Question: Once I make out a Last Will and Testament or Trust, is it possible for one of my family to invalidate it? Answer: Yes. Wills and trusts can be challenged in court by any person having a legal interest in the assets which you leave behind. In order to prevent this, it is wise […]
Questions – If I go into a nursing home, will my family have to sacrifice life insurance on my life? Answer – Yes, if it has cash surrender value. That value is an “available resource” to pay for nursing home costs. Discuss this with an experienced elderlaw attorney to solve that problem. -Attorney Jack N. […]
In an effort to save time and money, some families may be turning to ‘do-it-yourself’ will kits, but there may be flaws to these estate planning forms.
Question: Is it ever a good idea to transfer ownership of my home to my children? Answer: NO! Never do that, and there are a number of tax, legal and Medicaid reasons not to do that. From a tax standpoint, you could significantly increase the taxes your children will have to pay when they sell […]