February 2014 Archives

A Medicaid Primer 101

If you have elderly parents, don't wait to learn about Medicaid - sometimes referred to by a litany of other state names, like Medi-Cal and MassHealth. 

Planning Your Family Business Legacy

These two experiences taught me a lesson about family businesses. Making a family business a family legacy takes planning and preparation. While each family business has its own unique issues, there are some common strategies associated with succession planning. 

When Children Are Responsible For The Nursing Home Bill

If your parents live in one of 29 states or Puerto Rico that has filial responsibility laws on the books, you could potentially be held legally responsible for their care under certain circumstances, such as when your parents are ailing and without sufficient financial resources to take care of themselves. Until recently, these statutes have been largely ignored. However, several recent court decisions indicate that there might be renewed interest in enforcing them. 

Family Wealth And Financial Entropy

The numbers also show that roughly one in three businesses pass to the next generation. Just about 10% of family businesses pass to the grandchildren's generation. Still fewer make it to the subsequent generation. Regardless of the reasons, family money seems to move away from that which created it. Among wealth advisors, there is a saying: the first generation makes it, the second generation spends it, and the third generation blows it. 

Long-Term Care Lapse Logistics

In the meantime, cases like this demonstrate anew how vigilant families need to be. If your older relative has a long-term care policy, photocopy the page listing the company, policy number and claims contact information. Keep the insurance company updated on new addresses, yours (if you are the third-party designee) and your relative's. It wouldn't hurt, if the policyholder is becoming forgetful, to check bank statements or call the company to be sure premiums are paid. 

Going Back To Basis

Recent tax law changes are turning traditional estate planning on its head. Indeed, moves long considered savvy-for example, aggressively shifting wealth to younger generations while senior family members are still alive or leaving assets to a "bypass" trust-may no longer be necessary to save estate tax and could now leave many families paying income tax they wouldn't otherwise owe. 

Medicare Rehab Requirements Relaxed?

What does this mean? Imagine you have a severe stroke. Before Jimmo, most people thought Medicare would pay for physical therapy only as long as that PT was helping you get better. For instance, Medicare would pay if therapy helped increase the number of steps you could walk without assistance. Now, Medicare will pay for PT even if it only helps you maintain your current ability to walk. 

Upcoming Workshops

3 Easy Steps To Protect Your "Stuff" This workshop addresses frequently asked questions and common misconceptions on Wills & Trusts, Asset Protection, Nursing Home Issues, and Medicaid Qualification.

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ESTATE PLANNING LAW GROUP OF GEORGIA,

Johns Creek Office
11555 Medlock Bridge Road, Suite 100
Johns Creek, GA 30097

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Phone: 770-822-2723
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Lawrenceville, GA 30043

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