Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys There has long been a misconception that nursing homes and Medicaid planning are on opposing sides of the proverbial fence. That misconception is starting to change as many nursing homes begin to realize that Medicaid planning actually helps ensure that patients qualify for Medicaid. In turn this ensures that the patient’s financial obligation to the nursing home is covered. Without Medicaid planning, a … [Read more...] about A Nursing Home’s Take on the Need for Medicaid Planning

Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys At some point during your retirement years there is a very good chance you (and/or your spouse) will need long-term care. There is also a good chance that you will need to qualify for Medicaid benefits in order to cover the high cost of that care. Qualifying for Medicaid can be a complicated process given the complex eligibility guidelines. The asset transfer rules, in particular, are a source of much … [Read more...] about Medicaid Gifts to Children

Gifting to Benefit Minor Children  Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys Each year, the IRS excludes from the gift tax certain gifts, including: Gifts to a U.S. citizen spouse; Gifts up to $14,000 annually to any individual; and Direct payments to an educational provider for tuition or to a medical provider for medical care When it comes to your minor children, grandchildren, or other important minors in your life, a few … [Read more...] about Gifting to Benefit Minor Children

Preparing for Your First Estate Planning Consultation  Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys You’ve made the decision to focus on your estate plan. It’s an important time and you’re not quite sure what to expect before meeting with an estate planning attorney. Odds are, it’s not nearly as overwhelming as you’re anticipating. There are a few things you can do to ensure you’re well-prepared for your first estate planning … [Read more...] about Preparing for Your First Estate Planning Consultation

Estate Planning Lessons – Wesley Snipes and the “Pure Trust” Argument  Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys You have likely heard the old adage “The only sure things in life are death and taxes.” In the United States, the adage certainly applies. Without a doubt, most Americans pay their share of taxes. Americans also like to find creative ways to reduce their tax burden. Using legitimate tax reduction strategies is perfectly legal; … [Read more...] about Estate Planning Lessons – Wesley Snipes and the “Pure Trust” Argument

Passing Down the Family Farm or Ranch  Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys Family-owned farms and ranches were once the backbone of the American economy. Just a century ago those farms and ranches were still going strong throughout the U.S. Over the last few decades of the 20th century, however, most family-owned farms and ranches struggled to survive, much less compete with corporate farming and ranching. However, in recent years, small … [Read more...] about Passing Down the Family Farm or Ranch

Taking Care of Your Spouse After You Are Gone Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys Family often ends up providing the bulk of care to those who suffer from incapacitating illnesses and injuries, with the AARP’s Public Policy Institute estimating that one in five family caregivers is a spouse. These spousal caregivers provide assistance with things like medical and nursing care, wound care and medication management. For example, there are more … [Read more...] about Taking Care of Your Spouse After You Are Gone

Redskins Owner’s Estate Goes Into Overtime – Lessons from Jack Kent Cooke’s Estate  Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys Jack Kent Cooke is widely regarded as the greatest owner in the history of professional sports. He was also well known for his attention to detail and uncanny business acumen.. When it came time to create his own estate plan, however, he left much to be desired. Although you may never own a professional sports team or the … [Read more...] about Redskins Owner’s Estate Goes Into Overtime – Lessons from Jack Kent Cooke’s Estate

Picking up the Pieces After Divorce Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys Consider all the planning a couple may do during the course of their lives: purchasing a home, building a business, starting a family – the list is endless. However, no one plans for a break-up. So what happens when there’s no longer a “happily ever after?” What will our finances, our emotions and even our future look like on the other side of divorce? Not only must we … [Read more...] about Picking up the Pieces After Divorce

How to Lend a Hand and Save Taxes  Compliments of Our Law Firm, Written By: The American Academy of Estate Planning Attorneys With the proliferation of 24-hour news, it seems impossible to turn on the television, chat on social media, or pick up a newspaper without hearing about yet another natural disaster that has left people hurt, hungry, homeless, or worse. Whether the cause is a tsunami in Indonesia, a deadly disease epidemic in Africa, or a hurricane here in the United States, the pleas … [Read more...] about How to Lend a Hand and Save Taxes