Myths and Misconceptions Vlog #3: I Can Gift $15,000 Per Year Without Penalty While many people are familiar with the gift tax exemption, it is often mixed up with the Medicaid five-year look-back rules. Watch the video below for the full explanation by attorney Joan Reed Wilson: If you are having trouble viewing…
It’s understandable that some people think that if the assets are under a different name, they are no longer considered yours. While that is true in most cases, Medicaid has slightly different rules.
So don’t put “transfer assets to spouse” on your to-do list just yet. Watch the video below and let Attorney Joan Wilson explain why.
Difference Between a Revocable Trust and an Irrevocable Trust There are two types of trusts – As clearly expressed in the title of this article. One is called a Revocable Trust, and the other – is an Irrevocable Trust. So far so good. To easily tell them apart, there is one major difference between the…
MYTH 1: “Medicare Will Pay for Long-Term Care such as an Assisted Living Community or and Nursing Home.”
Can you gift $10,000 a year without a penalty? For tax purposes yes, with the Gift Tax Exclusion. With the holidays around the corner and the end of the year fast approaching, many of you may be thinking about making gifts for your children and grandchildren. If you want to avoid paying a gift tax…
As part of our elder law and long-term care planning practice, we often recommend a reverse mortgage to our clients. And we are often met with resistance. One of the most common misconceptions about reserve mortgages is that if someone obtains this type of mortgage, all hope of ever having any equity to pass to…
