Most of us know that nursing homes can be very expensive, even if we don't have a loved one already residing in one. The unfortunate reality is that most private health insurance coverage does not include nursing home services. Even those with Medicare coverage may not receive sufficient coverage to make Kentucky nursing homes affordable. So, when it comes to the need for nursing homes, our nursing home lawyers can help you be prepared.Understanding the basics about MedicaidMedicaid is a … [Read more...]
Basics of Estate Planning: Powers of Appointment: Part 2
Add flexibility to a trust by using power of appointment. This article will examine the different types of powers of appointment and how that can impact taxation.The last blog examined the basics of powers of appointment. This blog will examine how they can impact taxation. From a gift and estate tax perspective, there are two kinds of powers of appointment, a limited power of appointment (or “LPOA”), and a general power of appointment (or “GPOA”). They can cause dramatically different gift … [Read more...]
Basics of Estate Planning: Powers of Appointment
Trusts can be very flexible. One of the ways to add flexibility is by using powers of appointment. This article will examine what a power of appointment is and how it may be used to add flexibility to a trust.Trusts have many potential benefits. One of those benefits is that they can be very flexible. One way to increase the flexibility of a trust is by including powers of appointment.What is a Power of AppointmentA power of appointment is giving someone the ability to direct the assets … [Read more...]
Look-Back for VA Aid & Attendance
New Asset Transfer Look-Back for VA Aid & Attendance Coming Soon: The Window of Opportunity is Closing Quickly!Background:The VA offers a valuable benefit to wartime veterans through Aid & Attendance, i.e., those who served even 1 day in a time of war and served at least 90 days in one of the branches of the service. The veteran must also have not received a dishonorable discharge. If the veteran is age 65, and the veteran or their spouse can receive assistance in daily … [Read more...]
Planning for Winners, Part 2 of 2
Lottery winners often end up in bankruptcy. Learn how an estate planning attorney can help you avoid mistakes and plan for your newfound wealth. This article looks at ways to protect the wealth and ways to benefit charity and others.This is a two-part series concerning planning for lottery winners. The first part concerned avoiding pitfalls. Here we take a look at planning strategies to consider.Now that the lottery winner has avoided some of the possible pitfalls, let’s look at some … [Read more...]
