Vincent, Romeo & Rodriguez, LLC
Denver Metro Office 303-500-5859
Boulder County Office 303-720-7260

November 2015 Archives

Easing the burden we place on our loved ones

While doing research about long-term care planning, you've probably come upon a few sources that don't paint a very pleasant picture. Resource and article titles like "How to stay sane while caring for loved ones" to "Caring for aging parents: What not to do" probably leaves you feeling pretty low about your inevitable need for care. And while some of these resources may be valuable to families planning to care for loved ones, there are two very valuable things every aging person should know.

Law changes and when to update your estate plan

You may feel a weight lifted off your shoulders after creating your estate plan. However, your estate plan is not just a one-time thing you complete. You need to review your estate plan and update it accordingly to make sure everything is up-to-date and accurate as your family and finances change.

Don't be misinformed on Medicaid

It is a common misconception that in order to receive Medicaid benefits, an individual must be poor. This simply is not true. In fact, with proper planning many people can receive Medicaid benefits while protecting their assets and property from the threat of spend down. While estate planning is confusing on its own, trying to plan for future medical expenses at the same time can be downright maddening. That is why individuals looking for asset protection and Medicaid benefits should speak to a trusted elder law attorney.

Start the clock on your gift tax statute of limitations

If you are considering giving gifts as a part of your estate plan, you may be concerned with how taxes may impact your plans. While estate planning can be complex, gift giving is commonly used as a way for individuals to protect their estate and bestow loved ones valuable assets. If done correctly, your heirs may enjoy your gifts without ever having to worry about the IRS questioning their value.

What is a spendthrift provision?

Financial struggle knows no prejudice. Hard times can hit anyone regardless of their job, education or family status. Even individuals that are the beneficiaries of trusts can go through a period of financial hardship. People in this situation may wonder what claim a creditor may have to their trust and the assets within it. Fortunately, most well-drafted trusts include a clause known as a spendthrift provision, designed to protect assets from creditors in the event of judgment or default by the beneficiary.

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Louisville Office
1805 Hwy. 42
Suite 100
Louisville, CO 80027

Phone: 303-720-7260
Fax: 303-604-6052
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5460 South Quebec Street
Suite 333
Englewood, CO 80111

Phone: 303-500-5859
Fax: 303-723-8814
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