Wes Coulson talks about the difference between a living will and a healthcare power of attorney. A living will only discusses the issue of end-of-life treatment. A healthcare power of attorney is more comprehensive and covers any situation in which a medical decision needs to be made for you, and you can’t make that decision […]
Don’t Disinherit a Special Needs Child
One of the unfortunate decisions that parents of a special needs child sometimes make when estate planning is one to “disinherit” that child, either by not leaving them a share because they couldn’t handle it, or by leaving their share to a sibling to take care of for them. Either situation has its potential downfalls. In […]
Elder Law Minute: Continuing Care Retirement Communities
In this Elder Law Minute, Wes Coulson talks about the advantages of continuing care retirement communities. These communities feature all levels of senior care housing, from independent living to nursing home care, within one campus. These facilities provide a smooth transition from one level of care to another, as well as allowing couples with different […]
IRAs Can Be Planning Time Bombs
Many people don’t realize that IRAs can be real planning time bombs. Most people take the minimum distribution, but that can pose a problem for their children, who will have to take the money out at higher tax bracket. In planning, an IRA can also cause problems when trying to obtain eligibility for benefits. With […]
Elder Law Minute: DRA Adoption Is Not the End of the World
It seems to be tougher and tougher for people to qualify for Medicaid. Illinois has adopted a law called the Deficit Reduction Act, which increases the amount of time that gifts will be taken into consideration from 3 years to 5 years. While this new law does make it more difficult to qualify for Medicaid, […]
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