Q. Our next door neighbor, Joseph, was shoveling snow when he collapsed and died of sudden cardiac arrest at the age of 53. Grief-stricken and shocked, his wife, Jane, not only had to plan a funeral; she also faced the daunting task of figuring out the couple’s online financial life. Unfortunately, she only knew half of […]
New Case Showing Why Domestic Asset Protection Trusts (DAPTs) Don’t Work!
Dr. Charles Dahl and his wife Kim were married for eighteen years. In 2002, Charles executed a trust entitled “The Dahl Family Irrevocable Trust” that named Charles as Settlor, his brother Robert as Investment Trustee, and Nevada State Bank as Qualified Person Trustee. The trust also named Nevada as the domicile (the state where the […]
How Close Are We to a Cure for Alzheimer’s?
Q. I just found out that my favorite Aunt, Norma, is in the early stages of Alzheimer’s. I was heartbroken at first, but am optimistic that with all the research being conducted, we could be close to a cure. Sure enough, this morning I was on Facebook and saw a post about a study where […]
Alzheimer’s Accountability Act Signed Into Law
Dear Ernie and Jannette, I heard that the Alzheimer’s Accountability Act was signed into law recently as part of a federal funding bill. Does this mean more money for Alzheimer’s research? Thanks! Nida Cure-Now — Dear Nida, Sadly, Jannette has gone to froggie heaven, so it is just me answering your question. – Ernie Alzheimer’s is […]
Non-Borrowing Spouses Can Still Face Eviction Due to Previous Reverse Mortgage Rules
Amy (59) and her husband, Frank (66), decided to get a reverse mortgage, sometimes known as an HECM (Home Equity Conversion Mortgage), last summer to supplement Fred’s Social Security. Amy was left off the reverse mortgage, due to her age. Later, she and her husband read about how a change has been made to the rules […]
Can Stipulations in a Will be Changed 100 Years Later? Maybe — Read About The Sweet Briar College Nightmare
Q. I visited my niece, Natalie, last year at the picturesque Sweetbriar College, a liberal-arts women’s institution in rural Virginia. I am a history buff and I remember during a tour of the campus they mentioned how more than 100 years ago, the land was left by the plantation owner’s daughter to honor the memory of her own daughter. She stipulated in the Last Will and Testament that the land cannot […]
He’s Disabled But Has Full Mental Capacity- Why Can’t He Initiate His Own Trust?
Q1.My friend, Ken, is physically disabled, but has full mental capacity. His parents and grandparents are no longer around. He would like to initiate a Special Needs Trust for himself, since he wants to ensure that he is protected against the risk of impoverishment, but he can’t. I heard about The Special Needs Trust Fairness […]
Estate Planning for Childless Couples
When many people think of estate planning, they assume that a person’s heirs are his or her children. But what happens when a couple has no children? Do they need to plan too? The answer is yes. At the very least, they should answer two questions: who will inherit their property, and who should handle […]
Did I Read That Right? Rates for Long-Term Care Insurance Rose 9% This Year!
Q. My wife and I like to plan ahead. Unfortunately, both of her parents and three of her aunts died of Alzheimer’s, and we want to make sure we are prepared should one of us need long-term care in the future. We are aware of the astronomical costs of long-term care and are considering LTC […]
What is Partnership Qualified Long-Term Care Insurance?
Dear Saki and Alley,I heard about Virginia’s Partnership Qualified Long-Term Care Insurance. Can you tell me more about it as part of a Medicaid Asset Protection Plan? Thanks! L.T. Cayre —– Dear L.T., Virginia’s Long-Term Care Insurance Partnership Program allows consumers to obtain Long-Term Care (LTC) Insurance as part of a Medicaid Asset Protection Plan, […]
Government Raises the Bar on Nursing Home Ratings
Q. My father has dementia and will need skilled nursing care in the near future. There are so many nursing homes in this area to consider, and I have heard differing opinions from friends and family. How can we really know which one is best, and how can we afford it? A. When seniors and […]
Meditation has Many Benefits for Seniors
Dear Commander Bun Bun, My neighbor, Shirley, meditates every day. She says it helps with several aspects of her health, including retaining memories. Do you know anything about this? Anita Relax — Dear Anita, Meditation has been scientifically proven in many studies to be an effective tool for mental, physical, and emotional senior health. In fact, many […]
Can Someone Recover from Autism?
When Tyler was one, his parents began to notice certain behaviors that seemed atypical. He didn’t make eye contact or wave hello or goodbye, and he often seemed to be in his own world. As a toddler, he began lining up his toys, having tantrums, and walking on his toes. When he was a bit […]
Ask the Expert: Can You Deduct a Toupee from Taxes?
Q. My boyfriend, Richard, became self-conscious about his baldness last year and went out one day and purchased a toupee. We also took in a foster cat, landscaped our property, and installed an in-ground pool to help us stay fit. I know these things sound random, but I read online that you can deduct some […]
Can You Claim a Pet as a Dependent?
Dear Baxter, My dog, Rover, is like a child to me. He is cute, loveable, and playful, and like a human child, relies on me for support. Vet bills, food, cleanup, and repairs caused by damage, have cost a lot of money this past year. Am I allowed to claim him as a dependent on […]
Help Someone Else and You Might Go to Jail
Ray is a loving father and a good friend who enjoys helping others. He helped his son build a deck, assisted his friend in finding a home, and even does his daughter’s taxes on Turbo Tax each year. However, when it comes to estate planning, incapacity planning, and/or Medicaid planning, Ray realized he could not […]
Want Free Long-Term Care? Try Medicare Part G.
Q. Nursing homes are so exorbitantly expensive. There is no way I can afford long-term care for myself, when the time comes, or for my husband, Morty. Is there any way to qualify for free long-term care in this country? A friend told me there’s a Medicare Part G that pays for free long-term care, […]
Spending Forever with Your Pet
Dear Saki and Alley, I am very attached to my cat, Jessie. We have been through thick and thin together. When I die, I would like to be buried with her. Is this a possibility? Love, Mike Att-Forever —————– Dear Mike, 62% of households own and love pets, including cats, dogs, birds, fish and more. When it comes […]
Hospice Care For Mom? But, She Isn’t Dying.
Q. My mother, Roxanne, 76, has suffered from lung disease for ten years. She still has her wits about her, and spends her days knitting, reading historical novels, and sipping tea. Recently, her doctor recommended hospice care, and I was perplexed by his recommendation. She has been living fine for a decade with her lung […]
Beating the Winter Blues
Dear Saki and Alley, I get depressed at this time of year, ever since my husband passed away. I had a full house for the holidays and everything seemed great, but now that it is over and the tree and decorations are gone, I am sad. I have physical and financial limitations that keep me […]
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