Senior real estate investors face a unique set of challenges when it comes to Medicaid planning, primarily due to the complexities of owning multiple properties. While conventional Medicaid strategies often focus on a primary residence and limited assets, the intricacies of investment properties, rental income, and business structures demand a more nuanced approach. Proactive and […]
Divorce at any age presents significant challenges, but for those navigating the dissolution of a long-term marriage later in life—often termed a “gray divorce”—the complexities are compounded, particularly when it comes to safeguarding wealth and ensuring a legacy. The intersection of divorce settlements and existing estate plans creates a labyrinth of legal and financial considerations […]
What is guardianship in West Virginia? Witnessing the effects of a Traumatic Brain Injury (TBI) on an older loved one presents profound emotional and practical difficulties. Seniors are particularly vulnerable to TBIs, often resulting from falls or accidents, and the consequences can significantly alter their lives. A TBI can impair cognitive functions, affect decision-making abilities, […]
Life often leads down paths that include remarriage, creating loving blended families across West Virginia. While these unions bring great joy, they also introduce unique considerations, especially when planning for the possibility of long-term care. The significant expense associated with nursing home or extensive home health care frequently makes Medicaid assistance a necessity. Qualifying for […]
As we age, planning for the future becomes increasingly important, and elder law focuses on the unique needs of older adults and individuals with disabilities. This includes long-term care planning, estate planning, guardianship, and healthcare decisions. For senior veterans, these concerns are more complex due to additional benefits and challenges related to military service, such […]
Planning for long-term care is a critical aspect of financial and estate planning, particularly as healthcare costs continue to rise. Many West Virginians find themselves facing the daunting prospect of needing nursing home care or in-home assistance and understandably worry about how to afford this care without depleting all their assets, including their home. Medicaid, […]
For many senior homeowners in West Virginia, their home is more than just a building; it’s a repository of memories, a symbol of independence, and often their most significant financial asset. As we age, the possibility of needing long-term care, whether in a nursing home, assisted living facility, or at home, becomes a very real […]
The golden years should be a time of peace and enjoyment, but for a growing number of seniors, the reality is complicated by the dual challenges of aging and substance abuse. As people age, they may face physical and emotional challenges that can lead to the misuse of prescription drugs, alcohol, or even illicit substances. […]
Family Limited Partnerships (FLPs) are powerful tools for high-net-worth individuals and families to protect assets and minimize estate taxes. FLPs allow family members to jointly own assets while maintaining control through general partner roles and transferring limited partnership interests to heirs. This structure can provide significant tax advantages, including potential discounts on gift and estate […]
Asset protection strategies are important for safeguarding your wealth from potential risks such as lawsuits, economic downturns, or unexpected illnesses. These strategies can include setting up trusts, establishing limited liability companies (LLCs), and obtaining appropriate insurance coverage. Without proper planning, individuals and families risk losing a significant portion or even all of their hard-earned assets […]
