A lot of people think that they can only give one $13,000 gift each year without having to pay a federal gift tax. Learn the real truth about gifting money. [www.CooperElderLaw****]
Learn how to retain control of your money with an asset protection account so a nursing home can't access the money
Attorney Thom Cooper talkes about the dangers of gifting assets to your children.
[more info on www.CooperElderLaw****]
Many people think they can't get help in a nursing home if they didn't plan at least 5 years ahead of time or if someones in a nursing home, there's nothing that can be done.
There are actually various look back time periods and usually 50-70% of assets can be saved.
The last in the 3 great nursing home planning mistakes is if you have a revocable living trust it will protect you from a nursing home spend down. Actually, all of the assets in a revocable living trust can be subject to a nursing home spend down
A living trust only saves taxes for couples, not single people and only if the trust is established before the death of the first spouse. The trust establishes a holding tank where at first death, the money of the deceased spouse goes into the holding tank and the money is available to the surviving spouse for their health, education, maintenance and support. [more info at www.CooperElderLaw****]
A compensation benefit is payable to veterans who were injured in the service.
A pension benefit, or aid and attendance benefit, is available to veterans or widows of veterans who were never over seas but served at least 90 days active duty with at least one day during a war time period. Attorney Mitch Adel talks about the 4-prong test to qualify for benefits. [more info at www.CooperElderLaw****]
The property is divided into two parts. A remainder interest which is given to the child, is a promise the child will receive the property at the death of the parent(s). The parent(s) retains the right to live in that property while their alive. However, if the child were to get sued or the parent were to go into a nursing home, a lien can be placed on the property. [more info at www.CooperElderLaw****]
Estate recover is a program by the state where liens are placed on the homes, and real estate for medical bills that the state pays for nursing home or in-home care situations. Attorney Mitch Adel explains in-depth detail on estate recovery. [more info at www.CooperElderLaw****]
Often people believe assets are protected when they are not. Just because a property may be exempt from a nursing home spend down, that doesn't mean it’s protected. Estate Recovery is the states way of coming back after peoples properties or assets, after a public benefit recipient has passed away. Estate Recovery can come back for the amount of whatever the state paid including at home benefits, passport and Hospice. [more info at www.CooperElderLaw****]
1) you can loose control of the home. If a child predeceases you, the home may go to their spouse and the home could be sold out without your permission.
2) Liabilities. If theres a divorce or lawsuit
What can you do? An Asset Protection Trust where your home is protected and you get all the favorable tax advantages and if something happens to the kids, nothing can happen to the house. [more info at www.CooperElderLaw****]
The 3 important questions of long-term care insurance: How long, how much and how soon.
The last in the 3 great nursing home myths is if you have a revocable living trust it will protect you from a nursing home spend down. Actually, all of the assets in a revocable living trust can be subject to a nursing home spend down.