Estate Planning, Elder Law & Probate Attorney
As an Estate Planning/Elder Law practitioner, I continually come across certain widely held beliefs that in fact contain no or little truth. Such beliefs may cause needless worry or conversely, may give a false sense of security when none is warranted. So here is an unscrambling of the most common: Myth 1: If I or … Read more
Despite its name, Elder Law is a very new body of law, having only developed over the last thirty years or so. Elder Law has evolved in response to more people reaching the age of 65 and with those people living much longer than before. Since it is such a new field of law, Elder … Read more
Medicare and Medicaid are often lumped together but they are two very different programs designed to do different things. Medicare is the over age 65 government sponsored health care program available to most seniors. It is designed to provide “rehabilitative” care either in a hospital (Part A) or outpatient setting (Part B). Medicare’s purpose is … Read more
The topics of Probate and Estate Taxes cause a great deal of confusion. Somehow, it is generally thought, if you avoid one you avoid the other. This is not true. Probate and Estate Taxes cover two different distinct areas. Probate generally refers to those assets that you die with in your name alone. If assets … Read more
Many people now have IRA’s as part of their estate plan. Putting the money in is the easy part but taking the money out and ultimate distributions can be tricky. So here are some helpful rules and hints: IRA money cannot be withdrawn (without a penalty) until you are age 59 ½. You must start … Read more
Trusts can be valuable tools for estate planning purposes but are often misunderstood. Much confusion exists as to what kind of Trust does what. So here is a brief overview. A Revocable Living Trust can be useful for maximizing the amount of money a husband and wife can leave estate tax free. It can also … Read more
Every senior should have five documents in his or her estate plan. For financial concerns, A Will and a Durable Power of Attorney are a must (last article). For health concerns, a Health Care Proxy, Living Will and HIPPA agreement are necessary. A Health Care Proxy is a document that appoints an agent to act … Read more
Every senior should have five documents in his or her estate plan. For financial concerns, A Will and a Durable Power of Attorney (DPOA) are a must (this article). For health concerns, a Health Care Proxy, Living Will and HIPPA agreement are necessary (next article). A Will is a document that directs how any assets … Read more
There are 4 ways to hold assets and each has its own consequences when you die. 1) Assets held in Your Name Alone – will pass by your Will to your named beneficiary/s or by State regulated distribution if you have no Will. This is known as Probate. Try to minimize assets in your … Read more
For most people, the house they live in is the biggest asset in their estate. How ownership of the house is held (through title) can make a difference on how the house is protected for later sale or for passing to beneficiaries. Only husband and wife can have a Tenancy By Entirety (TBE), a form … Read more