Estate Planning - Sheila Samuels Law

This is National Estate Planning Awareness Week
This is National Estate Planning Awareness Week

This is National Estate Planning Awareness Week

By Sheila Samuels|2019-01-15T22:45:45+00:00October 15th, 2018|Estate Planning|

Did you know this week is National Estate Planning Awareness Week? In 2008, Congress declared the third week in October as National Estate Planning Awareness Week to help the public understand what estate planning is and why it is such a vital component of financial wellness. This week is a great time to create an estate plan or have your existing estate planning documents reviewed and updated. In honor of National Estate Planning Awareness Week, the Samuels Law Firm will post answers to some frequently [...]

R.E.S.P.E.C.T.
R.E.S.P.E.C.T.

R.E.S.P.E.C.T.

By Sheila Samuels|2019-01-15T22:47:33+00:00September 8th, 2018|Estate Planning, Legal Documents|

Shortly after Aretha Franklin passed, we learned that according to court documents, the legendary singer did not have a will when she died. Franklin, who died August 16, 2018, at age 76, left behind four sons, but no guidance on how to distribute her reported $80 million estate. According to The New York Times, her sons filed paperwork in Oakland County, Michigan, indicating that she died intestate -- that is, without a will. The sons nominated Franklin’s niece to serve as the personal representative of the [...]

The Guardianship System
The Guardianship System

The Guardianship System

By Sheila Samuels|2019-01-15T22:50:16+00:00July 19th, 2018|Estate Planning, Long-Term Care|

On a recent episode of the HBO program, Last Week Tonight with John Oliver, the problems within the guardianship system were discussed. On the show, John Oliver provided a scary and funny explanation of how guardianship works, ending with a public service announcement by William Shatner, Lily Tomlin and other celebrities explaining steps you can take to avoid guardianship. The segment featured a guardianship case in Nevada where the appointed public guardian is accused of abusing her authority and is facing more than 200 charges. [...]

Proving That a Transfer Was Not Made in Order to Qualify for Medicaid
Proving That a Transfer Was Not Made in Order to Qualify for Medicaid

Proving That a Transfer Was Not Made in Order to Qualify for Medicaid

By Sheila Samuels|2019-01-15T22:56:16+00:00June 11th, 2018|Disability, Estate Planning|

When meeting with a prospective client or family who wants to learn more about applying for Medicaid to pay for nursing home care, one of the primary concerns is whether the prospective client has made any transfers within the last five years. Medicaid law imposes a penalty period if you transferred assets within five years of applying, but what if the transfers had nothing to do with Medicaid? It is difficult to do, but if you can prove you made the transfers for a purpose [...]

Selecting Retirement Account Beneficiaries
Selecting Retirement Account Beneficiaries

Selecting Retirement Account Beneficiaries

By Sheila Samuels|2019-01-15T23:05:23+00:00April 12th, 2018|Estate Planning|

While the execution of a Will is one way to allocate of your assets, the reality is that most property passes to heirs through other, less formal means. Many bank and investments accounts, as well as real estate, may have joint owners who take ownership automatically upon the death of the primary owner. Other banks and investment companies offer payable on death accounts that permit owners to name the person or people who will receive those assets when the owners die. Life insurance, of course, [...]

Estate Planning Considerations for Late-in-Life Parents
Estate Planning Considerations for Late-in-Life Parents

Estate Planning Considerations for Late-in-Life Parents

By Sheila Samuels|2019-01-15T23:07:07+00:00March 2nd, 2018|Estate Planning|

Older parents are becoming more common, driven in part by changing cultural norms and surrogacy. Comedian and author Steve Martin had his first child at age 67. Singer Billy Joel, age 68, recently welcomed his third child and Janet Jackson had a child at age 50. But later-in-life parents have some special estate planning and retirement considerations. The first consideration is to make sure you have a comprehensive estate plan and make sure it is kept up to date. If you have minor children, one [...]

Three Reasons Why Giving Your House Outright to Your Children Isn’t the Best Way to Protect it from Medicaid
Three Reasons Why Giving Your House Outright to Your Children Isn’t the Best Way to Protect it from Medicaid

Three Reasons Why Giving Your House Outright to Your Children Isn’t the Best Way to Protect it from Medicaid

By Sheila Samuels|2019-01-15T23:08:25+00:00January 31st, 2018|Elder Counsel, Estate Planning|

You may be afraid of losing your home if you have to enter a nursing home and apply for Medicaid. While this fear is well-founded, transferring the home outright to your children is usually not the best way to protect it. Although you generally do not have to sell your home in order to qualify for Medicaid coverage of nursing home care, the state could file a claim against the house after you die. If you get help from Medicaid to pay for the nursing home, [...]

Key Provisions People Fail to Include in Their Estate Plan
Key Provisions People Fail to Include in Their Estate Plan

Key Provisions People Fail to Include in Their Estate Plan

By Sheila Samuels|2019-01-15T23:11:18+00:00December 4th, 2017|Estate Planning|

As 2017 comes to an end, now is a good time to review your estate planning documents to make sure you have included everything you need. Even if you've created an estate plan, are you sure you included everything you need to? There are certain provisions that people often forget to put in in a will or estate plan that can have a big impact on your family. 1. Alternate Beneficiaries One of the most important things your estate plan should include is at least [...]

National Estate Planning Awareness Week
National Estate Planning Awareness Week

National Estate Planning Awareness Week

By Sheila Samuels|2019-01-15T23:24:40+00:00October 18th, 2017|Estate Planning|

Did you know that this week is National Estate Planning Awareness Week? In 2008, Congress declared the third week in October as National Estate Planning Awareness Week. This week is a great time to create a comprehensive estate plan or to have your existing estate planning document reviewed and updated. In honor of National Estate Planning Awareness Week, the Samuels Law Firm will discuss a few common misconceptions people have about elder law plans: I'm too young for an elder law plan. WRONG! The sooner you [...]

The Value of Using Irrevocable Trusts in Medicaid Planning
The Value of Using Irrevocable Trusts in Medicaid Planning

The Value of Using Irrevocable Trusts in Medicaid Planning

By Sheila Samuels|2019-01-15T23:29:17+00:00July 21st, 2017|Estate Planning|

When meeting with prospective clients who are interested in creating a comprehensive estate plan, we frequently discuss using an irrevocable trust. Initially, people often wonder about the value of using irrevocable trusts in Medicaid planning. In this month’s newsletter, we will provide key benefits of using an irrevocable trust. Some of you might ask, why not just gift my assets outright without involving an irrevocable trust? The answer is gifting of assets can certainly be done outright, instead of using an irrevocable trust. Outright gifts [...]