My clients have plenty of questions about Medicaid and long-term care. One of the most common is: Can’t I give $19,000 a year? The answer is clear: not as far as Medicaid is concerned. This idea comes from tax law. We have a federal gift tax, but you can give up to $19,000 per person […]
With Medicaid, one small detail can cost you thousands. Take, for example, the recent case of a woman whose husband was on Medicaid for long-term care. She thought she had to spend the money in her bank account, so that’s what she did. Only the problem wasn’t her bank account at all. You can read […]
I recently wrote an article about elder law practice for the May issue of Wisconsin Lawyer, the official publication of the State Bar of Wisconsin. I had a lot of fun talking to many other elder law attorneys about this practice area and what makes it so great. It turned out longer than I’d anticipated, but […]
There’s a common misconception about asset protection: Protecting my assets saves me money right away. In fact, it protects the assets immediately but only saves you money in the long run. Here’s what I mean. Remember that asset protection usually means transferring your property to an irrevocable trust and giving up your right to use […]
Your last will and testament is probably what you thought of first when you thought of estate planning. It contains your directions for who gets your property after you die. But it does some other important things as well: It names a personal representative (other states call this person an executor). If you have minor […]
“Isn’t Medicaid for poor people?” “If your business is helping people apply for Medicaid, how do you get paid?” I’ve heard these and similar comments a number of times. They are often the first questions after I explain what I do. Most people know that Medicaid is a social safety net program providing health insurance […]
“It feels like so much work so I’m dragging my feet.” It’s a very common feeling when it comes to getting started on estate planning. On the one hand, a will seems simple enough. You already know who you would want to get your property, so, um, just write that up and let’s be done […]
Estate planning starts with identifying your goals. What do you want to accomplish? Why get an estate plan in the first place? Here are some common goals my clients have for their estate plans: Distribute property at death according to their wishes Make things as simple as possible for their families Avoid probate Name guardians […]
You need to get your will done. But getting started is hard. Researching lawyers, scheduling consultations, attending consultations, comparing prices, asking the right questions, making big decisions—it’s a lot of work. Too much, I think. “I just want to keep things simple.” I hear that from clients over and over. It’s not just about price. […]
Few people inherit anything, very few inherit much, and half the average inheritance is spent immediately. That’s what this study from 2012 says. I ran across the study through this New York Times article, which talks about a middle-aged woman who inherited $1 million. The article includes sensible advice for heirs from financial professionals: pay […]