Eight years ago America’s baby boomers, people born between 1946 and 1964, began to retire. At nearly 75 million, they represent one of America’s largest elder care challenges. Millennials, now in their 30s, will need to begin thinking about how to look after their parents as medical, financial and mental health needs arise.
What would happen if you were mentally or physically unable to take care of yourself or your day-to-day affairs? You might not be able to make sound decisions about your health or finances. You could lose the ability to pay bills, write checks, make deposits, sell assets, or otherwise conduct your affairs. Unless you’re prepared, incapacity could devastate your family, exhaust your savings and undermine your financial, tax and estate planning strategies.
See something…say something! Don’t ignore signs of your loved ones changing caregiving needs.
No one likes to think about needing long-term care. Yet the reality is that many people will, at some point in their life.
Lawyers are among the most reviled service professionals in American culture. We’re so disliked that even lawyers don’t have a lot of friends who are
So often, we meet with clients who want to “get a will” or “talk about trusts.” And we’re more than happy to talk about those
One of the most common questions I hear during our Mutual Interviews is, “Do I need a trust?” And the typical lawyer answer is, “It depends.” In order to answer that question, we need to start by defining what a trust actually is. [Read More]
When you first submit a Medicaid application for nursing facility care (and Elderly Waiver, in Iowa), DHS takes a “snapshot” of your financial status as of the date you first moved into the nursing home. This is called the “snapshot date.” [Read More]
In the Medicaid world, the term “asset” is used when discussing Medicaid’s transfer penalty rules. As a result, “asset” includes both income and resources. [Read More]
If you’ve transferred assets within the lookback period, the state is going to assess an eligibility penalty period based on the value of all the transfers you made within that 60-month window. The penalty period can be calculated by dividing the value of that gift by the penalty divisor. [Read More]
