If caregiving looms in your future — and it likely does if you’re a daughter, an only child or the one (if you are, you know what I mean) — take time now to protect your financial life.
ABLE accounts are a way for people with disabilities to save and spend money, while protecting their access to public benefits.
A competent elder law or estate attorney can discuss and use, where appropriate, such provisions as the family exemption, benefits to prepaying inheritance tax, even where the tax return is not yet complete and a listing of itemized deductions.
For couples who face depleting their own assets, using a Medicaid-compliant annuity could be a way to preserve assets and still qualify for Medicaid.
Adult children typically don’t have to pay their parents’ bills. However, there are exceptions. Even when a child doesn’t have to pay directly, debt could reduce what they inherit.
These agents take over your affairs in specific areas, if you become physically or mentally incapacitated.
A will allows you to distribute your worldly goods, select a guardian for minor children and name an executor to carry out your wishes.
Several types of special income trusts and other strategies can be helpful, when trying to protect your family’s assets from the devastating costs of long-term care.
Several types of special income trusts and other strategies can be helpful when trying to protect your family’s assets from the devastating costs of long-term care.
Here’s what you need to consider, when looking to hire an elder law attorney.
