After Diane Keaton’s death in October 2025, it was reported that the famous actress left $5 million of her estimated $100 million estate in a pet trust for her furry friend, Reggie, a golden retriever. Since trusts are private (unlike wills and it’s likely Diane...
Mom has dementia that has resulted in the need for skilled care. Although mom owns a homestead, she now lives with daughter due to the dementia. Mom has no long-term care insurance. Mom’s only assets are the home (which she purchased for $200,000 – although...
Similar to tax planning, where the client often wants to pay as little taxes as possible and plan accordingly, many want to preserve as many resources as possible while obtaining Medicaid assistance so that the government will help pay for the cost of care in...
Client created a basic estate plan including a will, financial power of attorney, medical power of attorney, directive to physicians a/k/a living will, HIPPA authorization and declaration of guardian in the event of later incompetence. The client gave extra powers to the agent in the...
Is your head ready to explode with the myriad of legal issues that can spring from your estate planning problems? The case below illustrates the problems and solutions to eliminating the pain and meet the goals of a client. FACTS: 54-year-old disabled, divorced man (“Recipient”) needs...
Although it is normally not recommended that a 96-year-old buy any type of annuity, the facts below illustrate how a 96-year-old was willing to bet his money on a plan that included the purchase of a Medicaid-compliant annuity that saved him $6000 a month for...
Oregon was the first state to permit physician-assisted suicide in 1997, but this past month Vermont became the first state to have a law that does not require residency in the state to participate. Vermont previously permitted physician-assisted suicide, but it changed its law to...
Many who need long-term care would prefer getting that care at home rather than in a skilled nursing facility. However, many are unaware that there is a Medicaid program (Star+Plus Waiver) which pays for a caregiver to come to where the Medicaid recipient lives (i.e.,...
Recent changes under the Secure Act 2.0 that became effective January 1, 2023 may make a QLAC (Qualified Longevity Annuity Contract) a planning option for long-term care Medicaid which helps pay for nursing care and care at home. A QLAC is an annuity within your retirement...
Sometimes there is a simple solution for asset preservation when applying for long-term care Medicaid – whether the applicant is either in a nursing home that accepts Medicaid or is living at home. If eligible for Medicaid, the government will help pay for those care...
What could go wrong when using a general durable power of attorney for an agent to sign a deed (in this case, a Ladybird deed) on behalf of the principal (the one who signed the power of attorney)? Are there additional powers that should be...
Revocable living trusts are useful in estate planning for many different reasons (avoidance of probate, privacy, quick transition of an on-going business, etc.) but there are only limited situations when they are helpful in planning for long-term care Medicaid which helps pay for nursing home...
Who says you can’t save more than the “maximum”? This case illustrates how you can protect more assets than the “maximum” pursuant to long-term care Medicaid rules. FACTS: Wife, 70, has dementia and needs long-term care. She has no long-term care insurance. She receives Social Security of...
Although this is a factual situation where assets are preserved even without proper planning, it is best to plan so the risk is reduced. FACTS: 34-year-old single mother (“Susan”) gets hit by a car while walking in the street. Susan’s injury is so severe that she...
This article is not intended to be critical, but it is merely to be an illustration of the perils that could occur when one does their own legal documents. The facts are as follows: Husband and wife own a homestead together during marriage, but they...
When someone fails to plan for his or her estate, it means that person is letting the state determine how and to whom assets should pass upon death of that individual. It may or may not be distributed the way the deceased wanted and the...
Facts: Potential Medicaid applicant for governmental assistance to help pay nursing home costs had limited amount of cash and monthly income and had given away money to a relative who spent the money gifted and could not give anything back. This success story is an illustration of how to...
Divorces are often draining – financially and emotionally. As a result, many do not want to incur more costs or even think about different financial arrangements. However, anytime there is a significant change in your family (death, divorce, disability, births, etc.), your estate plan should be at...
Long term care Medicaid helps pay for long-term care costs such as nursing home care and drug costs. The average cost of care in Texas (exclusive of drug costs) is $6500 per month and most Americans have inadequate income or long-term care insurance to pay for...
Husband and wife (“clients”) have 2 adult children. Once child is disabled and the other is a spendthrift (money is spent as soon as it is received). The disabled child is on Medicaid and lives in a facility where the drug costs and the great majority of...
