Many older Americans like to name their adult child as a joint tenant on their bank accounts. However, having a child as a joint tenant can pose a problem when doing planning. The law says that if you have your child as joint tenant, they will inherit all the money in that account, no matter […]
Elder Law Minute: Living Will Vs. Healthcare Power of Attorney
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 […]
Why It’s Unwise to Put Off Planning
There are two basic truths when it comes to nursing home placement. The first is that no one would rather be in a nursing home than their own home. The second is that nursing homes are never empty or close to it. The reconciliation of these two truths is that many elders eventually, despite their […]
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: Medicare Complete – Medicare Advantage Plans
In this Elder Law Minute, Wes Coulson talks about Medicare Complete plans. A Medicare Complete plan is actually a Medicare HMO that works as a substitute for Medicare. A Medicare Complete plan does not cover Medicare days in the nursing home. Medicare Complete is not the same as a Medicare supplement policy. Hi, I’m Wes […]
