Timely Topics

Posted By Richard A. Myers, Jr.
July 22, 2021 Category: Wills And Trusts

In short, it is not necessary to record your will or trust these days due to our ability to preserve a copy for you.

Posted By Richard A. Myers, Jr.
June 30, 2021 Category: Elder Care, Senior Care Advocacy

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.

Posted By Richard A. Myers, Jr.
June 23, 2021 Category: Elder Care, Senior Care Advocacy

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.

Posted By Richard A. Myers, Jr.
June 16, 2021 Category: Funerals

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

Posted By rmohiolaw.com
June 10, 2021 Category: Tax, Step Up Basis, Upcoming Changes Of Law, Grantor Trust, Intentionally Defective Grantor Trust

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

Posted By Richard A. Myers, Jr.
June 09, 2021 Category: Elder Care

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

Posted By rmohiolaw.com
June 08, 2021 Category: General

What are Federal Benefits for Veterans, Dependents and

Posted By rmohiolaw.com
June 01, 2021 Category: Medicaid House Exception Transfer Child Care

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

Posted By Richard A. Myers, Jr.
April 27, 2021 Category: Submit A Question

If you have a question about Medicare, Medicaid, Estate Planning, or Veteran's benefits, contact us

Posted By Richard A. Myers, Jr.
April 21, 2021 Category: Estate Planning

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