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 …
By Bakalar & Associates, PA We cannot overemphasize the importance of properly “funding” your Trust. Your Trust can only control the assets you put into it. You may have a great Trust, but until you “fund” it (transfer your …
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 …
When you are in the process of writing your will, you are trying to think about what will be best for your family members in the years ahead. Unfortunately, even if you have carefully considered all the options while completing …
By Susan P. Bakalar, Esq. and Raymond A. Piccin, Esq. At the doctor’s office and want to know if a procedure is covered by Medicare? There is an app for that. Medicare Launches App that gives beneficiaries a quick way …
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) …
Are you planning to create a will? The main purpose of doing this is so your estate will be distributed to your designated heirs in the manner that you see fit. In order to do so, you will need the …
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