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Category: Trusts

Use Your Will to Dictate How to Pay Your Debts

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The main purpose of a will is to direct where your assets will go after you die, but it can also be used to instruct your heirs how to pay your debts. While generally heirs cannot inherit debt, debt can reduce what they receive. Spelling out how debt should be paid can help your heirs. … Continue reading

New Yorker Article Highlights Abuses in the Guardianship System

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Serious problems with the public guardianship system in the United States can lead to elder abuse, according to an in-depth article in The New Yorker titled “How the Elderly Lose their Rights.” Court-appointed guardians can take control of an elderly person’s finances and life and become wealthy while doing so. One expert interviewed describes the guardianship system as “a morass, … Continue reading

Nursing Home Costs Rise Sharply in 2017

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The median cost of a private nursing home room in the United States has increased to $97,455 a year, up 5.5 percent from 2016, according to Genworth’s 2017 Cost of Care survey, which the insurer conducts annually. Genworth reports that the median cost of a semi-private room in a nursing home is $85,775, up 4.44 percent … Continue reading

Pay Attention to the Small Details When Dealing with Long-Term Care Insurers

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A long-term care insurance company recently cancelled the insurance coverage of an elderly woman who accidentally wrote the wrong amount on her premium check. The case illustrates the need for policyholders to pay attention to the details. Madeleine Maldonado, of Concord, Massachusetts, had a long-term care insurance policy through AIG. According to an article in … Continue reading

Florida Nursing Home Tragedy Causes Rethinking of Disaster Preparedness

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The recent tragedy in which ten Florida nursing home residents died when the nursing home lost power during Hurricane Irma is causing government officials to rethink disaster planning.  Even though we are an estate planning firm in Centennial CO, it’s important to share this information nationally. In response to the deaths, Florida Governor Rick Scott announced a new … Continue reading

Be Aware of the Kiddie Tax Before Leaving an IRA to Children

16319-tax return

Grandparents may be tempted to leave an IRA to a grandchild because children have a low tax rate, but the “kiddie tax” could make doing this less beneficial. An IRA can be a great gift for a grandchild. A young person who inherits an IRA has to take minimum distributions, but because the distributions are based on … Continue reading

HUD Makes Reverse Mortgages a Little Less Attractive

reverse mortgage paper

The Department of Housing and Urban Development (HUD) has announced changes to the federal reverse mortgage program. Citing the need to put the program on better financial footing, HUD will raise reverse mortgage fees and limit the amount homeowners can borrow. A reverse mortgage allows a homeowner who is at least 62 years old to … Continue reading

Don’t Let Health Care Providers Use the Improvement Standard to Deny Medicare Coverage

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Have you or a loved one been denied Medicare-covered services because you’re “not improving”? Many health care providers are still not aware that Medicare is required to cover skilled nursing and home care even if a patient is not showing improvement. If you are denied coverage based on this outdated standard, you have the right … Continue reading