I have moved. The blog is now updated at http://blog.shealawonline.com and my site is located at www.shealawonline.com
I hope to see you there.
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Tuesday, April 17, 2007
Wednesday, April 4, 2007
On The Move - Stay Tuned
Stay tuned for directions to my new site with enhanced content features. Hopefully everything will be ready before the end of next week.
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Saturday, March 24, 2007
The Next Probate Scandal?
Connecticut Probate has a reputation, and it is not very good. From the scandal involving Judge James Kinsella in the 1980s to systemic flaws that have been slowly revealed as the legislature began to unravel the Probate onion in recent years. Here are a few stories discussing some of the common issues with our Probate system.
Channel 8 News Report
Another Channel 8 News Report
Yale Law School Commentary
We've been fortunate and have not had any large scale probate scandal in recent years that I'm aware of. Although as you can see from the articles, the vulnerabilities remain and the next scandal could come any day.
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get updates by RSS or ATOM or Subscribe to Elder Law & Estate Planning Legal Resource by Email
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Channel 8 News Report
Another Channel 8 News Report
Yale Law School Commentary
We've been fortunate and have not had any large scale probate scandal in recent years that I'm aware of. Although as you can see from the articles, the vulnerabilities remain and the next scandal could come any day.
If you found this information useful,
get updates by RSS or ATOM or Subscribe to Elder Law & Estate Planning Legal Resource by Email14 Mistakes to Avoid in Your Will
Liz Pulliam Weston has a nice summary of some common mistakes that I've seen in other people's wills and estate plans. The full story is here. Obviously #1 is not having a will or any plan and I see that a lot. Most of the other problems can be traced to approaching estate planning as stand alone documents. In some sense that is what they are, but there is also a significant difference between a well thought out and designed plan versus buying a will or a trust and not understanding how it operates with your assets such as retirement accounts and life insurance. Your document may say what you want, but if your assets are not positioned correctly it may not do what you want.
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If you found this information useful,
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Tuesday, March 20, 2007
Medicaid Case Study - Protection for Couples
Tom and Helen have lived in Middletown their entire adult lives. Two weeks ago, Tom and Helen celebrated their 50th wedding anniversary. Yesterday, Tom, who has Alzheimer’s, wandered away from home while Helen was grocery shopping. The police found Tom wandering the neighborhood hours later and took him to a hospital. Tom’s doctor has just told Helen that she needs to place Tom in a nursing home where he can receive the level of care that he needs. Concerned about nursing home expenses, Helen together a list of their assets:
$ 5,000.00 - Checking Account
$ 60,000.00 - Savings Account
$ 50,000.00 - Money Market Account
$100,000.00 - CD’s/IRAs
$150,000.00 - Residence
In addition to their assets, Tom receives a Social Security check for $800 each month and Helen receives Social Security of $400 each month. Helen begins to research nursing homes using the Connecticut Nursing Home Guide to find the best one for Tom and soon discovers that the average cost of a nursing home is over $7,000 every month! Helen’s afraid that everything they have worked for their entire lives will be consumed by nursing home expenses and, even worse, she will be left penniless to pay for her own monthly bills in less than three years.
There is good news for Helen. Connecticut offers the Medicaid program to help pay for nursing home care expenses. It is possible that Tom and Helen will not have to lose everything they have worked for to pay for nursing home expenses. The process may take some time, but the results are usually worth it.
To apply for Medicaid, Helen will have to go through the Department of Social Services (DSS). If she does things strictly according to the way DSS tells her, she will only be able to keep approximately one-half of their assets. However, Helen would only be allowed to keep $101,640.00 in assets due to certain restrictions imposed by DSS. Exempt assets, such as their home, are excluded from the $101,640.00. The rest of their assets (approximately $113,360) would have to be “spent down” before Tom would qualify for Medicaid benefits.
In most cases there is an alternative to the traditional “spend down.” That is because federal law protects Helen so that she does not have to impoverish herself before Tom can receive Medicaid benefits. The challenge is that Helen cannot take advantage of this protection at the case worker level.
In order to ensure that she keeps as many assets as she is entitled to, Helen must go through the fair hearing process. She must proceed properly and she should have an attorney advising her of her rights throughout the process because the fair hearing carries significant legal ramifications with respect to Tom’s eligibility for Medicaid benefits and the amount of assets Helen can keep. But with proper advice, Helen can avoid such a large spend down.
This is an example where knowledge of the rules and how to apply them can make a substantial difference in the outcome. Consult an attorney regarding your rights if your spouse has applied or is expected to apply for Medicaid benefits.
Please note that proper Medicaid planning differs according to the relevant facts and the circumstances of each situation. If you need Medicaid benefits and want to protect your rights and your property, call (860) 593-0404 to schedule a free consultation.
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$ 5,000.00 - Checking Account
$ 60,000.00 - Savings Account
$ 50,000.00 - Money Market Account
$100,000.00 - CD’s/IRAs
$150,000.00 - Residence
In addition to their assets, Tom receives a Social Security check for $800 each month and Helen receives Social Security of $400 each month. Helen begins to research nursing homes using the Connecticut Nursing Home Guide to find the best one for Tom and soon discovers that the average cost of a nursing home is over $7,000 every month! Helen’s afraid that everything they have worked for their entire lives will be consumed by nursing home expenses and, even worse, she will be left penniless to pay for her own monthly bills in less than three years.
There is good news for Helen. Connecticut offers the Medicaid program to help pay for nursing home care expenses. It is possible that Tom and Helen will not have to lose everything they have worked for to pay for nursing home expenses. The process may take some time, but the results are usually worth it.
To apply for Medicaid, Helen will have to go through the Department of Social Services (DSS). If she does things strictly according to the way DSS tells her, she will only be able to keep approximately one-half of their assets. However, Helen would only be allowed to keep $101,640.00 in assets due to certain restrictions imposed by DSS. Exempt assets, such as their home, are excluded from the $101,640.00. The rest of their assets (approximately $113,360) would have to be “spent down” before Tom would qualify for Medicaid benefits.
In most cases there is an alternative to the traditional “spend down.” That is because federal law protects Helen so that she does not have to impoverish herself before Tom can receive Medicaid benefits. The challenge is that Helen cannot take advantage of this protection at the case worker level.
In order to ensure that she keeps as many assets as she is entitled to, Helen must go through the fair hearing process. She must proceed properly and she should have an attorney advising her of her rights throughout the process because the fair hearing carries significant legal ramifications with respect to Tom’s eligibility for Medicaid benefits and the amount of assets Helen can keep. But with proper advice, Helen can avoid such a large spend down.
This is an example where knowledge of the rules and how to apply them can make a substantial difference in the outcome. Consult an attorney regarding your rights if your spouse has applied or is expected to apply for Medicaid benefits.
Please note that proper Medicaid planning differs according to the relevant facts and the circumstances of each situation. If you need Medicaid benefits and want to protect your rights and your property, call (860) 593-0404 to schedule a free consultation.
If you found this information useful,
get updates by RSS or ATOM or Subscribe to Elder Law & Estate Planning Legal Resource by EmailReturn to Main Page
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Monday, March 19, 2007
How Not to Plan for Your Special Needs Child
The U.S. Autism & Asperger Association put together a nice list of the 9 Costly Mistakes to Avoid in Planning for Your Special Needs Child. I recommend it for everyone that has a family member with special needs.
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get updates by RSS or ATOM or Subscribe to Elder Law & Estate Planning Legal Resource by EmailReturn to Main Page
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Thursday, March 15, 2007
Special Needs Trusts - How to Secure the Future for Your Disabled Child
The Special Needs Trust
Until 1993, as a parent with a disabled child, you faced a difficult decision: if you left a legacy for your disabled child, you might make your child ineligible for government assistance.
When the federal government enacted the Omnibus Reconciliation Act of 1993, however, it made it possible for you to 1) provide funds to support your special-needs child and 2) retain your child’s eligibility for federal, state and private charitable benefit programs.
The Omnibus Reconciliation Act of 1993 excluded from benefit program eligibility requirements the legacy left to special-needs children in a Special Needs Trust.
How to Secure the Future with a Special Needs Trust
The Special Needs Trust is simple to establish, and it not only provides immeasurable peace of mind, it also gives you complete control over your child’s care.
You work with your estate planning attorney to appoint Trustees for your child’s Special Needs Trust. The Trustees oversee your child’s well-being and manage the estate your or anyone else leave for his or her benefit. So there is no need for a probate court to determine your child’s fate.
Unlike the guardian or conservator a probate court might appoint, these Trustees are people you know and trust. Relatives or close family friends can be appointed to supervise your child’s personal care.
To work with financial institutions and manage the estate, you may want to appoint a professional financial advisor, as a Co-Trustee.
As part of setting up your child’s Special Needs Trust, you provide detailed written instructions in the trust to direct the Trustee’s activities. By law, Trustees must follow these instructions to the letter. So you have a tremendous degree of control over your child’s education, housing, and other needs.
Best of all, the Special Needs Trust preserves your child’s eligibility for federal, state and charitable benefit programs. The only requirement is that the funds withdrawn from the Special Needs Trust must be for purposes other than those covered under the governmental and private benefit programs. The concept is fairly simple, but the execution is technical and complex. Special Needs Trusts are carefully scrutinized by government benefits agencies and one error in the language of the trust can undo everything it is designed to accomplish.
If you found this information useful,get updates by RSS or ATOM or Subscribe to Elder Law & Estate Planning Legal Resource by Email
Order Your Free Copy of How to Secure the Future for Your Disabled Child
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Read more!
Until 1993, as a parent with a disabled child, you faced a difficult decision: if you left a legacy for your disabled child, you might make your child ineligible for government assistance.
When the federal government enacted the Omnibus Reconciliation Act of 1993, however, it made it possible for you to 1) provide funds to support your special-needs child and 2) retain your child’s eligibility for federal, state and private charitable benefit programs.
The Omnibus Reconciliation Act of 1993 excluded from benefit program eligibility requirements the legacy left to special-needs children in a Special Needs Trust.
How to Secure the Future with a Special Needs Trust
The Special Needs Trust is simple to establish, and it not only provides immeasurable peace of mind, it also gives you complete control over your child’s care.
You work with your estate planning attorney to appoint Trustees for your child’s Special Needs Trust. The Trustees oversee your child’s well-being and manage the estate your or anyone else leave for his or her benefit. So there is no need for a probate court to determine your child’s fate.
Unlike the guardian or conservator a probate court might appoint, these Trustees are people you know and trust. Relatives or close family friends can be appointed to supervise your child’s personal care.
To work with financial institutions and manage the estate, you may want to appoint a professional financial advisor, as a Co-Trustee.
As part of setting up your child’s Special Needs Trust, you provide detailed written instructions in the trust to direct the Trustee’s activities. By law, Trustees must follow these instructions to the letter. So you have a tremendous degree of control over your child’s education, housing, and other needs.
Best of all, the Special Needs Trust preserves your child’s eligibility for federal, state and charitable benefit programs. The only requirement is that the funds withdrawn from the Special Needs Trust must be for purposes other than those covered under the governmental and private benefit programs. The concept is fairly simple, but the execution is technical and complex. Special Needs Trusts are carefully scrutinized by government benefits agencies and one error in the language of the trust can undo everything it is designed to accomplish.
If you found this information useful,
get updates by RSS or ATOM or Subscribe to Elder Law & Estate Planning Legal Resource by EmailOrder Your Free Copy of How to Secure the Future for Your Disabled Child
Return to Main Page
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