Blog & Resources

From our “Ask a Question” mailbag: Though always independent, I recently have been diagnosed with a terminal illness and had to move into my daughter’s Delaware County house. I can’t do much for myself anymore and have to rely on my daughter. She is spending a great deal of her time caring for me and she has had to pay for several things out of her own pocket. I want to treat my children equally, but my two sons are very busy and are not able to help, so the work falls all on my daughter. I feel that I need to repay her for all this work at my death, what can I do?

From our “Ask a Question” mailbag: My CPA told me that I should form a trust to help the save federal estate tax payable at my death. I think he may have called it a Revocable Living Trust. Is that good advice?

From our “Ask a Question” mailbag: I want to give my daughter some money as a gift, but not tell my other children. I am worried that, at my death, the other children will find out and claim the gift was a loan and try to make her return the money. How can I reduce the chance of a fight?

From our “Ask a Question” mailbag: My caregiver has been with me for over two years and is a saint. I want to give her a gift in my will, but I am worried my children will think that this was her idea and try to stop the gift. What do you suggest?

From our “Ask a Question” mailbag: My father has been diagnosed with the beginning stages of Alzheimer’s. He is having some memory issues, but is still doing very well on his own with one exception. My brother has always been the black sheep of the family. He has never held a steady job. He recently declared bankruptcy and has been pressuring my father to give him money and to change his will to give my brother more money. My father and my deceased mother’s wills have always divided their estate equally between the four children. My father has told me that he does not want to change his will, but that he is worried that as the Alzheimer’s progresses, he may give into the pressure my brother is putting on him. How do I protect my father from my brother’s undue influence?

From our “Ask a Question” mailbag: My adult daughter is a Special Needs Child who has always lived in Burlington County, New Jersey. She will likely always live here and always need care. She is currently eligible for and using Medicaid. When I die, I want to leave her some money, but I don’t want to disqualify her for Medicaid. What can I do?

From our “Ask a Question” mailbag: Last year, my mother died in Chester County and named me as beneficiary of her life insurance. As my children were the contingent beneficiaries, I decided to disclaim the inheritance, so the insurance money passed to my children. I was recently in a car accident. If I am sued, can they claim that life insurance money?

From our “Ask a Question” mailbag: My only asset is a large individual retirement account (IRA). I am 79 years old and am worried that, in the next few years, I may have to move into assisted living or a nursing home. Can I move my IRA into an Irrevocable Trust to shelter it from creditors?

From our “Ask a Question” mailbag: My wife’s and my estates are worth about $3,000,000, including a one million dollar life insurance policy on my life. At my death, my wife will receive the benefits from that policy. Upon both of our deaths, our assets pass to my son. Now that the federal estate taxexemption is over five million dollars, does an Irrevocable Life Insurance Trust provide me any benefit?

From our “Ask a Question” mailbag: My partner is much older than I and I am worried about the costs of carrying for him in his old age. Would long term care Insurance be a good idea?