Law Office of Michael Robinson, P.C.

The Baby Boomer generation – the largest generation in American history to date – is heading into retirement, but are they prepared? More importantly for their children and grandchildren – and possibly the economy as a whole – will there be anything left to bequeath when they pass away? It appears some Baby Boomers have planned for their retirement, however, estate planning is not a priority for many. As a result, this may be the first generation where the transfer of wealth cannot be … [Read more...] about Will Baby Boomers Have Anything Left to Pass Down?

For roughly half of all seniors living in nursing homes, or other long-term care (LTC) facilities, Medicaid is their only hope for assistance with the high cost of that care. Qualifying for Medicaid can be problematic for an applicant who failed to plan ahead. Once an applicant is approved for Medicaid they no longer have to worry about paying for their long-term care, right? Not exactly. Many Medicaid recipients remain responsible for a portion of their LTC expenses, known as their “share of … [Read more...] about Medicaid Patient Share of Cost for Long-Term Care

Compliments of Our Law Firm Written By: The American Academy of Estate Planning Attorneys If you are a member of the United States military, you likely have more important things on your mind than taxes and retirement planning. You should, however, take a moment to learn how your combat pay is treated by Uncle Sam to ensure you receive the benefits to which you are entitled for your service to your country. Military Compensation As a member of the military, your compensation is more … [Read more...] about Combat Pay, Taxes, and Retirement – What Veterans Need to Know

Compliments of Our Law Firm Written By: The American Academy of Estate Planning Attorneys The longer you live, the better the odds are you will one day need long-term care (LTC). For the average person, the cost of that care can be prohibitive. Moreover, you cannot count on Medicare nor your basic health insurance to cover costs associated with LTC. Instead, you may find yourself turning to Medicaid for help. If you manage to qualify for Medicaid without losing your hard-earned assets, you … [Read more...] about Medicaid Estate Recovery – Are Your Assets Safe?

Compliments of Our Law Firm Written By: The American Academy of Estate Planning Attorneys A comprehensive estate plan should do much more than simply determine how your estate assets are to be distributed when you are gone. Another important goal of a well thought out estate plan is planning for incapacity. That includes planning for the possibility that you will need to pay for long-term care. Most people cannot afford to pay for long-term care out-of-pocket given the average cost of a year … [Read more...] about Is Purchasing Long-Term Care Insurance a Good Idea?

Compliments of Our Law Firm Written By: The American Academy of Estate Planning Attorneys Are you prepared to cover the expenses of long-term health care (LTC) if you need nursing home, assisted living or at-home care down the road? If you are like many seniors, you will turn to Medicaid for help with your LTC costs. While Medicaid will cover LTC expenses, getting approved can be challenging. The old adage is that “if you fail to plan, you may as well plan to fail.” Your failure to plan … [Read more...] about Medicaid Planning – Planning to Get Approved

David and Amy have been happily married for over 50 years and are now well into their retirement years. They have two grown children. Their daughter Sarah is an engineer, while their son Allen has special needs and lives in a group home. Amy is very concerned lately because it looks as though both she and her husband will be living in a nursing home in the near future. She is unsure how that will affect Allen and the financial help they have always given him. The good news is that Amy doesn’t … [Read more...] about How You Can Provide for Your Disabled Child and Still Qualify for Medicaid

Compliments of Our Law Firm Written By: The American Academy of Estate Planning Attorneys There has long been a misconception that nursing homes and Medicaid planning are on opposing sides of the proverbial fence. That misconception is starting to change as many nursing homes begin to realize that Medicaid planning actually helps ensure that patients qualify for Medicaid. In turn this ensures that the patient’s financial obligation to the nursing home is covered. Without Medicaid planning, a … [Read more...] about A Nursing Home’s Take on the Need for Medicaid Planning

I was Appointed Trustee of a Trust. Now What Do I Do? Compliments of the Law Office of Michael Robinson, P.C. Written By: The American Academy of Estate Planning Attorneys During the creation of a Trust, a number of decisions must be made. One of the most important of those decisions is who the Trustor (the person who establishes creator of the Trust) will appoint as the Trustee. Ideally, the Trustor will discuss the appointment with the prospective Trustee at the time the Trust is created; … [Read more...] about I was Appointed Trustee of a Trust. Now What Do I Do?

Compliments of Our Law Firm Written By: The American Academy of Estate Planning Attorneys Is a Health Savings Account (HSA) Right for You? Is a Health Savings Account (HSA) Right for You?  Compliments of the Law Office of Michael Robinson, P.C., Written By: The American Academy of Estate Planning Attorneys The American health care system has gone through some significant changes in recent years. One thing that did not change, however, is the potential to save both money and taxes by … [Read more...] about Is a Health Savings Account (HSA) Right for You?