Traditionally estate planning involves planning for transfer of ownership on death. Wills, trusts, transfer on death deeds, beneficiary designations, joint accounts with rights of survivorship are all tools to transfer ownership of property on death. Just as important, or perhaps more important is planning for the rest of your life. A person can begin withdrawals from an IRA or 401K as early as … [Read more...] about Estate Planning for Life
Choosing a Natural End Documents That Make Life and Death Easier You know that you can always refuse life-sustaining medical treatment. The tricky part comes when you are no longer able to understand your options or communicate your wishes to the health-care professionals. While Texas may not yet condone physician-assisted suicide or mercy killing, it is all-in for permitting the natural process … [Read more...] about 4 Healthcare Documents That You Need
Seniors Avoid the Cliff! By Robert S. Morris Our practice of Elder Law includes all legal issues common to older people. One issue of concern to everyone on Medicare or Social Security is the issue of hidden taxes. What is the Income Related Monthly Adjustment Amount (IRMAA)? We are all aware of income taxes and payroll taxes but there are other taxes hiding out there. One of those is IRMAA, … [Read more...] about What Is IRMAA?
Paying For Long Term Care Through Medicaid and VA Pensions There are two primary public benefits programs that can help pay for nursing home or long-term care: VA Pension and Medicaid (there is another VA program for veterans with a service-connected disability). Both programs have strict requirements for qualification and they are, to put it mildly, complicated. What is a VA Pension and … [Read more...] about How To Pay For Long Term and Nursing Home Care
DON’T LOSE THE ORIGINAL WILL Wills only take legal effect when the person who made the will dies and the will is admitted to probate. Probate is a legal process where a court hears evidence to prove that the will is valid and should be given legal effect. Normally this requires that the original will ( not a copy) be filed with the clerk of the court. Most wills are self-authenticating, that … [Read more...] about What Happens If The Original Will Is Lost?
$27 Billion and Counting Elder Fraud Hits a New High A bombshell report on elder fraud was recently released by Comparitech, a consumer research company that focuses on the United Kingdom, the United States, and Canada. You are not going to like the conclusions. According to Comparitech’s research, senior citizens in the United States may lose nearly 25 times more to scammers than what is … [Read more...] about 7 Ways To Prevent Elder Fraud