When determining whether an individual qualifies for Medicaid, states impose both functional and financial tests. Functional means that the applicant must demonstrate medical need. Financial means that such an individual must demonstrate financial need. With proper planning though, it’s possible to meet the financial need prong even if assets exceed the threshold amount set by the state. Read on to learn more. … [Read more...] about Medicaid Planning
5 Essential Estate Plan Components
When you think about creating an initial estate plan, you likely focus entirely on the need to create a roadmap for the distribution of your estate assets in the event of your death. While that certainly will always remain an important estate planning goal. You will undoubtedly include additional goals into your estate plan over time. The best way to decide which estate planning goals should be included in your plan is to consult with an experienced estate planning attorney. In the meantime, … [Read more...] about 5 Essential Estate Plan Components
How to Apply for Senior Medicaid in Vermont
During your retirement years, there may come a time when you need help paying for health care expenses that are not covered by Medicare. Fortunately, Medicaid may be able to help. You need to know how to determine if you qualify and how to apply though. Toward that end, the Essex Junction Medicaid planning attorneys at Unsworth LaPlante, PLLC explain how to apply for senior Medicaid in Vermont. Will You Need to Qualify for Medicaid? Seniors often turn to Medicaid to help cover the high … [Read more...] about How to Apply for Senior Medicaid in Vermont
Planning for the “Silver Tsunami”
As the population over the age of 65 continues to grow, unique problems arise. For example, many seniors may have never married, or outlived their spouse and lack confidence that someone will help them make financial and health decisions as it becomes more difficult or when they become incapacitated. A qualified Estate Planning practitioner can provide guidance to address the issues unique to the solo senior. Read on to learn more. … [Read more...] about Planning for the “Silver Tsunami”
Discharge of Indebtedness Income and Student Loan Forgiveness
While many taxpayers may be excited about the prospect of reduced loan balances as part of Biden’s Loan Forgiveness Program, they may have questions about the potential tax consequences of that forgiveness. Under normal circumstances, creditors that discharge debt issue a corresponding Form 1099-C Cancellation of Debt to the debtor for inclusion in that year’s income. While the administration works out the kinks in the loan forgiveness plan, it’s important to understand the current provisions of … [Read more...] about Discharge of Indebtedness Income and Student Loan Forgiveness
More than Just Salad Dressing: The Ongoing Saga of Newman’s Own Foundation
When a famous individual dies, it’s always interesting to see how they set up their estate, if they bothered to undertake estate planning at all. These cases provide great lessons for Estate Planning practitioners both about what to do, as well as about what to avoid. In some cases, even when celebrities take the time to set up a proper estate plan, things go wrong. Paul Newman’s estate represents one such situation. Read on to learn more. … [Read more...] about More than Just Salad Dressing: The Ongoing Saga of Newman’s Own Foundation
Lessons from Patagonia
Estate planning often encompasses, at least in part, business succession planning. Many individuals own family businesses with the idea of passing the business on to the next generation. Of course, the bigger the business, the more complex that endeavor becomes. Yvon Chouinard recently made headlines when he donated 98% of his $3 billion company to an Internal Revenue Code Section 501(c)(4) organization. The move saved him millions in taxes, furthered his family’s political agenda, and embodies … [Read more...] about Lessons from Patagonia
How to Pick the Right Nursing Home
One of the most difficult decisions you may ever be faced with is choosing a nursing home for your parent. Recognizing that nursing home care is necessary to keep your parent safe and healthy does not make the task much easier. Once the decision has been made, however, the next step is to choose the best facility. The process of choosing a nursing home can be emotionally and physically exhausting given that your parent’s health and happiness are at stake. To get you started, the Essex Junction … [Read more...] about How to Pick the Right Nursing Home
Should I Hire a Lawyer to Help Me Administer a Trust?
If you were recently appointed to be the Trustee of a trust and you have never served as a Trustee, you likely have several questions about your duties and responsibilities as a Trustee. Whether or not you need to hire an attorney to help you administer the trust is probably at the top of that list of questions. There is no legal requirement obligating a Trustee to retain the services of an attorney; however, the Essex Junction trust administration attorneys at Unsworth LaPlante, PLLC explain … [Read more...] about Should I Hire a Lawyer to Help Me Administer a Trust?
Best Countries for Retirement
When it comes to retirement planning, where you live can significantly impact how far your retirement income stretches. That, in turn, affects how comfortably you live out your retirement years. It is precisely for this reason that a growing number of retirees decide to move outside of the United States when they retire. If you are one of them, you will need to choose your retirement country. To help you decide, the Essex Junction elder law attorneys at Unsworth LaPlante, PLLC discuss some of … [Read more...] about Best Countries for Retirement
