View Cart []VA Eligibility
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
Medicaid Patient Liability
“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
Should I Record My Will or Trust?
In short, it is not necessary to record your will or trust these days due to our ability to preserve a copy for you.
How to Choose the Best Assisted Living or Care Community?
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.
Senior Care Advocacy in Northeast Ohio
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.
Pre-Planned Funerals as Part of Medicaid Planning
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 End of Step-up Basis?
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
Essential Services Beyond Legal Elder Care Planning
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 Survivors?
What are Federal Benefits for Veterans, Dependents and
New Medicaid Case Law from New Jersey
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
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