You Can Just Say No: Declining to Act as an Agent Under a Power of Attorney
Acting as an agent under a power of attorney is a big responsibility and it isn’t something everyone can take on. It is possible to resign or refuse the position.
Incentive Trusts: Ensuring That an Inheritance Will Be Well Spent
Some parents, fearful of how a large inheritance will affect their heirs, set up what are known as “incentive trusts” that ensure that the trust funds support positive behavior and discourage unproductive activities.
Medicaid’s Benefits for Assisted Living Facility Residents
Almost all state Medicaid programs will cover some assisted living costs, although there may be a waiting list.
You Can ‘Cure’ a Medicaid Penalty Period by Returning a Gift
Anyone who gifted assets within five years of applying for Medicaid may be subject to a penalty period, but that penalty can be reduced or eliminated if the assets are returned.
The Difference Between Elder Law and Estate Planning
Elder law and estate planning serve two different — but equally vital — functions.
Annual Gift Tax and Estate Tax Exclusions Are Increasing in 2022
The amount you can gift to any one person without filing a gift tax form is increasing to $16,000 in 2022, the first increase since 2018. The federal estate tax exclusion is also climbing to more than $12 million per individual.
Who Makes Health Care Decisions If You Can’t?
What happens if you become incapacitated and are unable to voice your opinion on your health care? If you don’t have a health care proxy or guardian in place, state law chooses who can make those decisions.
What It Means to Need ‘Nursing Home Level of Care’ for Medicaid Eligibility
When applying for Medicaid’s long-term care coverage, in addition to the strict income and asset limits, you must demonstrate that you need a level care typically provided in a nursing home.
Can You Be Buried With Your Pet?
Most states either have laws specifically prohibiting pets and humans to be buried together or are silent on the issue. But at least four states have laws allowing some form of combined burial, and the list will undoubtedly grow as demand increases.
IRS Issues Long-Term Care Premium Deductibility Limits for 2022, and They Look Pretty Familiar
The Internal Revenue Service (IRS) has announced the amounts taxpayers of different ages can deduct from their 2022 income as a result of buying long-term care insurance, and the figures are almost the same as in 2021.