When planning for a special needs child, sometimes traditional planning ideas which work well for a family that is not addressing these issues do not work well for a family which is. In a recent article in Kiplinger’s magazine titled “Making a Plan for a Special-Needs Child”, it is pointed out that…
A decision by the Supreme Court of Montana, In the Matter of the Estate of Marilyn Hendrick, overturned a lower court running concerning a joint will. The facts of the case are as follows: Marilyn and Stanley Hendrick executed a joint will. Each had three children from a previous marriages.…
In a recent article in US News and World Reports, Scott Holsopple sets out questions which everyone should ask when planning for what happens when they are no longer alive and handling their financial affairs. One important question is: Does my spouse know about all of our accounts and how…
A Power of Attorney allows someone you designate (your agent or attorney in fact) to make decisions for you if you become incapacitated. For this document to be effective, your agent may need to be able to access your medical information. Medical information is private. The Health Insurance Portability and…
Individual Retirement Accounts (IRAs) are an investment tool and need to be taken into account when doing estate planning. It is important to name a beneficiary of an IRA. A spouse is often a beneficiary. A contingent beneficiary should also be named so that the IRA does not pass to…
In her article in the Wall Street Journal, Jennifer Hoyt Cummings gives tips regarding setting up a trust so that parents can protect their assets from free-spending or other problem children/ beneficiaries. She advises that a trust should be put in place so that a spendthrift child cannot get title…
Long-term care can be very expensive, but many long-term care expenses can be deducted from your taxes. In a decision by the U.S. Tax Court, it ruled that payments to non-medical caregivers are still deductible as medical expenses. In Estate of Lillian Baral (U.S. Tax Ct., No. 3618-10, July 5,…
A tremendous breakthrough in Special Needs Planning is the ABLE (Achieving a Better Life Experience) account. In a recent article in Kiplinger’s magazine, Kimberly Lankford points out that a 2014 federal law allows states to create these accounts. Illinois adopted ABLE legislation in 2015. The law allows individuals of any…
Most seniors prefer to stay at home as long as possible before moving into a nursing home. For many families, this means eventually hiring a caregiver to look after an aging relative. Caregivers can be hired directly or through a home health agency. When a caregiver is hired directly, you…
A trust is a legal arrangement where one person (or an institution such as a bank or law firm), called a “trustee”, holds legal title to property for another person, called a “beneficiary”. If you have been appointed the trustee of a trust, this is a strong vote of confidence…