Elder Law 101
Elder Law 101:
Some common questions our elder law clients have include:
- How old should I be to begin planning for when I might need assisted living or placement into a personal care or nursing home?
- How can I pay for such care?
- How can I protect my assets and income if I need long term care?
- Should I consider long term care insurance?
- Do I need a durable power of attorney or other advance directive so someone else can assist in my care if I cannot make my own decisions?
- How do I guarantee that my assets go to my loved ones when I die prior to my death?
- When and how do I begin taking my IRA withdrawals?
- Can we make gifts to reduce the size of your estate and minimize gift taxes?
- I want to work part-time but I am receiving social security benefits, how will I be taxed?
- Will my life insurance be treated as part of your estate and subject to the $2 Million trigger point for estate taxes?
- Can an irrevocable life insurance trust help me with this problem?
- I own a business with partners and would you like my family to receive income from the business if I pass away?
- Can I structure a buy sell agreement to provide for a payout stream to my family members?
- How does the Pennsylvania Inheritance Tax impact me?
- Will my assets be wiped out if I have to pay for a nursing home before Medicaid payments kick in?
- I do not want to be resuscitated if I have a life threatening medical condition. How do I accomplish that?
- What happens to my financial affairs if I become disabled or lose my mind?
Listen into our Podcast episode #4 found at the WDLG Radio page for the answers to some of these questions in the episode entitled 6 Common Elder Law Questions.
