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Prevent Your Power of Attorney from Being Ignored

A durable power of attorney is one of the most important estate planning documents there is. It allows someone you appoint — your agent or “attorney-in-fact” — to act in your place for financial purposes when and if you ever become incapacitated. However, many people experience difficulty in getting banks or other financial institutions to […]

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The Value of the Attorney in Medicaid Planning and Medicaid Applications

Should you involve an attorney for even “simple” Medicaid planning or a “simple” Medicaid application?  This depends on your situation, but it has been our experience that in most cases, the prudent answer would be “yes.” The Medicaid program began as the government health care program for individuals who were of minimal means and needed […]

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5 Questions to Ask Before Making Gifts for Medicaid or Tax Planning

Many seniors consider transferring assets for estate and long-term care planning purposes, or just to help out children and grandchildren. Gifts and transfers to a trust often make a lot of sense. They can save money in taxes and long-term care expenditures, and they can help out family members in need and serve as expressions […]

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Three Reasons Why Giving Your House to Your Children Isn’t the Best Way to Protect It From Medicaid

You may be afraid of losing your home if you have to enter an assisted living facility or a nursing home and apply for Medicaid. While this fear is well-founded, transferring the home to your children is usually not the best way to protect it. Your home can be a barrier to Medicaid eligibility if […]

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Six Things to Consider Before Making Gifts to Grandchildren

Grandparents often are particularly generous to grandchildren as they see their family’s legacy continuing on to a new generation. In many cases, grandparents feel they have ample resources and their children or grandchildren may be struggling financially. Assistance with summer camp fees, college tuition, wedding costs or the downpayment on a first home, can relieve […]

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A Final Retirement Account Distribution Must Still Be Made After Death

Federal law requires that beginning on April 1 of the year after you reach age 70 1/2, you must begin withdrawing a minimum amount from your non-Roth individual retirement account (IRA) or 401(k) accounts. These withdrawals are called required minimum distributions (RMDs). But what if you die after age 70 1/2 and before all the account […]

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