Recent Posts in Asset Protection Category

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The Hidden Perils of Joint Ownership - Part Three

Problem No. 4 – Loss of Control In general, a joint owner cannot mortgage or sell property without consent from the other joint owners. While this may seem like an unlikely problem when the ...
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The Hidden Perils of Joint Ownership - Part Two

Problem No. 2 – Needs-Based Benefits Eligibility Putting a child on the deed to a home (as a joint tenant) may result in a non-exempt transfer of a resource. Non-exempt transfers may result in a ...
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The Hidden Perils of Joint Ownership - Part One

This blog series will focus on holding real estate and accounts jointly, and specifically, the hidden perils associated with using joint ownership with your adult children as an Estate Planning tool. ...
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What Events Trigger Changes to the Estate Plan? Part Three

Most events can be broken down into three categories Personal, Financial and Legal. A note on “Legal” changes Legal changes that can affect a plan include changes in the tax law, asset ...
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What Events Trigger Changes to the Estate Plan? Part Two

Most events can be broken down into three categories Personal, Financial and Legal. The following is a review of several common events in the Financial category, but it is by no means exhaustive: ...
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What Events Trigger Changes to the Estate Plan? Part One

Most events can be broken down into three categories Personal, Financial and Legal. The following is a review of several common events in the Personal category, but it is by no means exhaustive: ...
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Comprehensive Powers of Attorney - Part Three

Comprehensive Powers of Attorney – Part Three On October 1, 2016, the Connecticut Uniform Power of Attorney Act will take effect. The following is a general overview of the use and benefit of ...
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Comprehensive Powers of Attorney - Part Two

On October 1, 2016, the Connecticut Uniform Power of Attorney Act will take effect. The following is a general overview of the use and benefit of powers of attorney, and in particular, the use and ...
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Comprehensive Powers of Attorney - Part One

On October 1, 2016, the Connecticut Uniform Power of Attorney Act will take effect. The following is a general overview of the use and benefit of powers of attorney, and in particular, the use and ...
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ABLE ACCOUNT: Is it the right tool for me? - Part Four

Uses of the ABLE Account A person receiving needs-based government benefits often has a dilemma when it comes to saving, whether for education or for unexpected events, all while maintaining public ...
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ABLE ACCOUNT: Is it the right tool for me? - Part Three

Tax Benefits ABLE accounts have tax benefits similar to 529 accounts. Qualified distributions from the account are not counted as taxable to either the contributor or the beneficiary. Qualified ...
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ABLE ACCOUNT: Is it the right tool for me? - Part Two

Financial Limitations on ABLE Accounts There are currently limitations as to the amount of savings that can be held in an ABLE account. The first such limitation deals with the annual contribution ...
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ABLE ACCOUNT: Is it the right tool for me? - Part One

There are many unique components of special needs planning, one of which is to ensure that individuals with special needs remain eligible for important needs-based government benefits such as ...
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Disability Planning: The Importance of Being Prepared - Part Five

Planning in the Event Disability or Long Term Care Insurance is Unavailable or Insufficient Unfortunately, many Americans will either be medically ineligible for disability and/or long term care ...
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Disability Planning: The Importance of Being Prepared - Part Four

Most Americans Underestimate the Risk Perhaps most importantly, despite overwhelming and compelling statistics; most Americans grossly underestimate the risk of disability to themselves and to their ...
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Disability Planning: The Importance of Being Prepared - Part Three

Does Alzheimer’s Impact These Numbers? Alzheimer's is growing at an alarming rate. Alzheimer's increased by 46.1% as a cause of death between 2000 and 2006, while causes of death from ...
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Disability Planning: The Importance of Being Prepared - Part Two

Many Persons Will Face a Long Term Disability Unfortunately, for many Americans the disability will not be short-lived. According to the 2007 National Home and Hospice Care Survey, conducted by the ...
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Disability Planning: The Importance of Being Prepared - Part One

Most Individuals Will Face At Least a Temporary Disability Study after study confirms that nearly everyone will face at least a temporary disability sometime during their lifetime. More specifically, ...
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The 7 Levels of Asset Protection for Business Owners - Part 2

There are several levels of asset protection planning that can be implemented. Each level provides an additional layer of protection. Level One – Exemption Planning: Some assets are ...
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The 7 Levels of Asset Protection for Business Owners - Part 1

What is “Asset Protection?” The best way to answer this inquiry is to explain what asset protection isn’t. Asset protection is not hiding or concealing assets. Asset protection is ...
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How Can an Irrevocable Trust Benefit You? Part 2

Last time, we discussed asset protection and protection against estate, income, and capital gains taxes through irrevocable trusts. Here are some other benefits of irrevocable trusts: Special Needs If ...
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How Can an Irrevocable Trust Benefit You? Part 1

Estate Tax Protection Insurance, real estate, brokerage and bank accounts, and other personal property can be transferred to your irrevocable trust to insulate the assets in your trust from inclusion ...
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Is Life Insurance exempt under Medicaid?

A common and confusing issue when determining eligibility for Medicaid in Connecticut, is the exemption or lack thereof of Life Insurance. The rules are as follows: Term life insurance of any amount ...
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Is my IRA an exempt asset under Medicaid?

IRAs are commonly used to save for retirement in a tax-deferred environment. There is a lot of confusion however as to whether or not the IRA is counted when determining eligibility for needs-based ...
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How much do I get to keep if I am applying for Medicaid?

Another very common inquiry regarding Medicaid in the State of Connecticut is "how much do I get to keep?" The answer is that an unmarried person who applies for Medicaid long-term care ...
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