Unfortunately, all too often, the common mistake we see in estate planning is the failure to fund a living trust. Funding is the step in transferring ownership of assets into the living trust. It’s not enough to simply have a living trust, if you fail to fund a living trust you risk losing those assets. In this Estate […]
Living in Limbo: What to do and pay for while the Medicaid application is pending
The Medicaid application is complete, signed, sealed and delivered. So, what do you do now? In some instances, a Medicaid application may remain pending for as long as a year or longer. During this time, what do you do and what do you pay for? In this Elder Law Minute video, part of the Medicaid Application […]
What is a Transfer of Assets?
With the Medicaid look-back rule in mind, one thing to pay attention to is any transfer of assets you may have done within the last five-year period. But, what exactly is a transfer of assets? In this Elder Law Minute video, part of the Medicaid Application Process series, Wes Coulson, Illinois and Missouri Elder Law attorney, […]
Common Estate Planning Mistake #11: Failing to plan for your lifetime incapacity
When we think of Estate Planning, we often think of the documents we put in place for when we die. However, that isn’t always the complete story. Sometimes, people suffer illnesses prior to their death that may leave them incapacitated. One of the big common estate planning mistakes is failing to plan for your lifetime […]
What if the VA enacts a Look-Back Rule and Transfer Penalty?
Perhaps you’ve heard that the VA has proposed rules that would impose a three-year look-back period on transfers, similar to what Medicaid has, that could delay eligibility for VA pension benefits. These benefits could be used to help pay for long-term care, so, what would happen if the VA enacts those rules? In this Elder […]
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