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Question: Can you tell me about any updates to estate and gift taxes for 2019?

With people living longer, many turn to a Home Equity Conversion Mortgage, more commonly referred to as a reverse mortgage, for additional income. Reverse mortgages allow seniors to access the equity in their homes and convert same into an income stream.

We are frequently asked whether it is a good idea to disinherit your spouse due to the possibility of nursing home care in the future. While updating your estate planning documents is a good idea, simply disinheriting your spouse may not protect your estate in the event s/he needs to go to a nursing facility.

My father is a widower and was recently diagnosed dementia. I am worried he is becoming incapable of taking care of himself. He never executed a health care proxy or a power of attorney. Can he sign them now? If not, what options do I have to get him the care that he needs?

Question: My mother recently passed away. I am the nominated executor of her estate. Her Will directs that all of her personal property is to be shared equally among her children. Can you give me any suggestions about how to divide the personal property?

My husband may require care in a Nursing facility. I was considering applying for Medicaid but I have heard that we could lose everything if we accept assistance through the Medicaid program. Is this correct?

In general, we suggest clients review their estate plan every five years or after a major life event. Such events include marriages, divorces, births, deaths, retirement, sale of your home, etc.

The Consumer Directed Personal Assistance Program (CDPAP) is a Medicaid program that allows a Medicaid applicant, or their representative, to choose the individual (or individuals) to provide care at home rather than using an aide from a home health agency.

If you happen to have a copy of your parent’s or grandparent’s Last will & Testament, it is likely that the estate plan was simple- everything to the spouse, then when the second spouse dies, everything to the children. We call these “sweetheart” or “I Love You” Wills.

Question: My wife suffers from Alzheimer’s. Currently, I am her primary caregiver, but I am worried that if I predecease her, she will need to go to a nursing facility. One of my friends suggested executing a new Last Will & Testament that disinherits my wife and leaves my estate to my children. Should I do this?