When the time arises to make a decision about long-term healthcare, three steps should be taken. First, be sure that the family member facing care has an updated power of attorney and living will. Second, develop a financial plan with an attorney. Finally, work closely with the attorney regarding bills and asset transfers.
Tag Archives: Nursing homes
Legal-Ease: Find win-win-win: avoid taxes, probate and nursing home expenses
While some people seem to believe otherwise, it is not necessary for there to be a loser for every winner. With cooperation, both sides can often achieve success.
As people get older, many people want to achieve three goals: avoid taxes, avoid probate administration, avoid nursing home expenses. Various estate planning structures exist to allow a win in all categories.
With the right planning, minimizing heirs’ eventual capital gains tax obligations is achievable. A properly organized trust can also help avoid probate. Nursing home tools can also be organized to avoid probate and help the family avoid capital gains tax later.