An elder law attorney suggested the purchase of a vehicle as a way to protect some of my grandma’s assets. While this would be excluded during the Medicaid spend-down, what can we do to prevent the car from being taken by estate recovery after she passes? I was told to do a title transfer from her name to mine after she is qualified for Medicaid. Is it really that simple?
Don’t assume your estate will automatically go to your spouse when you die. If you don’t have an estate plan, your spouse may have to share your estate with other family members. If you die without an estate plan, the …
President Biden’s administration will usher in, two possibilities are that it will propose lowering the estate tax exemption and eliminating the stepped-up basis on death. The first would affect only multi-millionaires, but the second could have an impact on more modest …
By Bakalar & Asociates, PA Many financial planners have been ill advised regarding the modern benefits of Irrevocable Trusts. Traditional Irrevocable Trusts pose several historical problems which include: 1. Requirement for a new EIN number from the IRS for income …
Every person should have a legal will that dictates the wishes of the one who wrote the legal document. This document is considered legal and binding after the person dies. Sometimes, others attempt to challenge a will for several different …
By Susan P. Bakalar, Esq. and Raymond A. Piccin, Esq. Federal law requires that beginning on April 1 of the year after you reach age 70 1/2, you must begin withdrawing a minimum amount from your non-Roth individual retirement account (IRA) …
By Susan P. Bakalar, Esq. and Raymond A. Piccin, Esq. Thinking about your funeral may not be fun, but planning ahead can be exceedingly helpful for your family. It both lets them know your wishes and assists them during a stressful …
Are you thinking of establishing an advanced healthcare directive? This is the document that will outline your wishes as to the medical care that you will receive if you become unable to communicate them on your own. For example, your …
By Susan P. Bakalar, Esq. and Raymond A. Piccin, Esq. It is a very good idea to create advance directives in order to plan for the possibility that you may one day be unable to make your own medical decisions. …
By Susan P. Bakalar, Esq. and Raymond A. Piccin, Esq. A power of attorney is one of the most important estate planning documents you can create, but it is also one that can be misused. While it isn’t possible to …
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