Estate Planning for Parents of Children with Special Needs: Special Needs Trusts Estate planning is important for all families. It is especially important for those responsible for the care of someone with special needs. The cost of caring for someone with a severe disability can add up to millions of dollars over a person’s lifetime. […]
Help Your Loved Ones by Keeping a Record of Online Accounts and Passwords These days, we increasingly manage our financial and social lives online. Many of us pay our monthly utilities and credit card bills online as well as receive paperless bank statements. Much of our communication with friends and family is through email or […]
Understanding Trusts: Common Types of Trusts and How They Work Trusts are a common planning tool that can be used to allow one person to hold property for the benefit of another. There are different types of trusts with different benefits and drawbacks. In fact, there are so many different types of trusts that it […]
The Alzheimer’s Association Walk to End Alzheimer’s®On September 22, 2013, a team from Weatherby & Associates, PC participated in the Alzheimer’s Association Walk to End Alzheimer’s®. While we have worked with many clients and families impacted by this devastating illness, this was our first time participating in the Walk as a firm. Although it was […]
Long-Term Care Insurance Industry Reports Struggles Despite the potential benefits of long-term care insurance for many people, the long-term care insurance industry is facing significant challenges. Insurers have had to pay out higher than expected benefits. They have seen lower than expected returns on investments due to low interest rates. As a result, several major […]
It’s always difficult to lose a loved one, particularly a parent, spouse, or child. But the difficulty of the loss can be magnified if one believes that the lost family member left behind a will that should not be honored for some reason. The decision to challenge, or contest, a loved one’s will, should not […]
Stuck in the Middle: Planning Challenges for the Sandwich Generation If you have parents and children alive at the same time, you are part of the Sandwich Generation. This term describes the phenomenon of being “sandwiched” between elderly parents and dependent children. A 2012 survey conducted by the Pew Research Center found that 47% of […]
Post-DOMA Planning: IRS To Recognize Same-Sex Marriages For All Federal Tax Purposes Since the Supreme Court struck down Section 3 of the federal Defense of Marriage Act in June, federal agencies have begun updating regulations to conform to the decision. On August 29, the IRS and the Treasury Department issued Revenue Ruling 2013-17. This is […]
NEW LAW IN CONNECTICUT Transfers (Gifts) Can Lead to Being Sued by Nursing Homes The Connecticut legislature recently passed a new law concerning Medicaid eligibility which allows nursing homes an additional basis to sue to recover lost revenue because a resident, or their spouse or agent under a power of attorney, transferred his or her […]
Can Community Spouses ‘Just Say No:’? Connecticut Doctrine of Spousal Refusal Narrowed by U.S. District Court Often, a Medicaid applicant needing nursing home care will have a spouse who is able to continue living at home in the community (“Community Spouse”). There are strict income and asset guidelines regarding Medicaid eligibility when there is a […]