Downs Law Firm, P.C.
There is a popular misperception among many seniors that in order to protect their assets from creditors, including the cost of nursing home care, they should consider gifting their assets to their children.
Data from sources like the U.S. Census Bureau shows in no uncertain terms that the U.S. population has grown older over the prior two decades.
The idea of Medicaid Asset Protection Trust for the purposes of protecting against long-term care costs is becoming both more sought-after and more necessary.
If you have a child or grandchild with disabilities, one of your biggest worries is what will happen when you are no longer around to provide aid.
ABLE accounts are a way for people with disabilities to save and spend money, while protecting their access to public benefits.
A competent elder law or estate attorney can keep the estate process on track, and knows of provisions like family allowances, benefits to prepaying inheritance tax, even where the tax return is not yet complete and a listing of itemized deductions.
Trusts give parents of special-needs children additional options for extending care and financial assistance. However, you might need some expert help.
It is critical that parents and grandparents give careful thought to any gift of money or bequest in an estate plan, when the recipient has special needs.
Amid headlines of COVID-19 infiltrating nursing homes and large senior care facilities, it’s understandable that many Americans would prefer to avoid assisted living environments as they grow older. However, the trend to age in place predates the pandemic. Remaining at home was the first choice for 76% of Americans age 50 and older, according to a 2018 AARP survey.
Estate planning documents often are treated like the photocopied permission slip for a child’s field trip. You fill in your name, include the children’s names and dates of birth, and sign. The document is filed away to be used if needed, but you really never expect it to be used.
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