Why an Irrevocable Trust May Be Superior to Gifting

Parents and other family members who want to pass on assets during their lifetimes may be tempted to gift the assets.  Although setting up an irrevocable trust lacks the simplicity of giving a gift, it may be a better way to preserve assets for the future. 

Biden Administration Eases Recommended Restrictions on Nursing Home Visits

The Centers for Medicare and Medicaid Services has issued new guidance on whether families can visit loved ones in nursing homes. The guidance allows indoor visitation even when the resident has not been vaccinated. 

How the $1.9 Trillion COVID-19 Relief Bill Aids Seniors

President Biden has signed the latest COVID-19 relief bill, which in addition to authorizing stimulus checks, funding vaccine distribution, and extending unemployment benefits, also provides assistance to seniors in a number of ways. 

Can I Transfer My Grandmother’s Car to My Name Without Causing a Medicaid Penalty Period?

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?

Biden Administration May Spell Changes to Estate Tax and Stepped-Up Basis Rule [2/27/2021]

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 …

Why Financial Planners Need to Understand Modern “Irrevocable” Trusts

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 …