by Chesapeake Wills and Trusts | Apr 16, 2021 | Asset Protection, Elder Law, Estate Plannning, General, Irrevocable Trust, Trusts
In a profanity-laced episode of his HBO show that is by turns hilarious and deeply disturbing, comedian John Oliver delivers one of his trademark rants, this one exposing the “abuse and neglect” that he contends are all-too-prevalent in our system of...
by Chesapeake Wills and Trusts | Apr 13, 2021 | Asset Protection, Elder Law, Estate Plannning, General, Trusts, Wills
With the federal estate tax exemption possibly about to be lowered, it may be time to think about steps you can take to keep your estate from being taxed. An irrevocable life insurance trust allows you to pass on money to your heirs while avoiding both the federal...
by Chesapeake Wills and Trusts | Apr 8, 2021 | Asset Protection, Elder Law, Estate Plannning, General, Irrevocable Trust, Trusts
The one-year deadline for nursing home residents on Medicaid to spend down their first round of stimulus checks is here, but they may have a little extra time. In March 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act authorized $1,200...
by Chesapeake Wills and Trusts | Apr 8, 2021 | Asset Protection, Elder Law, Estate Plannning, General, Irrevocable Trust, Trusts
If you are caring for a loved one at home, you may need to rent a hospital bed. Here are the ins and outs of hospital bed rentals. The benefit of a hospital bed is that it adjusts to allow people with limited mobility to more easily get in and out of the bed....
by Chesapeake Wills and Trusts | Apr 8, 2021 | Asset Protection, Elder Law, Estate Plannning, General, Trusts, Wills
Vermont senator Bernie Sanders has introduced legislation that would require more estates to pay estate tax and that raises the amounts they would pay. Another proposed law would eliminate the step-up in basis that inherited assets currently enjoy. Taken...
by Chesapeake Wills and Trusts | Apr 8, 2021 | Asset Protection, Elder Law, Estate Plannning, General, Irrevocable Trust, Trusts
The IRS has announced that the tax deduction for medical expenses includes amounts spent on face masks, sanitizer and other products purchased to prevent the spread of the coronavirus. If you have significant medical expenses, you may be able to deduct them from...
by Chesapeake Wills and Trusts | Apr 8, 2021 | Asset Protection, Elder Law, Estate Plannning, General, Irrevocable Trust, Trusts
President Biden has signed the latest COVID-19 relief bill, which in addition to authorizing stimulus checks, funding vaccine distribution, and extending unemployment benefits, also provides assistance to seniors in a number of ways. The $1.9 trillion American...
by Chesapeake Wills and Trusts | Apr 8, 2021 | Asset Protection, Elder Law, Estate Plannning, General, Irrevocable Trust, Trusts
This is something of a grey area. You must report most asset transfers to the Medicaid agency, and the transfer will usually cause a period of ineligibility for benefits. You could make an argument that the transfer of a noncountable asset does not need to be reported...
by Chesapeake Wills and Trusts | Apr 8, 2021 | Asset Protection, Elder Law, Estate Plannning, General, Irrevocable Trust, Trusts
The Centers for Medicare and Medicaid Services (CMS) has issued new guidance on whether families can visit loved ones in nursing homes. The guidance allows indoor visitation even when the resident has not been vaccinated. The coronavirus pandemic has hit...
by Chesapeake Wills and Trusts | Apr 2, 2021 | Asset Protection, Elder Law, Estate Plannning, General, Irrevocable Trust, Trusts
Parents and other family members who want to pass on assets during their lifetimes may be tempted to gift the assets. Although setting up an irrevocable trust lacks the simplicity of giving a gift, it may be a better way to preserve assets for the future. ...
