Imagine building tens of millions of dollars in wealth and leaving no instructions about who should inherit it. That’s exactly what happened in the case of Roman Blum, a Holocaust survivor and successful real estate developer from New York. When Blum passed away in 2012, he left behind an estate worth approximately $40 million. Surprisingly, … [Read More]
What Assets Can You Keep and Still Qualify for Medicaid?
Qualifying for Medicaid to cover nursing home or other long-term custodial care costs doesn’t mean giving up everything you own. Connecticut Medicaid distinguishes carefully between countable assets, which must be spent down before you can qualify, and exempt assets, which you’re allowed to keep. Understanding that distinction is the foundation of smart long-term care planning. … [Read More]
Can Medicaid Take Your IRA?
Estate planning, when done correctly, will accomplish considerably more than just creating a blueprint for the distribution of your assets after you are gone. It will also protect those assets while you are still here as well as after your death. One of the biggest potential threats to your assets is probably one you haven’t … [Read More]
What Are the Drawbacks of Probate?
Probate is the legal process through which a deceased person’s estate is settled. While it serves a purpose, probate comes with significant drawbacks that can create challenges for your loved ones. This blog will explore the drawbacks of probate and explain how creating a living trust can help you sidestep these complications. The Key Drawbacks … [Read More]
What Happens When an Estate Lacks Sufficient Liquid Assets to Pay Claims?
At some point during your life, you will likely be intimately involved in the probate of an estate, making it beneficial to learn as much about the process as possible. Knowledge about the probate process is also beneficial when you are creating your own estate plan. Careful planning, for example, can help your estate avoid … [Read More]
Digital Estate Planning in the AI Age: Key Considerations
Most people think of estate planning as a process that accounts for houses, bank accounts, retirement funds, and personal property. The financial and legal picture has always been more complicated than that, but it has never been more complicated than it is right now. Artificial intelligence tools, cloud-based accounts, cryptocurrency, and monetized digital content have … [Read More]
Do Your Assets Affect Connecticut Medicaid Eligibility?
Connecticut Medicaid eligibility is determined by many different factors. One of those factors, which often creates problems for seniors, is the amount of assets you have. Medicaid is supposed to provide medical care for the needy. In assessing whether or not someone is needy, the government does not just look at income- they also look … [Read More]
How to Avoid Adult Guardianship Through Proper Planning
No one expects to lose the ability to make decisions for themselves. But illness, injury, and cognitive decline can happen at any age. When they do, and no plan is in place, a court may step in to appoint a guardian to manage your affairs. Understanding how to avoid adult guardianship is one of the … [Read More]
What Can You Do If You Don’t Want To Be Kept Alive on a Machine?
Connecticut elder law attorneys help seniors to address issues that are most important to them as they plan for their future. While you may want to focus on making plans for a happy and secure retirement and considering how to achieve other positive goals, it is also essential that you plan ahead in case disaster … [Read More]
Be Aware of the Medicaid Caregiver Child Exemption
In this post, we will explain the Medicaid caregiver child exemption. But first, it is important to understand why this might be pertinent to you and your family’s circumstances. Medicare Gap At the age of 65, if you have contributed sufficiently to the Medicare program, it will become your primary health insurance. Despite its benefits, … [Read More]
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