Tis the season for gift giving and, although nobody wants to be labeled a Scrooge, we should consider gift giving penalties when it comes to Medicaid eligibility and tax implications. Not me, you say? Read on to be sure. As we age, the possibility of needing long term care in a skilled nursing facility becomes…
Have you ever considered a funeral trust as part of your estate planning? Planning and paying for your funeral (though it sounds morbid) could save your loved ones a lot of hassle. But before we discuss how you and your family could benefit from a funeral trust, let’s define the term since it has a…
Before discussing the benefits of charitable trusts, let’s define the term: Charitable trust: a trust set up for the benefit of the public usually setting out a definite charitable purpose for an undetermined number of beneficiaries. These trusts can be either inter-vivos (set up during a person’s life) or testamentary (set up in the person’s…
Unfortunately, financial exploitation of the elderly is a frequent occurrence. Exploitation occurs when a person misuses or takes the assets of a vulnerable adult. This includes (but is not limited to) taking money or property, telemarketing scams; getting a senior to sign a deed, will or power of attorney unknowingly; forging a senior’s signature; fraud;…
The Irrevocable Trust comes in many “flavors”, and is usually created during one’s lifetime (thus it is an inter-vivos trust.) It is used extensively in long term care planning since it has multiple benefits that the Revocable Living Trust does not. Even though it is termed as “Irrevocable” that should not be viewed as not…
Protecting Government Benefits When considering how to provide for a loved one with special needs, including someone with a lifetime developmental disability or a present alcohol or drug dependency, who may now or later need government assistance (Social Security Income (SSI) and Medicaid), proceed cautiously. The distribution of assets outright through lifetime gift or inheritance…
A Revocable Living Trust is simply a Trust created while a person is still alive (aka “inter-vivos” trust) versus one created in the person’s Will. They are created to allow for management of a person’s assets during their lives and avoiding probate after death. During the person’s lifetime these Trusts can be revoked and changed…
Test your knowledge of trusts by answering True or False. (Answers below – no peeking!) 1. If you have a living trust, you do not need to have a Will. 2. A living trust always reduces taxes. 3. A living trust is cheaper than a will. 4. A revocable living trust will protect my…
In honor of May being National Elder Law Month, Mike Giordano of Giordano Elder law was asked to speak on our local Fox 43 morning news program. He answers the popular question, “What is elder law?”, and explains the role of an elder law and estate planning attorney.
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