There are multiple tools available to help manage a person’s affairs in case of incapacity. Once a person becomes incapacitated, however, guardianship may be the option of last resort. Unfortunately, there are many reasons why people may want to avoid guardianship...
At first glance, the gift tax can appear more restrictive than it is in practice. First, the burden of the gift tax, if any, is on the gift giver and not the receiver of the gift. In other words, giving gifts does not cause the recipient to pay the gift tax. One...
Both Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) are programs run by the Social Security Administration to provide financial assistance to disabled individuals. However, the two programs serve two different sets of people and...
Both revocable living trusts and asset preservation trusts can be useful parts of an estate plan. These types of trusts have some common features, but there are also important differences to keep in mind. At a basic level, a trust is a legal entity that can hold and...
People generally prefer to remain living at home for as long as possible before considering moving into a nursing home for more specialized care. One way to put off the need for moving into nursing home is to receive in home care from a relative or paid specialist....
In order to qualify for Medicaid nursing home coverage, a person’s total assets must be under a certain level. For many people, their main asset is their home. Under Medicaid’s asset cap, a person’s primary residence is exempt from the asset cap. However, this...
