The latest the telephone scam is the “IRS Phone Call” from an IRS agent. The scam works like this: The caller who claims to be an IRS agent tells the person that he/she is an employee of the IRS and that he owes back taxes and must pay them immediately. The…
Medicaid funds long-term care services for low-income individuals, but 48 states have opted to give assisted living residents the ability to receive Medicaid benefits, mostly through Medicaid “waiver” programs that promote home health care. More than 330,000 people in assisted living are receiving more than $10 Billion in benefits to…
Medicare has terminated your coverage for a physical therapist, nurse or speech therapist. The health care provider states that you have “plateaued” , ‘have not improved” or require “maintenance services” only. In addition, the health care provider states that you must pay out of pocket if you want to continue these…
Older parents are becoming more common, driven in part by changing mores and surrogate motherhood. Comedian and author Steve Martin had his first child at age 67. Singer Billy Joel just welcomed his third daughter. Janet Jackson had a child at 50. But later-life parents have some special estate planning and…
When a non-lawyer ventures into the world of probate or guardianship, one item that usually causes confusion is the requirement for the representative to post a bond. Under Illinois law, a court-appointed representative is required to post a bond which covers 150% of the value of the personal estate. This…
One of the most common questions we receive from clients is where to keep original wills and other estate planning documents. Generally, there are two main options as to where these documents should be kept. The first option is to keep them in your home with your personal items and…
Leaving those who survive you an organized estate with accurate records will save time and money. At a minimum, leave information regarding the following in a place where your family can easily find it: Your personal history including names, addresses and telephone numbers for yourself and all of your current family…
A small estate affidavit may be used in place of a formal estate proceeding (opening an estate before a judge) to collect the decedent’s (person who died) assets when the total value of the decedent’s assets are less than $100,000 and include no real estate. An affidavit must be completed which states…
Withdrawals are usually tax-free when one inherits a Roth IRA, but minimum withdrawals are required each year using the same rules as for any inherited IRA. A non-spouse beneficiary should have the account retitled as an inherited Roth IRA using this format: John Doe, Deceased (date of death) Roth IRA…
When parents set up a Third Party Special Needs Trust, it is created by and funded with the assets of the parents. The parents are considered to be the “third party”. The trust is not set up with the assets of the special needs child, and the transfer may not…