Washington State and the Coronavirus: Putting the Proper Estate Planning Documents In Place As the number of coronavirus cases in Washington State peaks, an anxious nation watches to see how we will respond. A March 20, 2020 New York Times news report detailed the struggles our area is currently facing. This includes difficult decisions doctors will likely have to make in dealing with critically ill patients. Those… Read More
ABLE Account Certain federal and state benefits, such as Supplemental Security Income (SSI) and Medicaid have financial guidelines. They require an individual to have no more than $2,000 in countable resources to qualify for the program. Once an individual starts to receive either benefit, countable resources cannot exceed $2,000 in order to maintain eligibility. Financial Eligibility Standards… Read More
SECURE Act On January 1, 2020, the Setting Every Community Up for Retirement Enhancement (SECURE) Act (the “Act”) went into effect. This will result in significant changes to retirement planning. The Act increases saving potential in tax-sheltered accounts by extending the maximum age for contributions. The Act also adds a new requirement. This will significantly limit the… Read More
The Struggle to Pay College Costs Is Raising Guardianship Issues According to a July 30, 2019 news report by the Washington Post, some parents are resorting to drastic measures in order to meet skyrocketing college costs. They are arranging for others to take custody of their children through guardianship proceedings to qualify for financial aid. This is particularly relevant in Washington State, which recently… Read More
Aretha Franklin’s Estate Raises Issues With Handwritten Wills A hearing is scheduled for June of 2019 to determine if handwritten wills found in Aretha Franklin’s estate are valid. Aretha Franklin died in August of 2018 but her estate is still being contested in court. Franklin is one of a handful of famous musicians who have died in recent years without a valid will… Read More
Washington State May Be the First to Offer Publicly Funded Long-Term Care Insurance Long-term care planning can help ensure you get the level and quality of care you need in the event of a chronic condition. As well as, an unexpected injury, or a sudden illness that leaves you unable to provide for yourself. While long-term care insurance, purchased privately or through an employer, can help offset some… Read More
Study: Washington is Now One of the Top Three Most Expensive States for Long-Term Care Recently, Genworth Financial released the findings of its fifteenth annual Cost of Care Survey. This broad survey is one of the most comprehensive publicly released analyses of long-term care costs; in the United States. Based on more than 15,000 different data points and covering more than 400 different regions; Genworth Financial has concluded that Washington… Read More
Who Is Covered? – Special Needs Trust One of the more unique legal documents that’s drawn up periodically is the special needs trust. This type of financial trust is set up for a person who has a disability. Which can be physical or mental in nature, or both. While those setting up a trust are usually family members; such as parents. Sometimes a… Read More
Procedure For Setting Up Long term Care When it comes to your own personal health, it is always best to plan for the future. If you fail to do this, you will be leaving your fate in the hands of other people. Thanks to modern medical science, people are now living longer than at any point in human history. Because of this,… Read More
Why Family Meetings Are Important As we get older, it becomes increasingly important to organize our lives so that if something happens to us, our adult children or other loved ones will know what to do. An unexpected accident or hospitalization can leave family members scrambling for information about financial or household issues. For example, someone may need to know… Read More