When an individual applies for Medicaid assistance in a nursing home, one of the first questions that is asked of them has to do with whether a transfer has been made of any asset for less than fair market values within five years (60 months) of the date of the application. If such a transfer has been made, a “penalty period” will result depending on the value of the gift. The larger the gift, the longer the penalty period. Continue reading
What Do You Own?
John and Helen have been thinking about updating their estate plan. They called and made an appointment with Paul Plant at Harwell & Plant. John and Helen updated Paul on their current family situation. They have three children who are now on their own and successfully pursuing careers. After listening to the short update on the three children, Paul turned to a review of John’s and Helen’s property. Continue reading
The United Methodist Foundation for the Memphis & Tennessee Conferences Endowment program continues to grow, because our churches and individuals recognize the benefits of creating their own endowment funds. Continue reading
You have completed a will and perhaps a revocable living trust. Your durable power of attorney for healthcare and a living will are accompanied by a HIPAA release. All of your records are safely in place and carefully organized.
So you now are finished with your estate planning. Or are you? Will there be changes in your circumstances or your family that should lead to a review of your plan? Could some events cause you to need to revise or update the plan? Continue reading
Most families purchase their largest personal residence in their mid-forties. Families with children often need the additional space. Other families think they want to purchase a home that they can enjoy for many years. By the time you reach retirement age, you probably have an empty nest. The children or other family members have now moved on and are creating their own homes. Some individuals at that point decide they like their home in their neighborhood and would like to stay there for their lifetime. Others might want to sell the larger property and move to a condo or retirement community. Continue reading