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Articles Posted in Elder law estate planning

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VETERANS ADMINISTRATION PENSIONS – AID AND ATTENDANCE PENSION

The Veterans Administration has a program that allows for a large subset of the veterans population to qualify for certain benefits that pay for costs associated with caring for a veteran or their spouse. This Aid and Attendance pension may be in addition to any pension that the service member…

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FILE AND SUSPEND STRATEGY IS NO MORE – NEED TO REASSESS PLANS

For over a decade it was sound and perfectly legal advice for financial advisors and elder law practitioners to advise their married clients to file and suspend their social security benefits, thereby maximizing their financial returns.  The basic advice was to advise a married couple to have the spouse who…

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MORE ON ELDER ABUSE – FEDERAL GOVERNMENT RESPONSE

        Throughout the twentieth century, the Federal government took various legal steps to positively impact the lives of senior citizens, the disabled and the elderly in general.  Throughout the 1930s a variety of retirement and pension programs were enacted, most significantly social security.  1952 saw the funding…

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BANKRUPTCY AND MEDICARE – A FRAUDULENT TRANSFER IS A FRAUDULENT TRANSFER

The Eastern District of Virginia Bankruptcy Court issued an opinion on a case with a unique factual scenario almost three years ago, on February 6, 2013 in the case of In Re Woodworth, (Bankr. E.D. Va., No. 11-11051-BFK, Feb. 6, 2013). The case is important because it speaks to the…

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ABLE ACCOUNT LAW CHANGES BROADENING PROTECTIONS FOR SPECIAL NEEDS PLANNING

On December 19, 2014 President Obama signed into law a number of tax and financial measures to extend certain tax benefits. More specifically, the legislation enacted the Achieving a Better Life Experience (ABLE) Act of 2013, which amends section 529(e) of the United States Tax Code, to allow for tax-free…

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DIFFERENCES BETWEEN ABLE ACT ACCOUNTS AND SPECIAL NEEDS TRUSTS

WHAT IS BEST FIT Both an ABLE Act account and a special needs trusts try to accomplish essentially the same thing. Both attempt to ensure that a special needs child or person are financially planned for through various legal and financial means so as to enrich the life of the…

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CHARITABLE ROLLOVER OF RETIREMENT ACCOUNT DISTRIBUTION NON-TAXABLE DISTRIBUTION FROM IRA

On December 18, 2015 President Obama signed the Protecting Americans from Tax Hike (PATH) Act, which made permanent, among other things, three rather popular charitable tax incentives were set to expire January 1, 2016. The most important provision of the PATH Act for estate planning purposes is the continued allowance…

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HOW LONG CAN IRS COME AFTER ME? THE SUMNER REDSTONE CASE

Sumner Redstone is an entertainment business mogul with a majority share ownership of CBS entertainment and Viacom, and through Viacom, BET and Paramount Pictures, all through his majority ownership of his family business, National Amusement, which originally started out in the drive in movie theater business during The Great Depression.…

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PROTECTING YOUR FUTURE VIA POOLED TRUST ASSET ALLOCATION

COMMON LEGAL WAY TO PROTECT EXCESS INCOME         Unfortunately many means based programs, such as Medicaid, are strict in their qualifying criteria.  Depending on the specific facts you may not qualify for Medicaid and even as little as twenty dollars a month can make a difference.  There is no sliding…

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DONATE MY BODY TO SCIENCE

Donating an organ or even a whole body for scientific study or medical education is a relatively common event, which permits a person with perhaps a rare or not well understood disease to contribute to medical science.  Even if the person passes without a disease or any unique characteristics, medical…

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