Dear Attorney Tully: I am a recently retired senior. It seems funny to call myself a senior, but I guess I am. My girlfriend and I had a discussion recently over coffee. She said I can’t make gifts to my children because the state could come after it for 5 years! I thought I could give my two children $10,000 tax free gifts every year. My friend …
Estate Planning and Probate
10 Reasons to Create an Estate Plan Now
Many people think that estate plans are for someone else, not them. They may rationalize that they are too young or don’t have enough money to reap the tax benefits of a plan. But as the following list makes clear, estate planning is for everyone, regardless of age or net worth. 1. Loss of capacity. What if you become incompetent and unable to …
Divorce and Health Care
Will you have to divorce your husband or wife to protect what you’ve worked your lifetime for if a loved one gets ill? This is exactly what was proposed by Columbus, Ohio Elder Law Attorney William Jr. Browning. Ohio, like Connecticut, proposed significant changes to its Medicaid (Title 19) program that will endanger couples homes and assets if …
What Happens If you Die Without a Will?
We all know we are supposed to do estate planning, but not all of us get around to it. So what happens if you don’t have a will when you die? Your estate will be distributed according to state laws, which may or may not be the way you want it to be distributed. Dying without a will is called dying “intestate.” Each state has laws that determine …
Bank Accounts
Dear Attorney Tully: I am an 85 year old widow. I am considering adding my children’s names on all of my bank accounts in an attempt to protect them if I need nursing home care in the future. What do you think about this? ANSWER: In Connecticut, the State Department of Social Services (DSS) says that adding someone else’s name to a bank account …
