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These exceptions on home transfers can help you and your family during this time. Transfer the Home to the Right Family Member There are a few types of family members you can transfer your property to: You can transfer it to your spouse who already lives in the home. You can transfer the property to an adult child who has lived in the home for at least two years before You can transfer the property to a sibling with equity interest in the home and who has lived in the

don’t get a choice, as noted by Forbes in “The Difference Between Having an Estate Plan and A Wealth Transfer estate planning documents, it’s important to know the differences between these documents and a wealth transfer A wealth transfer plan is a strategy that you undertake to prepare your heirs for their inheritance, values and family goals; sharing your intentions regarding heirs or beneficiaries and time frames for transfers Reference : Forbes (July 1, 2016) “The Difference Between Having an Estate Plan and A Wealth Transfer

testament , and their loved ones are forced to learn the hard way about the processes involved with transferring Continue reading to learn more about deeds and transferring property after death. This enhanced life estate arrangement can do a number of things, including: Allow for the transfer of Transfer on Death Deed Much like the Lady Bird Deed, the Transfer on Death Deed is designed to avoid A Transfer on Death Deed is subject to claims against the estate for two years after the death of the

The largest asset most people have is their family home. care insurance is exhausted and the other assets are used to pay for care, how does one protect the home monthly cost of a nursing home. During that time, Medicaid won’t pay for the nursing home. Private funds have to be used. One exception is for the transfer of a residence to a child who has lived in the home for at least two

Once the basics are covered and some of the questions are answered, the beneficiary of a home can make Keeping the home for your personal use gives you the ability to own a home that will probably have a Selling the home lets you convert the home into cash. What is the house worth? You need to know the home’s value, whether you are dividing its proceeds for multiple heirs or trying With full authority, the executor can sell the home at any time after appointment for any price he or

Plan Ahead When Possible Obviously, it is not always possible to plan in advance for nursing home care , but it is shocking how many people choose a nursing home without ever having set foot inside. Would they recommend this nursing home, and why or why not? Some nursing homes specialize in different areas or offer different amenities, so taking a tour will Choosing a nursing home is a pretty big deal.

May is here, and in addition to celebrating the arrival of spring, this month has been designated as Older American’s Month and National Elder Law Month. The theme for Older Americans Month is “Blaze a Trail,” which is exactly what advocates for older adults and their families are doing. The (Carlisle, PA) Sentinel’s article, “Elder Care: Elder law vs. elder care,” says that if you open any telephone book or do a search online, a number of attorneys will advertise the practice of elder law—often thought of as estate planning (wills and powers of attorney) and estate administration (the execution of a will and management of the financial affairs of a person who has passed away). Many times we hear about difficult situations, resolved into neat packages that are each tied with a bow. These are the result of a plan that implements care coordination services in addition to traditional legal services. In many situations, creative thinking and planning by qualified elder law attorneys who are familiar with healthcare and support providers achieves these best possible outcomes. Flexibility and cooperation by service providers is an essential element in achieving success. When obtaining appropriate care is combined with legal and health system knowledge, most family situations involving seniors that don’t fit neatly into a category can be sorted through and resolved by an experienced legal professional. Stress is reduced, and everyone will be as comfortable as possible with the result. Call it elder law or elder care, it often takes both to help seniors blaze a trail in their senior years. Reference: The (Carlisle, PA) Sentinel (April 27, 2016) “Elder Care: Elder law vs. elder care” #ElderLaw #LongTermCarePlanning #PayingforaNursingHome

Your newlywed planning will likely include how to finance large purchases such as a home or vehicle. There are special privileges for spouses when it comes to this type of planning. There are also significant responsibilities that come along with this, including the need to make medical

When it comes to estate planning, there are five factors of ethical behavior that everyone should be When it comes to determining what behaviors are right or wrong, ethics is your guide.

Modernizing the estate planning process has been a long time coming, and COVID-19 has only further inspired This is perhaps the single largest transformation to happen to the industry in the last several decades E-signatures have been popular for some time, but they are only just now becoming widely accepted throughout The estate planning world has needed a modern approach for some time now, and as more and more technological

individuals that are aware of their eligibility for Medicaid, they often apply in order to cover nursing home requirements that generally must be met for an individual to receive Medicaid coverage for a nursing home Asset Eligibility For an individual who is entering a nursing home, they may not have more than $2,000 in assets; a couple entering a nursing home may not have more than $3,000. If you are interested in Medicaid coverage for residency at a nursing home for yourself, your elderly

And if you hold assets that you think will really appreciate over time, you can transfer those assets Qualified Personal Residence Trusts This trust lets you leave your home to your beneficiaries and decrease Once that’s over, your beneficiaries can inherit your home, paying taxes on the value of the home at the time of the deed transfer. But if you die while living in your home, it’ll count as part of your estate and be taxed according to