Oftentimes, clients want to leave a retirement account to a minor child or grandchild (one who is under 18 years old). Sometimes a spouse is the primary beneficiary (would be first in line to receive the account upon the owner’s death) and minor children are the contingent beneficiaries (would be second in line to receive the account upon the owner’s death).
It is generally a good idea to have a named beneficiary of a retirement account, like a Traditional IRA or 401(k) or other tax deferred retirement account because a named beneficiary is able to stretch distributions more than an estate can, … 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
A parent of a child with Special Needs must take special care when preparing an estate plan. Special Needs Trusts are often recommended to ensure that an inheritance will assist a child with special needs without negatively affecting government benefits. Sometimes a parent will choose to forgo a Special Needs Trust in favor of an informal arrangement with surviving siblings. (ie. All the money will be left to the healthy child, Sharon, to care for the child with special needs, Sarah.) The risks of such an informal arrangement are numerous. Using the names from our example above:
• Sharon could… Read the rest