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There are so many layers when it comes to understanding elder law, estate planning, Medicaid and Medicare eligibility, and veteran's benefits. Each week on our blog, we try to answer the most frequently asked questions so that people can get the answers they are searching for. 

If you ever have a question about any of these topics or a topic that you think may pertain to elder law, please ask us! You can either contact us directly or submit a question on our form here. 

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There are so many people in the Cleveland, Ohio area struggling to find answers to their questions. Our team is here to help answer those questions. If it is a quick answer, we can tell you and create a blog like this about it so that others will know the answer too. 

However, if it is a more specific question that is based on a particular situation, we can talk with you in more detail. 

Our practice covers a lot of areas of elder law, and sometimes people come to us with questions that aren't in our specialty. We can still help! When we get a question or a request for help that we don't provide a service for, we will recommend you to someone in the area that can help you. 

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Most Recent

Pre-Planned Funerals as Part of Medicaid Planning

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

The End of Step-up Basis?

Posted By Jacob Davidson
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

Essential Services Beyond Legal Elder Care Planning

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

Let's Get Social

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Olmsted Township, Ohio 44138


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