Are you or your loved one being sent to a nursing home sometime soon? The application process for a nursing home can be alarming, but having an attorney by your side can guarantee that you or your loved one is kept safe from legal
Is it time to renew your Medicaid benefits? Let the attorneys at RM Ohio Law help you figure out and process the renewal
Are you looking to set up a trust but aren't sure which one to go with? You've come to the right place, as our attorneys can help you better understand what a belief is and which one best suits your
Although a mind-numbing process, having an attorney present when going over your Medicaid application will save you a lot of hassle when dealing with the administrative and legal portion of the
If you're looking to apply for Medicaid anytime soon, there are a few things you need to have in order. One of those things is needing to have a qualified income trust. But what exactly is a qualified income trust, and does it pertain to your Medicaid
Thank you to every veteran who has served our country over the last 50 or more years. For veterans who served during wartime, we have some information on a program that could help you financially per month. Keep reading below to find out
Writing your estate planning is a rigorous task that requires focus and the right set of documents. Aside from having the right content in front of you, at what age should you start thinking about your estate
Leaving a trust unfunded is one of the biggest mistakes you can make if you have a genuine, revocable living trust. Keeping reading below to discover how you can avoid this one big mistake almost every person makes when writing up a trust. If you're unsure of how to fund your current trust, we can
If you are a veteran looking into eligibility for the VA we recommend talking to an elder attorney who can help walk you through the process and make sure that you get the benefits they are entitled
“After I go into a nursing home and I’ve qualified for Medicaid, what happens to my income?” A large portion of your income has to be used to pay for care at the nursing home, like a copay. This is called the consumer
In short, it is not necessary to record your will or trust these days due to our ability to preserve a copy for you.
Care Patrol helps families find those locations and those new homes for their parents, whether it be home care or assisted living. During these difficult times, people like Anthony offer their services to help ease the stress and confusion when it comes to making those important decisions.
So often, when people are placing their loved ones, there's a lot of uncertainty. When there's uncertainty, there can be conflict, and Mark Molnar is here to talk about how his company, Senior Care Authority, can help the family in Northeast Ohio care for their loved ones.
Joining us this week in our first of many guest interviews is Julie Graf-Skinner at Busch Funeral Homes. Today, she will be discussing the importance of pre-planning funerals as part of a Medicaid
The Possible Loss of Step-up Basis A step-up in basis, or more accurately, a basis adjustment, has been a cornerstone of many estate plans throughout the years. Let’s take a look at what a basis adjustment is, how a step-up in basis works, and some recent news about its possible demise. The basis of property is a tax term and it is the amount that someone paid for it. If that property is later sold, capital gains or losses must be reported. This would be an amount taxed on the difference of the original basis amount and the amount of the sales price. However, a basis adjustment occurs when the property is inherited. Meaning, the beneficiary of that property receives it with a basis of its current fair market value instead of its original purchase price. Let’s look at an example. Nancy bought stock in XYZ Corp. in 1970. She paid $100,000 for it. It is now worth $500,000. If she sold it this year, she would have to pay capital gains tax on the $400,000 profit. Instead, if Nancy died this year and her son inherited the property, he would take the property with a basis of $500,000. He received a step-up in basis. Nancy’s son could then sell the property at its fair market value of $500,000 with no capital gains tax due. A basis adjustment can even be preserved in irrevocable trust planning. In our intentionally defective grantor trust, a basis adjustment is achieved via reserving a limited power of appointment. Per Treasury Regulation
In the next four weeks, we will be posting a mini-series of guests who can help those who are taking care of a loved one. Check out our guest lineup in this
What are Federal Benefits for Veterans, Dependents and
New Case Law: How to Transfer your Home Without Penalty Qualifying for long-term care Medicaid can be tricky. There are strict asset and income limits. Elder law attorneys help clients get qualified for Medicaid using variety of strategies. Some of these strategies revolve around how to plan for the client’s home. In most states (Ohio), the home is an exempt asset if the client has an intent to return home. The home is also exempt if there is a community spouse, disabled or blind child, or child under the age of 21 still living in the home. However, planning is still sometimes sought in these situations to avoid estate recovery. One planning technique is to transfer the home to a child caretaker. This planning strategy is the result of 42 U.S.C. § 1396p(c)(2), which states: 42 U.S. Code § 2F1396p(c)(2): “(2)An individual shall not be ineligible for medical assistance by reason of paragraph (1) to the extent that— (A)the assets transferred were a home and title to the home was transferred to— … (iv)a son or daughter of such individual (other than a child described in clause (ii)) who was residing in such individual’s home for a period of at least two years immediately before the date the individual becomes an institutionalized individual, and who (as determined by the State) provided care to such individual which
If you have a question about Medicare, Medicaid, Estate Planning, or Veteran's benefits, contact us
Estate planning can seem like a big job, with lots of documents and moving parts. But it is so important to have one put together! We have a few blogs on our website about the most common estate planning mistakes, but here are a few