Timing is everything. How often have you heard someone express that sentiment? While it’s often true of life in general, it’s certainly true in Medicaid planning. So, does an inheritance count as an asset for Medicaid purposes? For a single person, the answer is clearly, “Yes.” If a single individual is spending down his or her assets, and …
Estate Planning and Probate
Make the right choice when hiring an attorney
Dear Attorney Tully: I am so disgusted. Eight years ago we moved all of my father’s funds from my father to him and all three children. I thought after five years that Dad’s assets would be protected. Now we found out that NONE of the money is protected. Dad’s health is failing. What do we do? Answer: Unfortunately, many families add their …
Read More about Make the right choice when hiring an attorney →
How to approach your parents about their estate plan
We often hear from children who are concerned that their parents may not have an estate plan in place. The children are worried that if something happens to one or both parents, the children will not be equipped to assist their parents, and many times the children have no idea where the parents stand financially. Understandably, these subjects may …
Read More about How to approach your parents about their estate plan →
How Life Insurance Policies Affect Eligibility for Medicaid
Dear Attorney: I am so confused. My husband was just placed in a nursing home and will need Medicaid. Some of my friends are telling me that my husband and I can’t have life insurance policies. Is this true? Answer: While term life insurance policies do not count as assets for Medicaid eligibility, the value of whole life policies, (the kind …
Read More about How Life Insurance Policies Affect Eligibility for Medicaid →
Use Caution When Transferring Mortgage to an LLC
Dear Attorney Tully: I own rental property. My friends at the senior center are telling me to put my rental property into an LLC so that I’m protected from liability if I’m sued for any reason. ANSWER: If you own rental property, you’ve probably heard that transferring it to a limited liability company (LLC) is a good way to limit your …
Read More about Use Caution When Transferring Mortgage to an LLC →
