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Long-term care insurance provides coverage for care administered outside a hospital setting. Good policies provide payment for custodial care services, such as preparing meals, doing laundry, and shopping. While Medicaid requires that custodial care be provided in a nursing home, long-term care insurance generally covers custodial care in the insured’s home, an assisted living facility, a family member’s home, or a nursing home.

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Bernard A. Krooks, Esq., of Littman Krooks LLP, will teach a course entitled “Special Needs Trusts: The Basic, the Benefits and the Burdens” at the ALI – ABA (American Law Institute | American Bar Association) 2009 conference on “Sophisticated Estate Planning Techniques.” The ALI-ABA presents a yearly course of study consisting of over 13 hours of instruction aimed at estate planning practitioners. This year’s sessions, will be held from September 10-11 at the Fairmont Copley Plaza in Boston, MA.

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A child with special needs deserves a parent’s continued stewardship and guidance, even if the parent becomes incapacitated or passes away, and the following estate planning documents are key to ensuring the child’s security. (1) A last will and testament. (2) A general durable power of attorney (“GDPA”). This document designates an agent to act on an individual’s (here, a parent’s) behalf with regard to financial affairs. Parents’ GDPA should …

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Receiving an Inheritance

When you receive an inheritance, you will have to consider the effect this will have on your taxes. Your inheritance may incur liability for property taxes or increase your own estate so that it will be subject to estate taxes. While you are not required to pay income tax on the principal inheritance, you will have to pay income tax on the income generated by the inherited funds. Especially if the inheritance is substantial, you may want to consult an estate planning attorney to discuss the tax implications.

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All parents want to minimize the opportunity for conflict among their children once they have passed away. Sometimes, however, conflict arises when parents have gifted money to one of their children and not to the others. Such conflict may be avoided by including provisions in your estate plan for gifts and loans previously made to children.

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Establishing Pooled Trusts

A pooled trust helps families and caregivers establish trust accounts that provide supplemental funds for their loved ones with disabilities without jeopardizing their eligibility for Social Security Income and Medicaid. An individual or his parents/guardians establish a sub-account with the pooled trust program. The program then pools all of the funds and invests them in one account, but each person in the pool has his own sub-account.

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Plan for the Care of Parents

According to the Pew Research Center, currently around 30% of adult children in America contribute financially to the care of parents. Expenses range from medical care to assisted living care to simply making sure the household contains enough food. As a result, plans for one’s own future care may need to include plans for the care of parents.

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