~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 … [Read more...]
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 … [Read more...]
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 … [Read more...]
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 … [Read more...]
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 … [Read more...]
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 … [Read more...]
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 … [Read more...]
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 … [Read more...]
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 … [Read more...]
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 … [Read more...]