I’ve written several times over the years on the topic of Reverse Mortgages. My first article explained the concept and requirements of a Reverse Mortgage and how seniors can use a reverse mortgage. My second article, entitled Using a Reverse Mortgage to Pay for Home Care, explained how the Reverse Mortgage can be used as a tool […]
Be Prepared
In my last blog post, I mentioned I’d be spending a week and a half working as a member of the archery staff at the BSA National Scout Jamboree, helping the Boy Scouts of America celebrate its 100th Anniversary. Well, I’m happy to report that I made it back to work last week, safe and sound despite having […]
How to Make the Best Nursing Home Placement for Your Loved One
Most nursing home admissions happen under extremely stressful circumstances. If you are faced with the overwhelming task of finding the best nursing home placement for a loved one, where do you begin? Although this is a job that no one wants, it can be done with forethought and confidence that the best decision was made for everyone involved.
Upcoming Seminars for Lawyers and Clients
I’m conducting two seminars this week on the topic of Income Only Trusts. The first one is a teleseminar for attorneys around the country who are members of the professional group ElderLawAnswers. Entitled Using Income Only Trusts for Medicaid (and General) Asset Protection, this teleseminar is Thursday, Feb. 11, at 2pm Eastern. If you’re a member of ElderLawAnswers, you […]
Using a Reverse Mortgage to Pay for Home Care
Many of my clients ask me how I feel about reverse mortgages, and even more so this past week because of a favorable story that appeared in last week’s Washington Post entitled “Reverse Mortgages are Not the Next Subprime.” This excellent article was written by the “Mortgage Professor,” a Professor of Finance Emeritus at the Wharton School of the University of Pennsylvania (incdientally, my Alma Mater), and clears up much of the confusion and myths and fears surrounding the reverse mortgage. I encourage all of you to read it.
Major Change in Estate Tax and Capital Gains Tax for 2010
Because of a Congressional failure to act before the end of 2009, there’s good news and bad news to report on the Estate Planning and Elder Law front. The good news is there’s no Estate Tax if you die this year. The bad news is you may owe significant capital gains taxes if a loved […]
Important Elder Law and Estate Planning Numbers for 2010
Under current law, there will be no cost-of-living adjustment (COLA) in Social Security in 2010 — the first time that has happened since automatic cost-of-living adjustments began in 1975. Several bills before Congress would grant a special increase in Social Security payments for 2010. In addition, when no Social Security COLA is provided, Medicare Part […]
Erickson CCRCs Bankruptcy Filing
Did you catch last Sunday’s Washington Post article by David Hilzenrath, about the October bankruptcy filing of Erickson Retirement Communities? My phone has been ringing all week with people concerned about this news, because Erickson is a major developer and manager of Continuing Care Retirement Communities (CCRCs) for senior citizens. In the Washington area, Erickson […]
What Does the Bible Teach us About Estate Planning?
Sorry for the last minute notice, but I just found out that my church, Fairfax United Methodist Church (10300 Stratford Avenue, Fairfax, VA 22030), has space left for a course I’m teaching tomorrow evening entitled What Does the Bible Teach us About Estate Planning?This is a brand-new two part course seminar that I’ve just put together as part of my […]
Evan Farr Teaches Course for Elder Law Attorneys Natonwide
~You Can Sign Up for a Similar Course for Consumers~ Last Thursday, Evan Farr conducted a national, attorney-only teleconference sponsored by the National Business Institute (NBI) on the topic of the Income Only Trust — an asset protection trust which, though very similar to a revocable living trust, when done properly protects assets transferred to […]
Update on Virginia Life Estate Law
In June of last year, I wrote that “in the near future, life estates will no longer be considered exempt assets when applying for Medicaid.” This was due to the fact that the Virginia General Assembly had recently passed legislation instructing DMAS (the Department of Medical Assistance Services, the agency that oversees the Virginia Medicaid […]
Updating Your Estate Plan When Your Finances Change
In the recent economic downturn, many homes have lost considerable value and stock portfolios have plummeted. If this is the case for you, as it is for many of our clients, you may need to change your will or amend your living trust. If your estate plan divides your estate into percentages for beneficiaries, then […]
Planning for Long-Term Care (Part 3)
In Part 1 of this series I outlined the necessity to create a good Long Term Care Plan and in Part 2 I discussed the three most essential documents found in that plan. The first essential document is a General Power of Attorney (POA) containing Asset Protection Powers. This document authorizes your “Agent” to act […]
Planning for Long-Term Care (Part 2)
“Long-Term Care” refers to the broad spectrum of medical and support services provided to persons who have lost some or all capacity to function on their own due to a chronic illness or disabling condition, and who are expected to need such services over a prolonged period of time. Long-term care can consist of care […]
Estate Planning For Parents of Special Needs Children
A recent Wall Street Journal article focused on estate planning for parents of children with special needs, which includes the following challenges: – How do you leave funds for the benefit of the child without causing the child to lose important public benefits? – How do you make sure that the funds are well managed? – How […]
Life Estate Law Changing Soon
See update on this article here. In Virginia, a life estate in real estate has always been treated as an exempt asset for the purposes of Medicaid eligibility. Unfortunately, the Virginia General Assembly recently passed legislation that instructs DMAS (the Department of Medical Assistance Services, the agency that oversees the Virginia Medicaid program) to amend […]
Don’t Use An Off-the-Shelf Power of Attorney
A durable Power of Attorney is one of the most important estate planning documents you can have, because it allows you to appoint someone to act for you (your “Agent” or “Attorney-in-fact”) if you become incapacitated. Without a valid Power of Attorney, your loved ones would not have the authority to make decisions for you […]
Withdrawing Your Early Social Security Benefit
Did you elect to take Social Security benefits before your full retirement age? If you did and are now looking for extra income, there may be an answer. Once you reach full retirement age, you can pay back the money you have received and reapply for full retirement benefits.Although you can collect Social Security benefits […]
New Capital Gains Tax Break Helps Surviving Spouses
Widows and widowers who don’t want to sell their house right away will get a tax break under a new law. The Mortgage Forgiveness Debt Relief Act of 2007 signed into law Dec. 20, 2007, gives surviving spouses two years to sell their house and receive the full $500,000 capital gains exclusion that married couples […]
Seniors Need to File Tax Return
Seniors can benefit from the economic stimulus law enacted on February 13, 2008, but they need to file an income tax return. Seniors, disabled veterans, and veterans’ widows will receive $300 payments if they earned $3,000 in Social Security or veterans’ disability benefits in 2007. In addition, workers who earned at least $3,000, but not […]