You’re a responsible individual. You’ve done estate planning to provide for the distribution of your assets to protect those you love. If you’re like most of us, when you hear the word “asset” you think of things like your home, the money you have in the bank, or your investments. You know, all those tangible possessions that have traditionally been considered to be what makes up our property, our “wealth.” The same has been true of estate .
Parents of a child with special needs continually look for ways to enrich the quality of their child’s life and ensure his or her future health and wellbeing. These goals can be achieved using a variety of planning tools, some of which are driven by whether the child’s disability either arose before age 26 or is expected to continue past that age.
“My parents have always had separate investment accounts. Dad is being admitted to a nursing home, but mom will be able to keep her account, right?”
Age 22 is relevant because there are many public benefit programs that require proof that a person’s disability arose before reaching age 22 in order to establish eligibility.
While it may be tempting to toss or destroy yellowing medical records and other papers because they're more than three, seven, or 37 years old, you should resist the urge to purge, since it may be impossible to recreate the records years later! Professionals who .
"I moved in with my parents 10 years ago. Can their house be put into my name now that they're going into a nursing home?"
If you have moved into your parent’s home in order to provide care to them and a parent then goes into a nursing home, this can be a very scary situation. You may have given up your home, you may have moved from your own personal residence, in with your parents. There also are people that have always lived with their .
“I heard the state is going to take my house if my spouse gets admitted to a nursing home. Is that true?”
We have many clients who have the unfortunate decision of putting a loved one into a nursing home. When it's your spouse, it can be a major concern because you're worried about your own financial health. And we have many clients who have come in saying “I'm going to lose my home” or “They're going to put a lien on my home so I can't .