Have you ever heard of state “filial responsibility” laws? Although rarely enforced, 29 different states have laws that require children to provide financial support to their indigent parents under certain circumstances. In the context of long term care, those statutes could potentially result in adult children being liable for their parents’ sizable nursing home and […]
Many families are hesitant to discuss financial affairs together. Parents do not necessarily want their children to know how much or exactly what they have. Some do not want their loved ones to know exactly how they plan to dispose of their assets when they die. However, what we strongly recommend for each and every […]
While most marriages are entered into with a great deal of bliss and optimism, nonetheless many of those marriages end in divorce. From an estate planning perspective, it always prudent for a marrying couple to enter into a prenuptial agreement that proactively addresses spousal support requirements and division of assets as well as in the […]
Springtime often creates a drive to clean out your home, your desk, your car and just about everything that physically and emotionally constitutes ‘clutter’ in life. In some cases, projects can be completed more effectively when help is enlisted. Professional organizing is a growing industry which aims to serve a multitude of populations, but can […]
When discussing estate planning with our clients, we always explain the need to prepare for the possibility of requiring long-term care, and the daunting costs of such care. As Americans are living longer, more and more of us are spending a significant portion of our later life in a long-term care facility. These facilities are […]
Adult children with elderly parents often report to our firm that their concerns about their parents significantly increased following an accident at home. After a trip to the emergency room and sometimes also a short-term rehabilitation center, children observe a decline in their loved one that requires changes going forward. Taking a closer look at […]
Medicare prescription drug plans can change which drugs they cover, leaving you without coverage for a drug you need. Or you may switch plans into a plan that doesn’t cover your medication. In these circumstances, Medicare drug plans are required to offer you a 30-day transition supply of the drug you were taking. All Medicare […]
Many of our small business owner clients enjoy having their children or other family members work with them in the business, and their “exit plan” relies heavily on transferring responsibility for running the business to those family members. Frequently, however, these plans are made with the best of intentions but not properly documented and memorialized, […]
Planning for retirement and deciding whether to buy long-term care insurance would be a lot easier if you knew your odds of needing long-term care, as well as at what age and for how long. Unfortunately, there’s no definite answer. On the other hand, some statistics do provide a bit of guidance. The Numbers In […]
Quite often when counseling clients we must stress the importance of documenting things in writing. One of the planning contexts where that is crucial is in the area of Medicaid eligibility. Specifically, while it usually fairly straightforward to present sufficient evidence that the amount of a claimant’s countable assets are low enough to qualify, it […]