Social Security Cost of Living Allowances May Be Reduced

Social Security Cost of Living Allowances May Be Reduced

When you are planning for retirement you should be fully cognizant of the limitations of the Social Security program. Studies are consistently showing that a significant percentage of the baby boomers who are approaching the typical retirement age are not financially prepared. You may be among those who assume that Social Security will be enough,…

Providing Clarity on Medicaid and Long-Term Care

Providing Clarity on Medicaid and Long-Term Care

Medicaid is generally thought of as the program that is in place to help people who are impoverished with health care expenses. However, Medicaid has become the de facto long-term care insurer in the United States whether it was intended to be or not. Most of the senior citizens who are receiving long-term care have…

In Minnesota Can You Give Away Assets to Qualify for Medicaid?

In Minnesota Can You Give Away Assets to Qualify for Medicaid?

It can come as a shock when you find out that Medicare will not pay for an extended stay in a nursing home or a long-term care community. What would you do if you were faced with long-term care expenses during the latter portion of your life? Most senior citizens who are receiving long-term care…

Guide To Online Minnesota Retirement & Elder Law Info

Guide To Online Minnesota Retirement & Elder Law Info

When you’re looking ahead toward the senior years that lie ahead, you should evaluate what you will face. Retirement is something that is not going to fall into your lap. You have to plan ahead carefully to be able to enjoy Minnesota retirement in comfort. Some people don’t take retirement planning seriously enough because they…

Guardianship in Minnesota: How Do I Know if My Parent Needs a Guardian?

Guardianship in Minnesota: How Do I Know if My Parent Needs a Guardian?

Someone who is mentally impaired, whether from age or infirmity, may start to show signs of needing assistance in their personal affairs.  If, for example, your parent or loved one starts leaving food cooking on the stove, getting lost when away from home, forgetting to eat or take their medication, it is probably time to…

What is a Guardianship or a Conservatorship in Minnesota?

What is a Guardianship or a Conservatorship in Minnesota?

When the time comes for you to decide whether someone you love needs someone else to take control of their personal affairs, it helps to understand what a guardianship and conservatorship in Minnesota mean. A guardianship or conservatorship is established through a legal proceeding when the court appoints a person (a conservator or guardian) to…

Elder Financial Abuse Costs Seniors Billions

Elder Financial Abuse Costs Seniors Billions

There are some rather disturbing things that can take place in the shadows, and one of them is elder financial abuse. This has become an enormous problem in the United States, with annual losses being placed in the vicinity of $2.9 billion according to the MetLife Mature Market Institute. While this estimate may be accurate,…

What is the Difference Between Medicaid and Medicare in Minnesota?

What is the Difference Between Medicaid and Medicare in Minnesota?

When you are positioning yourself financially for the future, you are naturally going to have questions about government programs that you have heard about. These would typically include Medicaid and Medicare. Because the names are similar, understanding what each respective program accomplishes can be confusing. With this in mind let’s look at the differences. Medicare…

Alzheimer’s Disease Claims the Life of Actor, Comedian, and Philanthropist Gene Wilder

Alzheimer’s Disease Claims the Life of Actor, Comedian, and Philanthropist Gene Wilder

Fans of Young Frankenstein, Blazing Saddles, The Producers, and Willy Wonka were saddened by the death of Gene Wilder. Unlike others who die from Alzheimer’s disease, the comedian’s death was attributable entirely to this deadly disease. The fact is that Alzheimer’s disease is the real cause of death of millions of people, causing a slow…

Your Dogs are Listening and They Want a Trust

Your Dogs are Listening and They Want a Trust

Ground-Breaking Study Good news, dog owners. Science has confirmed what we have known all along. Dogs are able to understand individual words and intonations much like us. Until this ground-breaking study, scientists thought that humans were the only species capable of separating what was said from how it was said. But after sticking six border collies,…

How Is Incapacity Determined?

How Is Incapacity Determined?

This is an important question in estate planning because many instruments become active when the person who executed it becomes incapacitated.  The reverse is also true.  There are many instruments that cannot be created if the person trying to execute the instrument is incapacitated.  Determining an individual’s capacity or incapacity can be a very difficult…

Minnesota Estate Planning: What is the Marital Deduction?

Minnesota Estate Planning: What is the Marital Deduction?

Minnesota estate planning attorneys often advise clients who are in possession of a great deal of wealth. It is very important to understand the lay of the land thoroughly if you are engaged in the process of estate planning as a high net worth individual. With this in mind, we would like to explain the…

IRS Issues Proposed Regulations Affecting Advanced Estate Planning

IRS Issues Proposed Regulations Affecting Advanced Estate Planning

Section 2704 of the Internal Revenue Code was enacted to limit the discounts available to certain transfers of limited partnership or limited liability company ownership interests among family members. Section 2704(a) deals with lapsing rights. An example of a lapsing right might be an LLC in which the parents own the voting shares and the…

Reminder to Executors and Trustees: Pay Estate Taxes First

Reminder to Executors and Trustees: Pay Estate Taxes First

Estate executors, personal representatives and trustees should pay the tax debts of an estate before they distribute assets, as illustrated by one recent U.S. District Court case. The court found that an estate’s co-executors and the individuals who received distributions from the estate were personally liable — more than a decade later — for repaying…

Estate Planning: Broaching a Sensitive Topic

Estate Planning: Broaching a Sensitive Topic

You may be uncomfortable at the thought of discussing your estate with your loved ones. But failing to do so could result in disagreements and conflicts when the details are revealed after your death. Discussing your plans in advance gives you a chance to explain: The distribution of your estate. Why you made certain decisions. You…