Marshall Property And Elder Planning Blog

= $ =p>The true figures. If you are 65 or older, there’s a 70% chance that you will need long term care at some time during your remaining life. By “long-term care” I mean the types of help people need if they have an extended physical illness, disability, or cognitive impairment (such as Alzheimer’s disease) that will require ongoing support. Long-term care is too costly. 100,000. And if you stay at home even, care can place a large financial, physical, and psychological burden on your loved ones. Have you planned for the likelihood that you will need long-term care someday?

For many people, their home is their major and most precious asset. Unfortunately, without advance planning, your home might be at risk of being lost to the price of long-term care. Part of the reason your property is so vulnerable is a government program called Medicaid Estate Recovery. Since nursing homes and other types of long-term care are so expensive, many people go out of money and finish up needing government assistance (Medicaid). But, when you die, Medicaid requires repayment your money can buy it spent on your medical home or other types of long-term treatment.

The authorities can pressure your home to be sold to be able to settle Medicaid. Some individuals make an effort to protect their home by deeding it to their children. But this can create a bunch of Medicaid and tax problems and can subject your home to loss due to unanticipated events in your children’s lives.

See, my earlier article “MUST I Give My Home to My Children? For most seniors, a better way to safeguard your property is to deed it to a special kind of trust. Using a trust, your home (and other resources if you wish) can be shielded from property recovery when you die, if you’d a long stay in a nursing home even. And because the trust, than a child rather, is the owner of the property it is protected from bad things that may happen in your child’s life as well.

It’s important to notice that the kind of special “Home Protection Trust” I am explaining is very different than the common revocable “living trust” that many folks have already set up. A revocable living trust provides for management of resources but will not protect the assets from treatment costs. THE HOUSE Protection Trust is an irrevocable trust specifically made to protect its holdings from loss should anyone ever have to apply for government assistance to purchase your long-term care costs. When you transfer your home to the trust, you don’t have to sell it. In the event that you put financial assets in the trust, you don’t have to market or change your investments.

  1. The plan
  2. Paul Newman’s Foundation Fights Looming 200 Percent Tax, The Daily Tax Report (August 17, 2016)
  3. National average house prices remain dropping
  4. ► July (41)
  5. Prefer take-or-pay (with min capacity obligations and with a date certain) format PPA or off-take

What you possess has simply been transferred under the defensive umbrella of the trust. The trust can sell things held by it and purchase new things. If your home is kept under the trust, and you decide to move, the trust can sell it and buy a new one. I’ve created many of these trusts for both my people and clients of my very own family. They work very well, especially if they are set up in advance of the need for long-term care far. Most people don’t even notice that they have a trust it has been setup once.

It changes things sufficient to protect your possessions from nursing home costs, from problems with your kids, and from other dangers. With progress planning and expert guidance seniors can ensure that their homes will stay in the family after their deaths and not be lost to estate recovery. If you reside in Pennsylvania, set up an appointment with one of the elder legislation attorneys of Marshall, Weber, and Parker, and discover if a home protection trust is right for you and your family. If you’re over age 65, the time to plan now could be.

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Make videos and sell or generate income from on sites like YouTube, DailyMotion, Brightcove, and MetaCafe. Invest in Real Estate. Buy into a small business as a Silent Partner. Create an App and upload for paid download on Playstore. Which of these passive income channels have you attempted? I should explain that even when you set up these aggressive income opportunities, you might not begin to see any tangible income until after a while. Once the income starts to come, it will be to make you glad you took the decision to start enough.