When Can an Adult Child Be Liable for a Parent’s Nursing Home Bill?

Although a nursing home cannot require a child to be personally liable for their parent’s nursing home bill, there are circumstances in which children can end up having to pay. This is a major reason why it is important to read any admission agreements carefully before signing.

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Estate Planning and Retirement Considerations for Late-in-Life Parents

Middle aged man with his eyes covered by a small boy

Older parents are becoming more common, driven in part by changing cultural mores and surrogate motherhood. Comedian and author Steve Martin had his first child at age 67. Singer Billy Joel just welcomed his third daughter. Janet Jackson had a child at age 50. But later-in-life parents have some special estate planning and retirement considerations.

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WGY Ask The Expert: Medicaid- Facing Cuts?

JANUARY 9- IF MEDICAID IS ON THE FEDERAL CHOPPING BLOCK, WHAT SHOULD YOU DO?

With the recently-passed tax bill in the news, many are fearful Medicaid funds will be cut. That’s been a goal for Congressional Republicans for many years. Lou explains that the tax bill is estimated to add 1.4 trillion dollars to the deficit, which is also an impetus for cuts in the entitlement prorams. Medicare, a health care program for the elderly, could face cuts. Medicaid, which is a Federal-State health insurance program for low-income and needy people, may be cut as well. Eligibility rules for the program could also change. Lou’s biggest piece of advice is to plan ahead and soon! If you do legal planning under current eligibility rules, you will be grandfathered in, meaning that Medicaid can’t revoke your assistance down the road.

Give us a ring to get started. Pierro, Connor & Associates offers a free consultation at any of our locations or by phone. Call 1-518-459-2100 or email us at [email protected]

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New Tax Law Makes Changes to ABLE Accounts

Families taking advantage of ABLE savings accounts will have a little more flexibility in planning for special needs as a result of the new Tax Cuts and Jobs Act signed into law by President Trump on December 22, 2017.

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WGY Ask the Expert: Lou Pierro

Each week iHeartMedia radio station, WGY, invites local experts to share their knowledge on a range of topics. Recently, they invited attorney Lou Pierro to share his biggest tips on Estate Planning. Listen below!

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How Will the New Tax Law Affect You?

While most of the new tax law – the Tax Cuts and Jobs Act – has to do with reducing the corporate tax rate from 35 percent to 21 percent, some provisions relate to individual taxpayers. Before we get into the details, be aware that almost everything listed below sunsets after 2025, with the tax structure reverting to its current form in 2026 unless Congress acts between now and then. The corporate tax rate cut, however, does not sunset. Here are the highlights for our readership:

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WGY Ask the Expert: Button Up the Basics with Estate Planning

Each week iHeartMedia radio station, WGY, invites local experts to share their knowledge on a range of topics. Recently, they invited attorney Lou Pierro to share his biggest tips on Estate Planning.

Dec 19. A Will is something everyone should have if they are age 18 or older. A Will requires probate – a court process – which can take a long time and cost a substantial amount of money. As an alternative to a trust, a ‘Living Will’ does not require a court process. It’s a faster way to pass your assets on to your beneficiaries. The only way to know which one would work best for you is to ask an experienced Estate Planning lawyer. Lou also suggests that people review their documents every 1-5 years. Life can move fast, so staying on top of your assets is very important.

In the next podcast on Dec. 26, Joe asks Lou about long-term goals people should be considering.  Today, people are living longer and want to age in place. To do this successfully, you need to plan for the type of care you want to receive, and how to cover those expenses. The cost of a nursing home is about $150,000 dollars a year. Many people will not be able to sustain this, unless they plan in advance. Pierro, Connor & Associates offers free consultations to generate options customized for each family’s needs. Call us at 518-459-2100.

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WGY Ask the Expert: Be Prepared for Tax Reforms

Each week iHeartMedia radio station, WGY, invites local experts to share their knowledge on a range of topics. Recently, they invited attorney Lou Pierro to share his biggest tips on Estate Planning.

In the first podcast, Lou and Joe discuss tax reform in Washington. Although it is not final, the elimination of income tax deductions is likely to be included in the final bill. It will affect blue states the most, which tend to have higher income taxes. Because of this, Lou recommends being proactive in your spending habits. Take advantage of the deductions by the end of the year and pre-pay property taxes and mortgage. 

In the second podcast, Lou talks about the misconceptions with Medicare. Many seniors rely on Medicare, but are unaware of the gaps in coverage that it can leave. Medicare pays for no long-term care, so it’s important that you plan to protect yourself and assets as you get older. Ask yourself: what is my liability? Then, plan to anticipate that risk. Examples of this are setting up a trust, so that if you do need to go on Medicaid, your assets will be protected, and you can avoid the ‘spend down’.

Call (518) 459-2100 today to set up a free consultation and learn more!

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WGY Ask the Expert: Crucial Conversations During the Holidays

Each week iHeartMedia radio station, WGY, invites local experts to share their knowledge on a range of topics. Recently, they invited attorney Lou Pierro to share his biggest tips on Estate Planning.

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GOP Tax Plan Could Deal Blow to Seniors Paying for Long-Term Care

The tax plan put forward by the Republican-led House of Representatives would eliminate many current deductions, and getting rid of one of them in particular could deal a serious financial blow to seniors and individuals with disabilities. The plan proposes eliminating the medical expense deduction, a change that will especially affect those needing long-term care.

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