Admitting a family member into a long term care facility (assisted living or nursing home) can be very emotional and stressful for a family. The admittance paperwork can often be many pages long and the pressure can be high to sign quickly to secure the family member a bed. However, signing the paperwork without having it reviewed by an elder law lawyer can spell trouble for the patients and their families. The following are the two big reasons to have an elder law lawyer review your nursing home or assisted living agreement before signing.
… Read the rest
- Avoid being left holding the bag: It is common place for long
Let’s start by looking at what happens when an individual versus a Trust inherits a Traditional IRA.
When the Beneficiary of a Traditional IRA is an Individual
When an individual inherits an IRA, he has options in how he takes the money.
Take it at Once: He could take a lump sum and pay income taxes on all the funds he pulled out that year, which may bump him up to a higher tax bracket.
Stretch Over his Lifetime: He could pull the money out over the course of his lifetime. By stretching out these distributions, and only taking the RMD (Required Minimum Distribution), he will be able to maximize the tax … Read the rest
A common question I receive in the office is whether a beneficiary designation trumps a Will or whether a Will trumps a beneficiary designation. For example, what happens if I have a pay on death (POD) or beneficiary designation on a financial account naming daughter X, but my will says that my accounts are to be divided equally between daughters X and Y? Do the funds go to daughter X as set up with my bank or financial institution or are the funds split between daughters X and Y based on my Last Will and Testament?
Similar questions that have the same answers are as follows. What happens if I have a joint… Read the rest
The Perla Law Firm is happy to announce a number of upcoming events at the beginning of the new year. Cleveland elder law, estate planning and probate lawyer Elizabeth L. Perla will be offering the following free programs.
January 29, 2019 from 12:30 to 4:30: Legal Clinic at Rocky River Senior Center. To make an appointment for a session, contact Rocky River Senior Center.
February 7, 2019 from 11am to 12pm: Long Term Care Planning program at Fairview Park Senior Center.
February 14, 2019 from 10am to 11am: Advanced Care Directive program at Mentor Senior Center.
February 19, 2019 from 11am… Read the rest
Effective on October 18, 2018, the Department of Veteran’s Affairs (VA) new rule for Aid and Attendance benefits goes into effect. Aid and Attendance benefits provide money to veterans and their surviving spouses to pay for long term care. Before I give a run-down of the basic changes and how it will affect veterans, here are some basics on eligibility for Aid and Attendance benefits.
Basics of Aid and Attendance Benefits:
Aid and attendance can help seniors and their surviving spouses afford to pay for nursing home, assisted living and home care. For those who qualify, effective December… Read the rest