Term Care Costs?
You should certainly be aware of the impact of long-term care costs when you are creating a retirement budget. It is natural to assume that your health care basics will be covered by Medicare, but in fact, this program does not pay for long-term care. Since living assistance is very expensive, this lack of coverage presents a significant challenge. There are steps that you can take to respond, and you would do well to discuss your options with an elder law attorney so that you can be properly … [Read more...] about Can Veterans Get Help With Long-Term Care Costs?
Can a Living Trust Provide Spendthrift Protections?
A living trust is an estate planning device that you should explore when you are devising your estate plan. There are numerous different advantages that these trusts provide, and one of them is the ability to leave behind specific instructions that the trustee must follow after your passing. Spendthrift Protections You may not feel comfortable about leaving direct, lump sum inheritances to people in your family who are not good money managers. If your spendthrift heirs were to burn through … [Read more...] about Can a Living Trust Provide Spendthrift Protections?
Elder Law FAQs: Does the Nursing Home Get Half of My Assets?
Elder law attorneys answer questions that people have about nursing home asset protection. You should definitely seek out legal counsel if you have concerns, because there are misconceptions out there. If you listen to the rumors that circulate, you may come away with misinformation. First off, we should point out the fact that Medicare does not pay for long-term care. If you were to enter a nursing home without making any preparations in advance to protect your assets, you would be entering … [Read more...] about Elder Law FAQs: Does the Nursing Home Get Half of My Assets?
Do You Have to Impoverish Yourself to Qualify for Indianapolis Medicaid
Do You Have to Impoverish Yourself to Qualify for Indianapolis Medicaid from Paul Kraft Medicaid is a government health insurance program that will pay for long-term care.Learn more about Do You Have to Impoverish Yourself to Qualify for Indianapolis Medicaid in this presentation. … [Read more...] about Do You Have to Impoverish Yourself to Qualify for Indianapolis Medicaid
