Whom should you name as the beneficiary of your IRA or Qualified Plan? Sometimes, it can be best to name a trust for your intended beneficiary. Read this post by my friend and colleague Steve Hartnett, an estate planning expert, to see the protections a trust can offer that a direct designation of the individual would not. Naming a Trust as Beneficiary of an IRA … [Read more...]
Aretha Franklin Died Intestate: What Does It Mean for Her Family?
Aretha Franklin died intestate. Intestacy has definite drawbacks. In this post by my friend and colleague Steve Hartnett, an estate planning expert, he examines what this means for her family, financially and in other ways. Aretha was the Queen of Soul, but her lack of planning caused consequences she did not consider. Aretha Franklin Died Intestate: What Does It Mean for Her Family? … [Read more...]
Why Avoid Probate?
Creating a successful estate plan typically requires you to incorporate numerous inter-connected goals and objectives into one comprehensive plan. As you may have heard from friends or family, probate avoidance is a popular estate planning goal. In order to decide if you should make probate avoidance one of your goals, however, you need to have a firm understanding of why you might want your estate to avoid probate. Probate Process Basics Probate is the legal process that is typically required … [Read more...]
How Can An Irrevocable Trust Be Revoked?
Given how popular trusts have become over the past several decades, there is a very good chance that you will include a trust in your own estate plan and/or that you will be a beneficiary of a trust established by someone else. Whether you are the Settlor of a beneficiary of the trust, you may wish to revoke, or terminate, the trust at some point down the road. If the trust is an irrevocable trust, however, you may believe (understandably) that the trust cannot be revoked. As explained below, it … [Read more...]
Retirement Planning: The Roth IRA
A Roth IRA is an individual retirement account; it’s called “Roth” because that’s the name of the Congressman who introduced the legislation, creating this type of retirement account. Retirement accounts have tax advantages to create an incentive for you to plan for your retirement and not depend upon public assistance in the future. Though you need to consult with professional advisors and get good advice, customized to your individual situation, the Roth is an incredible retirement planning … [Read more...]
Alzheimer’s Disease: Choosing a Long Term Care Facility
If you have a loved one with Alzheimer’s Disease who can no longer be cared for at home, make sure that he or she is getting the best care possible in a long term care facility. It’s important that you carefully research so that you can find a facility that will meet all of your loved one’s needs. Take a look at the following information to learn more. If you have any questions, or if you’d like to discuss long term care options, contact an elder law attorney. There are many long term care … [Read more...]
Fraud and Abuse Rampant in Medicare Hospice Program
When a patient elects hospice care, he/she is choosing to receive care that will not cure their terminal illness, but should provide comfort and relief from pain. All services related to their terminal illness become the hospice’s responsibility. It appears, however, that hospices do not always provide the care patients need to control pain and manage symptoms, according to a report issued by the United States Department of Health and Human Services, Office of the Inspector General (OIG). On the … [Read more...]
Veterans Struggle to Get Benefits Approved
In the United States, veterans are supposed to receive a wide range of benefits that are intended to show, in some small way, how much their service and sacrifice means to the country. One of the lessor known of those benefits is Veterans Aid and Attendance (VA&A) benefits. VA&A benefits are an additional monthly benefit for qualified veterans who are entitled to pension benefits. The extra income each month can make a significant difference to veterans who need assistance at home with … [Read more...]
Special Accounts for People with Special Needs (ABLE Accounts)
ABLE accounts provide tax benefits and flexibility to disabled people. ABLE accounts are available to those disabled before age 26. Read the attached article by my friend and colleague Steve Hartnett, an attorney and estate planning expert, to learn more about ABLE accounts and how they can be used with a Special Needs Trust for maximum advantage. Special Accounts for People with Special Needs … [Read more...]
New VA Rules Changes Sharply Restrict Eligibility for Needs-Based Pension Benefits
Three and a half years after announcing draft rule changes, The Department of Veterans Affairs (VA) has finalized new rules, effective October 18, 2018, that establish, among other things, a new asset limit test, a novel look-back period and penalties on claimants applying for VA needs-based benefits who are found to have violated these rules. The new rules apply to what is known as the Improved Pension program, commonly referred to as “Aid and Attendance” and “Housebound” benefits. These … [Read more...]
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