May 302012
 
U.S. Trust To Expand Eldercare Planning Services As Need Increases

Much has been made in the past few months over the increasing importance of eldercare planning as an aspect of the comprehensive estate plan.  Previously, we wrote on the report released by the BMO Retirement Institute, Estate planning in the 21st century, which listed the growing need for eldercare as one of the “new realities” facing modern day estate planning. Now, U.S. Trust, the oldest trust company in the U.S., has announced that it is expanding its eldercare planning services.  “Aging baby boomers are reporting moderate to high levels of stress as they assume the responsibilities of caring for elderly More…

May 252012
 
Increased Awareness Of The Need For Minority Estate Planning Must Accompany Surge In Minority Births

Last week, the U.S. Census Bureau reported that Hispanic, Asian, mixed-race, and black births constituted a majority of all United States births for the first time in our history.  Minorities made up about 2 million, or 50.4 percent, of the births in the 12-month period ending in July 2011.   This latest figure was up from 49.5 percent in the 2010 census.  According to census estimates, 57 percent of Florida’s children younger than 5 were minorities in 2011. Florida, which is 42 percent minority, has seven counties with majority-minority populations, including Osceola County at 59 percent and Orange County at 55 More…

May 082012
 
Elder Care Is An Important Part Of Modern Estate Planning

The next issue mentioned in the recent report released by the BMO Retirement Institute, Estate planning in the 21st century, is the growing need for estate planning to address elder care and ensure that loved ones will be comfortable even in the event that their support system hits an unforeseen snag, such as the death or disability of a family member who acts as a caregiver.  The reports states that, “in a dramatic and unprecedented demographic shift, the number of young people is dwindling while the older segment of the population is rapidly expanding.  The underlying cause is that we More…

May 012012
 
BMO Retirement Institute Report Highlights Issues Facing 21st Century Estate Plans

A new report released by the BMO Retirement Institute, Estate planning in the 21st century: New considerations in a changing society, indicates that the estate plans of many Americans may need to be reviewed and retooled to factor in new modern considerations.   According to the report, “while the basics of estate planning have been the same for centuries, the traditional approach needs to be broadened to reflect changing realities.  Boomers are embracing new technologies at unprecedented rates and now have access to a world of digital information and online tools. . . . To keep up with these new realities, More…

Oct 042011
 
Falling Into the “Gap” - How A Qualified Income Trust Works

The Florida Institutional Care Program (ICP) is a Medicaid program that helps people in nursing facilities pay for the cost of their care while also providing general medical coverage.  In Florida, the ICP is managed by the Florida Department of Children and Families (DCF).  Services for ICP are provided by participating skilled nursing facilities that are reimbursed according to state formulas.  To qualify for Medicaid benefits for nursing home care under the ICP, an applicant must meet three eligibility requirements: categorical, resource, and income. The categorical requirements for ICP are as follows: individuals must (1) be a U.S. citizen or More…