Using an Annuity to Keep the Spouse of a Medicaid Applicant from Becoming Impoverished

Posted by Dan Steven on Oct 14, 2013

When one spouse qualifies for Medicaid to pay for a nursing home stay, the spouse who is at home is often left without many resources. While Medicaid has rules to prevent community spouses from impoverishment, the protections aren’t always enough. There are steps that you can take to increase the community spouse’s income, and as a recent case illustrates, an annuity may be a good option....

Digital Assets Raise Estate Planning Questions

Posted by Dan Steven on Oct 14, 2013

More and more, we are conducting our business on the Internet, whether that’s online banking, shopping at Amazon and other sites, uploading documents and files to the “cloud,” posting videos on YouTube, or communicating with high school classmates via Facebook. So, what happens to all of our accounts and files when we become incapacitated or pass away? Will our spouses and...

Dealing with a Deceased Loved One’s Debt Collectors

Posted by Dan Steven on Oct 1, 2013

The last thing anyone wants after the death of a family member is calls from debt collectors dunning the loved one’s estate. While some family members can be contacted by debt collectors, the family is protected from abusive, unfair, or deceptive practices. Usually the estate is responsible for paying any debts the deceased may have left. If the estate does not have enough money, the debts...

Unpublished Diaries and Copyright

Posted by Dan Steven on Sep 18, 2013

Q.  I’m writing a historical mystery set in World War I, and want to include portions of an unpublished soldier’s diary.  Is the diary in the public domain?  What are the rules? A.    Public domain works are, simply, anything NOT protected by copyright.  Such works may be used freely by anyone without permission from the author. The numerous changes Congress has made to the term of copyright...

Do You Pay Capital Gains Taxes on Property You Inherit?

Posted by Dan Steven on Sep 12, 2013

Nope.  When you inherit property, such as a house or stocks, the property is usually worth more than it was when the original owner purchased it. If you were to sell the property, there could be huge capital gains taxes. Fortunately, when you inherit property, the property’s tax basis is “stepped up,” which means the basis would be the current value of the property. For example,...

Estate Planning in the Age of Stepfamilies

Posted by Dan Steven on Aug 20, 2013

More than 4 in 10 Americans have at least one step-relative in their family – either a stepparent, a step or half sibling or a stepchild — according to the Pew Research Center. The National Center for Family and Marriage Research estimates that about one-third of all weddings in America create stepfamilies. A recent trust case from North Dakota highlights the importance of taking current...