by Susan Grissom | Nov 16, 2015 | Estate Planning, Wills & Trust
For a variety of reasons, people sometimes want some or all of their assets to pass directly to specific individuals upon their deaths, outside of probate. One way to accomplish this is to set up a “payable on death” (POD) account for money in a bank account or a...
by Susan Grissom | Oct 19, 2015 | Elder Care, Estate Planning, Wills & Trust
If you have a child or loved one who is receiving—or will receive—benefits under the Supplemental Security Income (SSI) and Medicaid programs because of a disability or age, including a Special Needs Trust in your Estate Plan may provide a mechanism for leaving your...
by Susan Grissom | Oct 6, 2015 | Estate Planning
It depends on the type of bill. Payments for medical, dental, and tuition are not subject to federal gift tax laws. But if you are paying other bills, you will be subject to the laws. This means that if you give away $14,000 or less to any one individual, you do not...
by Susan Grissom | Sep 16, 2015 | Elder Care, Estate Planning, Wills & Trust
An advance directive for health care, also known as living will, durable power of attorney for health care, or advance directive, is a legal document that allows an individual (Principal) to specify what medical actions should be taken if they are no longer able to...
by Susan Grissom | Sep 2, 2015 | Elder Care
No, previous gifts are not considered income. Medicaid rules require that nursing home residents contribute their income towards their cost of care, but his income is only income that the resident is legally entitled to receive. To insure that your generosity is not...
