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Edward H Adamsky's Answers
- 45 Legal Answers
- 1 Legal Guide
3
Attorney answers:
Family irrevocable Trust and divorce
It really depends on the terms of the trust and what may happen in the future. You should get a copy of the Trust and have an attorney review it with you. You should also discuss this with your divorce lawyer. I believe that the facts regarding a possible inheritance are discoverable in a divorce proceeding and can influence the division of marital assets.
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5
Attorney answers:
Am i entitled to any of my dads income when he is in a nursing home ?
In general a child is not entitled to any of the income of a Nursing Home resident who is getting Medicaid (MassHealth) benefits. It seems unlikely that you would be able to get any income or assets of your father. But, there are some exceptions to the rules and it is possible that you could make some sort of claim for compensation, so you should see an Elder Law Attorney who could help you figure out if you have anything coming to you.
9 lawyers agreed with this answer
8
Attorney answers:
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Anything else I need to do with estate planning?
Everyone needs a Will, a Durable Power of Attorney and a Health Care Directive (Proxy). You may need or want a Trust, and you may need to engage in Estate-Tax planning. You may also (depending on your age) need to consider the issues of Long Term Care and whether or not you need some "Elder Law" advice. I often tell people that the Will (although important) is the least important of your planning tools. You should see an attorney to ensure you have done all you need to do.
6 lawyers agreed with this answer
6
Attorney answers:
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What kind of tax will I need to pay on the sale of this house?
You should seek out a very good accountant or tax lawyer when you do your income-tax return for the year of the sale. There is some argument to be made that the occupancy agreement would allow you to get a "step-up" in basis and reduce your tax liability. This is a tricky area though, and requires a good review to see if this is an allowable tax stance. Do not rely on simple answers online, seek out copetent professional advice.
6 lawyers agreed with this answer
4
Attorney answers:
Protecting a 401K in a current job from spouse's stay in the nursing home
If and when you need to apply for Medicaid (called MassHealth in Massachusetts) you will have to disclose all of your assets at that time. You will have to be under the asset eligibility limit in order for your husband to qualify for MassHealth benefits. Some assets are countable and some are not. If you are retired then your 401k account will probably be countable, but if you are still working and so unable to access the account, then it should not be countable. Anything you do with your...
3 lawyers agreed with this answer
5
Attorney answers:
Is this house now a marital asset?
Assuming this was a regular "Life Estate" deed, which it sounds like from your description, then your wife had a vested remainder interest in the house that became fully hers when her mother died. It's more like an inheritance than a gift, but the definition shouldn't matter much as an inheritance is a kind of gift. There aren't any taxes on the receipt of a gift or an inheritance so you don't need to worry about that. The house belongs to your wife now. If she dies it will pass according to...
2 lawyers agreed with this answer
6
Attorney answers:
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Look back period - nursing home admission - Medicaid - gift giving under $13K
All gifts within five years of applying for Medicaid benefits are potentially disqualifying. The yearly gift-tax exemption has nothing to do with the Medicaid rules and does not apply in that context. The penalty for making gifts within the five-year look-back period is a disqualification for benefits from the time of application based on the amount given away and the average cost of nursing home care at that time. Approximately one month of disqualification for each $8500 given away. There...
2 lawyers agreed with this answer
3
Attorney answers:
Probate without a will.... My father had stocks in a company before he died... Need to transfer to my mothers name. How ....?
What have you been doing with dividends all this time? Or, where there none? You must go about whatever procedure is required in your state to transfer ownership to the rightful heir of your father. You should see an Attorney who works with Probate matters and get the specific advice you need.
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4
Attorney answers:
How much should I expect to pay for an attorney to file a long-term care application with MassHealth for my elderly mother
The services of an attorney can be very valuable in the right situation. Many attorneys charge a fixed fee in an amount that is about the average cost of one month's stay in a nursing home. In some very simple cases the fee may be much less. Some people do it on their own, but they may pay the price of making a mistake and have to pay the nursing home for one or more months because of it. That's why many attorneys charge what they do. The right advice can easily save you $10,000 and be well...
1 lawyer agreed with this answer
4
Attorney answers:
Will doing a quick deed viod a will
You have presented a complicated situation that cannot easily be answered in a forum like this. You should consult with a lawyer to better understand what was done. But, in general terms, a Will controls disposition of assets that a person owns upon death, unless those assets are controlled in some other way. A deed with a retained Life Estate is a controlling document and nothing in a Will would over-ride the terms of the recorded deed (unless of course there was a power of appointment in the...
1 lawyer agreed with this answer