Friday, May 18, 2012

Newport RI Will Client Testimonial

Newport Elder Law Attorney Testimonial

Thank you for your help in revising my Will. I was very impressed with the work  done by your associate Hilary Carlson. I was impressed by her efficiency and attention to detail. Her gentle spirit and intelligence are, in my mind, great assets to you and your staff. And, since I have limited means, I was grateful for the reasonable fee I was charged for such excellent service. 

If I need legal help in the future I shall return to your office for that advice. I hope you will extend my thank you to Ms. Carlson also.”

~ Client wishes to remain anonymous

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The Law Offices of Jeremy W. Howe, LTD. are ElderLaw attorneys in Rhode Island who specialize in wills and trusts, estate planning, guardianship, probate, and Veterans Aid and Attendance Benefits.

They also are Newport Rhode Island Divorce Lawyers, Attorneys, Mediators, and Arbitrators providing services for family law issues such as divorce, child custody and visitation, support, and military family law. 

Call them today at 401-841-5700 or visit them on the web at http://www.CounselFirst.com.

Wednesday, May 16, 2012

MEDICAID DIVESTMENT PENALTY DIVISOR UPDATE

Medicaid Divestment Penalty Update

One of the most important pieces of advice that we give to those clients who come to us for Medicaid planning is to be extremely cautious when making gifts or transfers for less than fair market value.

When a nursing home resident applies for Medicaid assistance, one of the first questions he or she is asked is whether any gifts or transfers were made within the past five years.  This is the infamous “look-back” period which can result in a penalty imposed upon the applicant.

For example:  Mr. Smith is a resident of a nursing home and is otherwise eligible for Medicaid assistance.  However, three years ago, he gave his daughter $100,000.00 as a gift.  The state uses the current divisor of $8,492.00 (up from $7,777.00 previously) to determine how many months Mr. Smith will have to wait before he can receive Medicaid.  $100,000 divided by $8,492.00 equals 11.8.

For the next 11.8 months, Mr. Smith will be ineligible for Medicaid assistance to pay for his nursing home care.  The penalty will create a huge problem for Mr. Smith and his family if the family has no other means of paying for nursing home care.

Before you or your parents make any gifts or transfers for less than fair market value, consider how these gifts may impact Medicaid assistance in the future. 

Please call our office if you have questions about the Medicaid application process or how the rules might affect you.


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The Law Offices of Jeremy W. Howe, LTD. are ElderLaw attorneys in Rhode Island who specialize in wills and trusts, estate planning, guardianship, probate, and Veterans Aid and Attendance Benefits.

They also are Newport Rhode Island Divorce Lawyers, Attorneys, Mediators, and Arbitrators providing services for family law issues such as divorce, child custody and visitation, support, and military family law. 

Call them today at 401-841-5700 or visit them on the web at http://www.CounselFirst.com.

Friday, May 4, 2012

5 Ways Your Will Can Become Useless, Or Close to It

Out of Date Wills

Is having an out-of-date will better than having no will at all? While wills do not have expiration dates, certain changes can render them useless. When this happens, having an out-of-date will can be the same as having no will at all. It is important to review your will periodically to ensure it still does what you want.

The following are five ways your Will can become out-of-date:

Your beneficiaries have died. What happens if your will leaves your estate to your two siblings, but both siblings die before you? If your beneficiaries predecease you, your will is still technically valid, but it will have no effect on who will inherit from your estate. Instead, your estate will be distributed according to the law in your state, just as if you had died with no will at all.

You have potential new beneficiaries. A will that was written before you got married or had children will be of little assistance in distributing your estate. States have provisions that protect spouses and children that come after a will is written. In most states, spouses are entitled to a certain percentage of an estate. In addition, many states have laws that protect children born after a will was written, allowing them to inherit from the estate. It's possible that under the laws of your state, a spouse and children not named in your will may not receive as much as you would have wanted them to. In both of these circumstances, state law is dictating where your estate is going, not you.

Your executor is dead or unable to serve. The executor (also called a personal representative) is the person named in your will who oversees the distribution of your property. If the person you named as executor is unable to serve, the court will have to appoint someone else. Beneficiaries may have a say in who is chosen, but it may not be someone you would have wanted in the position.

You no longer own property named in the will. Suppose your will attempts to divide up your estate equally by giving cash to your daughter and property of equal value to your son. If the property is sold before you die, your son will receive nothing. In this case, your will is no longer ensuring your estate is divided equally.

The law changes. If your estate plan was designed specifically to avoid estate taxes and the estate tax law changes, your will may no longer serve its purpose.
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The Law Offices of Jeremy W. Howe, LTD. are ElderLaw attorneys in Rhode Island who specialize in wills and trusts, estate planning, guardianship, probate, and Veterans Aid and Attendance Benefits.

They also are Newport Rhode Island Divorce Lawyers, Attorneys, Mediators, and Arbitrators providing services for family law issues such as divorce, child custody and visitation, support, and military family law. 

Call them today at 401-841-5700 or visit them on the web at http://www.CounselFirst.com.