lose your homeowner’s property tax exemption if you add a person to the title who does not reside in your home. If you have more than one child, leaving your residence to one child and trusting them to “do the right thing” and share the inheritance with their siblings could go awry if that child chooses to keep the property for themselves. What’s more, gifting the property to a child denies that child a step-up in tax basis for capital gains calculation down the line, and could also complicate a future Medicaid application. You’d never know this all was coming your way if you hadn’t consulted with an elder law attorney! On the topic of Medicaid and other public benefits, many people don’t know that an experienced elder law attorney can assist with long-term care planning and the Medicaid application process. The cost of paying for long-term care can be astronomical, and it can be daunting for families trying to figure out how to pay. The situation is even more complicated for the spouse of the Medicaid applicant, who is afraid to become impoverished as a result of the Medicaid “spend down.” The concept of estate recovery—the state’s recouping of Medicaid benefits paid out after the death of the Medicaid recipient—is also widely misunderstood. To make matters more confusing, each state has their own Medicaid rules. Attempting to research Medicaid issues online could lead an applicant astray if the information accessed is not applicable to Idaho. An elder law attorney can help Medicaid applicants and their families navigate this confusing and overwhelming process. It is also common to feel put off or confused by “legalese” contained in Wills, Powers of Attorney, and other legal documents. It is tempting to prepare your own legal documents, or print something off the internet. However, those confounding
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legal phrases often have an important meaning, and leaving them off could have negative consequences. Also, legal documents obtained online could be tailored to another state, or contain unnecessary or contradictory terms. An uncomfortable—but necessary—term to carefully consider in your estate planning documents, is that of predeceased heirs. This means that you must indicate who will inherit your estate if your children die before you do. Such an idea is no doubt upsetting and uncomfortable to discuss. However, if your estate plan does not specifically state what should happen in that event, your estate might be distributed to persons that you do not wish to include in your legacy. Tough discussions can be morbid, but they serve to avoid unintended consequences! All in all, the expense associated with meeting with an estate planning attorney, in the long run, will far outweigh the expense of solving unforeseen legal problems down the line. Simple and effective tools exist to resolve issues and effectuate your goals. The experienced elder law attorneys at Coyle & Eyman Elder law can help you get started. Call our office at (208) 765-3595 or visit cwelp.com to learn more!
• Probates and Trust Estate Administration • Guardianships and Conservatorship • Other related Tax, Real Estate, and Financial issues facing seniors
Rebecca Eyman is an Elder Law attorney and partner at Coyle & Eyman Elder Law in Coeur d’Alene, Idaho. Rebecca was born and raised in the San Francisco Bay Area, and graduated from the University of San Francisco School of Law in 2012. As an Elder Law attorney, her practice includes estate planning, guardianships/conservatorships, probate/trust administration, and Medicaid/longterm care planning.
Katherine M. Coyle is the region’s only certified elder law attorney—certified by the National Elder Law Foundation. Rebecca Eyman and the rest of the team have the expertise and experience to guide you and your family each step of the way.
• Wills & Trusts • Estate Planning • Powers of Attorney Estate Planning · Elder Law (208) 765-3595 · cwelp.com
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