Don’t Go Broke In A Nursing Home

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By Lori McBride

Over the past few months, we have been rolling out a new seminar to help educate seniors and their families throughout Ohio, workshops in April were held in Springfield, Marion, & Millersburg. Here are some of the topics: [Read more…]

Does your irrevocable trust provide capital gains savings for your heirs?

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By Attorney Ted Brown

Irrevocable trusts are commonly used to protect assets from the cost of long-term care and to reduce estate tax liability. However, without the right language, an irrevocable trust can create a potentially crippling and unanticipated capital gains tax problem for your heirs.

Capital gains tax applies to the sale of appreciated assets such as land or stocks. In general,the tax is based on the profit that one earns on the sale. The profit is determined by subtracting the value of the property when you acquired it from the sale price. For example, if you buy a piece of land for $100,000 and you sell it for $225,000, you have a capital gain of $125,000. The $100,000 figure is known as your “cost basis.” [Read more…]

What Is an Affidavit or Memorandum of Trust?

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By Chris Meyer

When you or your attorney are funding your trust, you may find that some financial institutions require a copy of your entire trust. Most of us don’t want to share the entire trust with these institutions. In order to avoid giving financial institutions the entire trust document, attorneys prepare an affidavit – also known as a memorandum – of trust. [Read more…]

You’re 70 ½ and beginning to take your Required Minimum Distributions (RMDs)

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By Robin Crouch

All the hard work you put into saving for retirement is starting to pay off. How long will your nest egg last? Retirement planning doesn’t end when you retire.

It’s April 2014, so many of you are have had your taxes prepared for 2013. Maybe you had your taxes done by a professional tax-preparer, or maybe you’re doing it yourself – hello Turbo Tax! [Read more…]

What happens if your parents forget to pay their LTC insurance?

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By Robin Crouch

  1. The policy lapses resulting in no coverage. This may happen when they need the coverage the most!

  2. They would not qualify for a new policy if they had developed health problems since the policy was originally issued.

  3. Your parents may end up “spending down” everything they have taken a lifetime to earn before they can qualify for public assistance, or

  4. Unless you are independently wealthy and can ensure they have care when needed, they may not receive the care they need.

[Read more…]

Earth Day 2014

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Going green is good for the planet and good for your wallet. Here are some changes that can make a big impact.

$23-38

If the average household lowers the thermostat by two degrees, from 70 degrees to 68, they could save $23-$38 a year. 

$270

Switch all the light bulbs in your home to compact fluorescent light bulbs. You can save about $270 in one year. 

$200

Unplug appliances and electronics that glow when you’re done using them. You could save $200 a year. 

$150

For someone who typically buys a $1.50 bottle of water twice a week, the annual saving of drinking from a reusable BPA-free water bottle can top $150. 

$109

Repair a leaky toilet and you can save $109 a year with water at $1.50 for every 1,000 gallons. A leaking toilet leaks up to 73,000 gallons a year. 

$900

By upgrading the insulation in your attic, walls, and basement to R-50 standard, you can save up to $900 a year. 

$650 – $1,000

By car pooling with just one friend, you can each save about $650 a year. If four of you carpool, you can each save nearly $1,000. 

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Is divorce a good solution if my spouse goes into a nursing home?

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By Attorney Nathan Simpson

Many clients come into the office asking if their only option when faced with a catastrophic medical situation is divorce. They have heard that this is the only way to not be required to spend everything in the Nursing Home. Thankfully, that isn’t the only way. While there may be a rare case where divorce is the best option, for the vast majority of people there are more palatable ways to protect assets from a Nursing Home spend down. Through strategic use of the rules relating to Medicaid and Veterans Benefits, an elder law attorney can protect assets without resorting to divorce.

[Read more…]

Your Estate Plan Should Reduce Your Legislative Risk, Not Increase It

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By Senior Associate Attorney, Dan Vu

Too often estate planners do not consider their client’s legislative risk. In other words, they plan without consideration to the very high probability that the current rules will change. In Washington and Columbus, every new bill passed by the legislature is touted as the new permanent law of the land, but in reality it is only “permanent” until the next time they decide to change it. So if your plan does not provide the flexibility for the changing rules, you can actually be in a worse position than you would without any plan. [Read more…]

Don’t Go Broke in a Nursing Home

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By Lori McBride

Over the past few months, we have been rolling out a new seminar to help education seniors and their families throughout Ohio, most recently in Chillicothe, Johnstown and Delaware. Here are some of the topics: [Read more…]

Scam Alert: Bogus Funeral Notifications

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By Carmen Potterton

It seems that every time you turn on the news, there is yet another scam being reported and unfortunately, many of them tend to target senior citizens.

Senior Planet recently posted a scam alert concerning funeral notifications. An email is sent that is supposedly a notification that a friend has died. In order to get the details, you have to click on the link provided and once you do, the scammers infect your computer with malware. Malware generates viruses and spyware that allows the scammers access to your computer. [Read more…]