Without proper planning, leaving an inheritance or making a gift to a disabled family member can cause the disabled person to lose their means-based government benefits, such as Supplemental Security Income or Medicaid.
Let’s take one couple, Tom and Louise, who have been married to each other for over 50 years and live in the same home they bought when they first got married.
About 40 million people are helping to care for older relatives and friends. Some leave their jobs to do so, and some end up as live-in caregivers. All give up much of their personal freedom. Should they be paid for their work?
People frequently hear that they should visit their attorney to have their wills and other important legal documents prepared, but many people procrastinate. Therefore, if you’re in that group, do not feel like you’re alone.
Many investors have an idea how they would like their assets distributed upon their passing. However, they are not sure of the best way to do so. Trusts are entities that ensure money and assets are handled according to the grantor’s instructions, keep the estate and its dealings private, and can be structured to a specific need.
Though complex, existing laws provide people with a pathway to protect their assets, become legally poor and qualify for publicly funded Medicaid to cover nursing home bills.