Millions of Americans are currently caring for an elderly family member or friend at home, without receiving regular compensation. Depending on the circumstances, however, it may actually be beneficial for both parties to enter into a care contract wherein the caregiver accepts payment for the care they are providing their loved one and also …
Estate Planning and Probate
Respecting Your Parents Privacy
We all have our individually defined ‘space’ – how much we disclose about ourselves, our circumstances, our finances. But there are situations that demand total disclosure! Many of us are agents for our aging parents: parents who have kept everything ‘between themselves’ so as not to worry the children. Now you are faced with deciphering …
Plan Your Estate Before You Remarry
If you are getting remarried, you obviously want to celebrate, but it is also important to focus on less exciting matters like redoing your estate plan. You may have created an estate plan during your first marriage, but this time it will probably be more complicated-especially if you have children from your first marriage or more assets. The …
Never Too Late to Devise a Medicaid Plan
When a loved one moves to a nursing home, family members are often shocked to learn that the bill is not paid by Medicare or health insurance. Few families have the money to pay the average nursing home bill themselves. In Connecticut the average nursing home bill is over $204,000 per year. Life savings can be depleted quickly paying these …
You May Not Need To Spend Down
Dear Attorney Tully: I am terrified. My husband and I are probably younger seniors than you see in your practice, but my husband is very sick and in a nursing home for long-term care. I’ve been told I have to spend down almost all of our savings, including my IRA, in order for him to qualify for Medicaid. Is this true? ANSWER: Not …
