Categories
Estate Administration

Recouping Expenditures Through Estate Administration

Being the executor of an estate is oftentimes an arduous and time-consuming endeavor. Generally, executors receive compensation for their work in addition to repayment for their personal contributions to costs relating to estate administration. What, however, can be deducted and reimbursed from the estate is up for debate. Obviously, taxes, postage, copies, probate fees, etc. are paid from the estate – and if the executor pays for these expenses out of their own funds, they would be reimbursed. But how are expenses paid out before the one’s death, by a future executor, treated when it is time to handle the estate? As always, it depends.

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General

Natural Disasters: What About Those with Disabilities?

 The disabled population likely experiences an amplified sense of vulnerability during disastrous happenings. The compounded risks encountered by the disabled during a catastrophic event are a real, and very serious, concern. A 2019 Act focuses on this hinderance and will attempt to bridge the accessibility gap for disaster response and preparedness for those living with disabling conditions.

Categories
Estate Administration

Procedural Blunder Leads to Beneficiary’s Big Loss

 If a beneficiary finds that assets were transferred away from an estate, he or she will usually seek to recover the assets.  Often, these sums are recovered and distributed to the intended beneficiaries.  Sometimes though, the assets are found to have been the product of a legitimate transfer. And other times, like in the following case, a procedural error can cost the beneficiary their potential win. 

Categories
Medicaid Planning

Divorce May Result in Medicaid Penalties

There are many ways to approach Medicaid eligibility: spending down assets, exempt transfers, the creation of certain trusts, and general proactive planning before the look-back period. Some tactics, however, may not be as effective as they once were.

Categories
General

Actions May Speak Louder Than Signatures

It is not always what you sign – it’s also what you say. Long-term care facilities are businesses. Just like any other, these institutions seek payment for their services. If a facility is assured payment by a third-party, that person may be on the hook for the bill, even if he or she never signed an agreement guaranteeing payment. 

Categories
General

Electronic Wills: Technology Collides with Trusts and Estates Law

The last 100 years have brought vast technological advancements to the masses, including the computer, internet, and smartphone. These developments have changed the way we live our lives and the way we conduct business. Instead of calling the receptionist of a company and asking for directions, we simply navigate using our car’s computer system or an app. Instead of mailing documents, we send them via email. Technology is now colliding with trusts and estates law through the use of electronic wills. Let’s take a look at what these are, along with how states are beginning to deal with them.

Categories
Medicaid Planning

Medicaid Fraud and Unjust Enrichment

Medicaid is a useful resource for paying for the great expense of long-term care. Only the truly needy qualify; strict Medicaid rules dictate asset and income thresholds, along with penalties for certain transfers.  In addition to the traditional criminal penalties that come with Medicaid fraud, there may be a finding of unjust enrichment in civil court.

Categories
Estate Planning

The Family Farm: Strategies for Surviving and Thriving

The growth and strength of our nation, with its vast geographic territory, is integrally connected to farming. Although the percentage of the population engaged in farming has shrunk dramatically since the nation’s early days, there are still two million farms in the United States. Unfortunately, the future of the family farm is in jeopardy. In 2017, between one-half and three-quarters of small farms (depending upon the type of farm) had an operating profit margin in the red zone, signifying a high risk of financial problems. In fact, for many small farming families, the majority of household income comes from off-farm sources such as wage income, non-farm business earnings, and dividends, and operators of small farms frequently report losses from farming.

Categories
Business Law

A House Divided: Deadlock in a 50-50 Partnership

Business planning and estate planning often go hand in hand. Businesses started by parents are frequently passed down to their children, and in the absence of adequate forethought, the new relationships that are formed can quickly disintegrate, causing damage to both the siblings’ personal bond and to the business.

Categories
Medicaid Planning

Saving Receipts for Medicaid Eligibility

Overcoming the presumption of improper transfers within a look-back period may be as simple as a keeping a few receipts.