A promissory note is normally given in return for a loan. Classifying transfers as loans rather than gifts can be useful because it sometimes allows parents to “lend” assets to their children and still maintain Medicaid eligibility.
Though Medicaid exists to help those who need it, navigating the specifics of what it covers and does not cover can be daunting. Here are highlights on the basics of Medicaid coverage.
Estate planning for blended families is key to a smooth inheritance process, especially since probate rules and intestate succession law do not treat step and biological children the same when it comes to inheriting.
As the U.S. population ages and life expectancies increase, the need for long-term care is becoming an important consideration for many individuals and families.
Trusts can offer many benefits, including allowing assets to pass directly to beneficiaries and charitable organizations without going through probate, minimizing taxes, and protecting your legacy from creditors.
Sadly, there are seemingly limitless financial fraud schemes that affect older Americans. The impact of financial abuse is enormous.
Elder law attorneys understand the challenges of planning long-term care amidst the shifting care environment. Evaluating costs and developing strategies to pay for long-term care before you actually need it is crucial.
In general, the probate process moves quickly if the estate has minimal assets and little debt. Larger estates can take anywhere from nine months to a few years, especially with problematic family dynamics.
What would happen if you became seriously ill or injured and were no longer able to make your health care decisions? A living will can outline your wishes so your loved ones can make informed decisions about your care in an emergency.
Congratulations to Moonan Stratton partners Amy Stratton and Kristen Prull Moonan (pictured here left to right) who were again honored by RI Monthly for professional excellence.