Kommer Bave and Ciccone LLP General Practice Law Firm

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Planning for Children With Disabilities

Lifetime Money Management for Children With Disabilities

Apr 10, 2024

Children with disabilities present a unique challenge for parents who are looking to engage in estate planning. For one, you will want to optimize your estate to use, enhance, and enrich assets for your child. At the same time, maintaining their enrollment in public benefits programs is no doubt going to be essential. To ensure you meet both of these objectives requires careful planning. The experienced attorneys at Kommer Bave & Ciccone LLP can prepare a special needs trust to accomplish these and other goals you may have for your child. How a Special Needs Trust Works Qualifying for means-tested assistance…

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Making a Choice

Choosing Trustees for Special Needs Trusts: 5 Considerations

Apr 10, 2024

Choosing the right person to serve as trustee of a special needs trust (SNT) is a key task when creating such a trust. It may also prove to be one of the most challenging. Trustees are responsible for the following: managing the day-to-day operations of the SNT, making distributions to the trust’s beneficiary, investing the trust’s assets, and paying the trust’s bills. This, in turn, helps ensure that the special needs trust’s beneficiary remain eligible for public benefits programs. The law is not particularly strict about who may serve as trustee. The trustee must be over 18 years of age and…

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Patient in hospital with doctor

End-of-Life Care Decision Making

Mar 27, 2024

Just as we create estate plans for our eventual demise, we also need to plan ahead for the possibility that we will become sick and unable to make our own medical decisions. Medical science has created many miracles, among them the technology to keep patients alive longer, sometimes indefinitely. As a result of many well-publicized “right to die” cases, states have made it possible for individuals to give detailed instructions regarding the kind of care they would like to receive should they become terminally ill or are in a permanently unconscious state. These instructions fall under the general category of…

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Expect the Unexpected

What to Know About Creating a Living Will

Mar 27, 2024

Creating a living will ensures your future health care decisions and plans are respected. A living will, or advance directive, is a legal document outlining medical treatment preferences and end-of-life care if you can’t communicate or make decisions for yourself. Everyone should have an advance directive, as end-of-life situations can happen at any age due to accident or illness. Medical Treatment Decisions This document identifies medical treatments you would (or wouldn’t) accept to keep you alive. It may include other medical decisions, such as pain management. Consider the following: How important are self-sufficiency and independence to you? What circumstances may…

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Senior Couple With Their House

Protect Your House When You Want to Qualify for Medicaid

Jan 26, 2024

You generally do not have to sell your home to qualify for Medicaid for nursing home coverage. However, it is possible for the state to file a lien against your home after you die. So, you may want to take steps to protect your house. If you get help from Medicaid to pay for the nursing home, the state must pursue estate recovery. This is an attempt to recoup from your estate whatever benefits it paid for your care. The only property of substantial value that a Medicaid recipient is likely to own at death is their home. If at…

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Senior Couple Meet with Lawyer

How to Plan Ahead Before Seeking Nursing Home Care

Jan 26, 2024

Many seniors may need the services of a nursing home or at-home care at some point in their lives. You might assume that government assistance or health insurance will step in and cover the cost if you cannot afford these services. Unfortunately, neither health insurance nor Medicare covers long-term care. Long-term care insurance is an important option that should be fully explored, but if it is too expensive, or a person can no longer qualify, then Medicaid could become your only option. Understanding Medicaid Qualification Medicaid coverage is not a given. If you have assets or recently transferred assets, Medicaid…

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Special Needs Estate Planning for Adult Children

Building an Estate Plan for Adult Children with Disabilities

Dec 20, 2023

Parents of adult children with disabilities know that their child’s disability needs may change over the course of their lifetime. Planning for the future well-being of an adult child with disabilities is, therefore, a responsive, ongoing process. The life expectancy of many adults with disabilities has increased over time. For example, according to research, life expectancy for adults with Down Syndrome rose from 25 in 1983 to 60 in 2020. Those with cerebral palsy, the most common motor disability of US children, may often live into their 50s. The ever-increasing life expectancies of people with disabilities mean that comprehensive special…

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Senior Couple Meeting with Advisor

Don’t Wait Too Long to Purchase Long-Term Care Insurance

Nov 29, 2023

Long-term care insurance can cover nursing home bills, assisted living fees, and in-home care, providing financial support if you require assistance with daily living when you get older. However, it can also be expensive. Determining the best time to buy long-term care insurance can help you manage your finances effectively as you prepare for the future. Many people put off purchasing long-term care insurance until they need it, but by then, it may be too late. Not only do premiums increase as you age, you also may not even qualify for insurance due to your health. The older you are,…

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Multigenerational Family

Ways The Sandwich Generation Can Plan For The Future

Nov 16, 2023

Anyone experiencing the struggle of simultaneously caring for children and aging parents is part of the sandwich generation. Although “generation” is part of the phrase, it does not refer to people born at a specific time. Typically, these family caregivers will be in the 30- to 40-year-old age range, providing for their families and balancing care duties between the needs of children and parents. Trends That Led to an Increasing Sandwich Generation The rise in the numbers in the sandwich generation is a byproduct of two influential trends: Women are giving birth later in life, and the senior population is…

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An ABLE account offers an individual with a disability a way to accumulate savings

ABLE Accounts: Financial Independence for Managing Money

Oct 31, 2023

The Achieving a Better Life Experience Act of 2014 (ABLE) accounts offer people with disabilities a great, tax-free way to accumulate money without jeopardizing their qualifications for Supplemental Security Income (SSI) and other means-tested programs. Withdrawals are tax-free as long as the money is used for “qualified disability expenses.” For families who have dependents with disabilities, ABLE accounts provide a way to set aside savings money, tax-free, for their loved one. The arguments for starting and maintaining such funds are overwhelming, not least of which is the wide variety of things on which the money can be spent. To build…

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