Who says you can’t save more than the “maximum”? This case illustrates how you can protect more assets than the “maximum” pursuant to long-term care Medicaid rules.
FACTS:
Wife, 70, has dementia and needs long-term care. She has no long-term
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Three Reasons Why Revocable Living Trusts Should Not Be Used For Long-term Care Medicaid
Revocable living trusts are useful in estate planning for many different reasons (avoidance of probate, privacy, quick transition of an on-going business, etc.) but there are only limited situations when they are helpful in planning for long-term care Medicaid which…
Nine Exceptions To Lender Forcing Payment Or Foreclosing On Your Home When You Make A Transfer
Whenever you borrow from a bank or other lender to purchase residential real estate or borrow against the equity, it is typical that there is a “due-on-sale” clause in your deed of trust or mortgage. This gives the lender the…
‘Til Death Do Us Part – And Then My Marriage Can Be Voided
You have probably heard stories when someone who is very old marries their caretaker or someone significantly younger (do you remember Anna Nicole Smith?) – especially when the older “spouse” has significant assets. However, you probably are not aware that…
What Do Jerry Jones, Charley Pride And Charles Manson Have In Common?
Last month a lawsuit was filed against Jerry Jones to determine if Jones is the father of a child (Alexandra Davis) who was not born of Jones’ marriage to his wife.
Last year a will contest was filed against the…
Nine Different Types Of Wills
There are certain requirements for a last will and testament to be valid in Texas including: (1) being of sound mind; (2) being the age of majority (or married or a member of the armed forces of the U.S.); (3)…
Five Significant Provisions Under Secure Act 2.0 That Changes Retirement Planning
On March 29, 2022, the House of Representatives passed (with almost unanimous bipartisan support) a bill (commonly referred to as SECURE Act 2.0) that builds on the SECURE Act that was passed a couple of years ago. The bill (which…
Avoid “Tales From The Crypt” – Estate Planning With Cryptocurrency
Cryptocurrency (digital currency such as Bitcoin) is on the rise in the U.S. which causes a need for additional planning not previously contemplated by estate planners. Records are kept by blockchain (not by the government) and purchased on exchanges such…
Eight Circumstances To Leave Assets In A Trust For Your Beneficiary
Instead of your beneficiary inheriting outright, below are eight situations whereby you may want a trust for various protection:
If your beneficiary is a minor, then the beneficiary…
Ira Beneficiary Income Tax Planning
IRAs grow tax-deferred until you make a withdrawal. At the time of withdrawal, you are income taxed on the withdrawal. When you pass, beneficiaries are also income taxed when they withdraw from the IRA. Prior to the SECURE ACT (which…