Planning for a Loved One with Special Needs In general, a trust is a legal device whereby property of some sort (real estate, cash, tangible personal property, etc.) is managed by a person, termed the Trustee, for the benefit of certain other people, termed the beneficiaries. A special needs trust, also called a “supplemental needs […]
Successor Trustee Meeting May 2014 On May 31, 2014 we held our annual Successor Trustee Meeting. More than 80 of our clients and their family members attended! We were delighted to see such a crowd, and even more delighted to spend some time chatting with many of you and answering your questions. We began […]
Preserving Wealth Over Generations Several common sayings refer to the phenomenon of losing inherited wealth. One is “shirtsleeves to shirtsleeves in three generations.” Another is “the first generation makes it, the second spends it, and the third blows it.” These sayings are supported by numbers. According to a recent article in the Wall Street Journal, […]
The Consequences of Life Estates A life estate is a form of ownership in which property owners transfer ownership in their property, most commonly their home, while retaining the right to use and occupy it for the remainder of their lives. This type of ownership is used to avoid probate of the property and also […]
Signing Nursing Home Admission Agreements As A Responsible Party When a person is admitted to a nursing home, it is often a family member who manages the details of the move. If you are managing a loved one’s transition into a nursing home, you will likely be asked to sign a nursing home admission agreement […]
In order to prepare your estate plan, you need to know that your assets can be put into two categories: probate and non-probate assets. Once you understand the difference between these two types of assets, you will be able to make informed decisions about how you wish to distribute your property to your loved ones.Probate […]
One of the benefits of a Revocable Living Trust is that it can be updated when necessary. You may want to update your trust to comply with new laws or to reflect changes in your wishes or your life circumstances. In order to take advantage of this benefit, you should review your trust periodically to see if […]
Identifying and Avoiding Caregiver Burnout Many of our clients are caring for or being cared for by a loved one. More than 65 million Americans care for family members who need assistance due to chronic conditions, disabilities, disease, or the frailties of old age. These millions of family caregivers may include spouses, parents, or children […]
The End of the Medicare “Improvement Standard” For decades, home-health care agencies and nursing homes have terminated Medicare coverage if patients did not show improvement. This policy was referred to as the Medicare “Improvement Standard.” Nothing in the Medicare regulations stated that improvement was required for continuing coverage. However, the Improvement Standard was regularly applied […]
Planning for Pets: Why a Will Won’t Ensure Your Furry and Feathered Loved Ones Are Taken Care Of According to a recent survey by the American Pet Products Association, 68% of U.S. households include at least one pet. Those of us with pets often think of them as members of the family. However, pets usually […]