Monthly Archives August 2019

WISPact Special Needs Trust

Often I have clients asking me what they should do if they would like to leave an inheritance for a relative who is on public benefits such as SSI or Medicaid. What do I recommend? The Wispact Special Needs Trust. The Wispact Special Needs Trust is a community pooled Trust that allows a beneficiary to keep assets in trust for his/her benefit while still maintaining their public benefits (such as SSI or Medicaid). There are two types of Wispact Trusts: The self-funded trust and third-party trust. The self-funded trust can be created by a parent, grandparent or beneficiary but is
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Title XIX And Asset Preservation (Part 2)

Last week I discussed the options a couple has if one of them unfortunately needs assisted living or long-term care and wanted to apply for Title XIX benefits. This week I will discuss the options for a single person if the same situations occurs. For a single person, the following assets are exempt or unavailable for Title XIX purposes: any prepaid burial policies, one vehicle, and the homestead (if the person is living it, expresses an intent to return home, or if the house is listed for sale). All other assets are considered available. For a single person to be
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Title XIX And Asset Preservation (Part 1)

What do you do when your spouse has an unfortunate set back and has to enter an assisted living facility or nursing home? The last thing you should do is panic or worry about the potential expenses that could occur from their stay. With Title XIX, the community spouse (the healthy spouse) is entitled to keep a certain level of countable assets, which is determined initially at the first date of institutionalization. Countable assets include checking accounts, savings accounts, investments, life insurance policies, etc. The healthy spouse is entitled to keep between $50,000 and $126,420 of countable assets. This does
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Does My Divorce Have To Be Ugly?

In a word, no. Your divorce will be as smooth or as difficult as the two parties wish it to be.  (However, it takes two to be cooperative, but only one to be difficult.) Some people choose to handle their divorces on their own (“pro se”) because they feel attorneys will make the process harder. A good attorney will make the process easier, not harder. Other people don’t hire attorneys because they already “have it all worked out.” Unfortunately, many people attempting to handle their own divorces overlook important legal issues because they don’t know they exist – they are
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