For the majority of Americans, most net worth is held in the home and/or tax deferred retirement accounts. Estate planning for the home was covered in our previous post, http://www.perlalaw.com/blog/estate-planning-for-your-home-simple-will-transfer-on-death-affidavit-or-revocable-trust/. This post will focus on planning for tax deferred retirement accounts.
What is a Tax Deferred Retirement Account?
A tax deferred retirement account is a financial account where your contributions can grow tax deferred until they are withdrawn. Traditional IRAs, Annuities and 401(k)’s… Read the rest
A gift to a charity can be made in a Will or Trust. If you already have a Will or Trust, a charitable bequest can be added by means of a codicil to a will or an amendment to a trust.
Prior to making any gift, it is important to know the correct name of the organization to ensure that the money goes to its intended beneficiary and to avoid confusion.
Bequests come in different forms.
• Specific Bequests: A specific bequest is a gift of a particular item. For example,” I give my diamond engagement ring to Charitable Organization.” If you dispose of your diamond ring before death, than this… Read the rest
In Ohio, the general rule of thumb is that in the event of a divorce, a spouse will be able to retain his separate property. For a more full explanation of separate and marital property and property division, see http://www.perlalaw.com/blog/how-does-a-domestic-relations-court-in-ohio-divide-property-in-a-divorce/ However, there is a particular exception to the rule that some practitioners may overlook.
In Ohio, a spouse can convert separate property to marital property by making a gift of the separate property to their spouse. There are two essential elements to effectuate a gift.… Read the rest
Adult Protective Services (APS) investigates suspected abuse, neglect or exploitation of those 60 and older. Abuse is defined as infliction upon an adult by self or others of injury, unreasonable confinement, intimidation or cruel punishment with resulting physical harm, pain, or mental anguish. Neglect is defined as the failure of an adult to provide for self the goods or services necessary to avoid physical harm, mental anguish, or mental illness or the failure of a caretaker to provide such goods or services. Exploitation means the unlawful or improper act of a caretaker using an adult… Read the rest
Medicare Part A (Hospital Insurance) will pay up to 100 days of skilled nursing care in a nursing home or at home, if the patient is home-bound and it is physician authorized, or inpatient care in a rehabilitation facility.
Coverage includes meals, skilled nursing care, physical and occupational therapy, speech-language pathology service, medications, medical supplies and equipment, and dietary counseling.
There is no charge for the first 20 days. However, there is a co-pay of $152 per day for the next 80 days, with Medicare covering the remaining expenses.
Sometimes a patient is determined… Read the rest