The Difference Between Elder Law and Estate Planning
Elder law and estate planning serve two different -- but equally vital -- functions. The main difference is that elder law is focused on preserving your assets during your lifetime, while estate planning concentrates on what happens to your assets after you die.
The Tax Consequences of Selling a House After the Death of a Spouse
If your spouse dies, you may have to decide whether or when to sell your house. There are some tax considerations that go into that decision.
The biggest concern when selling property is capital gains taxes. A capital gain is the difference between the "basis" in property and its selling price. The basis is usually the purchase price of property. So, if you purchased a house for $250,000 and sold it for $450,000 you would have $200,000 of gain ($450,000 - $250,000 = $200,000).
Medicaid’s Spousal Protections - The Community Spouse Resource Allowance
Medicaid law provides special protections for the spouses of Medicaid applicants to make sure the spouses have the minimum support needed to continue to live in the community while their husband or wife is receiving long-term care benefits, usually in a nursing home.
ABLE Accounts vs. Special Needs Trusts: Why Not Have It All?
If you have a child with disabilities, it is crucial to set money aside for the child’s future. At the same time, you need to consider your child’s access to public benefit programs such as Medicaid and Supplemental Security Income (SSI), as well as the state and federal tax implications. The two major vehicles to accomplish these goals, ABLE accounts and special needs trusts (SNTs), each have their advantages and limitations. Using them in tandem may be the optimal strategy for your child with special needs.
What is the Difference Between Medicare and Medicaid?
Medicare and Medicaid are two different government programs for healthcare. It is important to understand the difference between them. Here, we will discuss how the program benefits differ, how eligibility for each program is established, and discuss some recent news pertaining to each program.
Hiring a Caregiver - What You Don’t Know Can Hurt You
To Jill’s surprise her mom received a letter that Medicaid would not cover the cost of her care for another six months due to the payments she made to her caregiver!
What is Undue Influence?
Undue Influence is when someone pressures another in such a way that the person being influenced is not acting by their own free will; they are being coerced into taking a certain action. Undue influence often arises when a friend family member fallsill.For example, mom has been diagnosed with cancer and her boyfriend influences her to change her estate plan so that all mom’s assets go to him instead of to her kids. The plan is oftentimes carried out in secret and others don’t know about what has been done until after the one being influenced passes away.