Supreme Court Decision Voids Creditor Protection For Inherited IRA'S

SUPREME COURT DECISIONS VOIDS CREDITOR PROTECTION FOR INHERITED IRA'S

Phoenix - The law firm of Morris, Hall & Kinghorn, P.L.L.C (MHK) in response to the Supreme Court Decision on Inherited IRA's, remind Arizona and New Mexico residents that creating a qualified IRA Beneficiary Trust or a qualified Revocable Living Trust can protect a beneficiary's Inherited IRA from creditors.

On June 12th the U.S. Supreme Court  unanimously decided that an inherited IRA does not follow the same guidelines nor bare the same characteristics of typical retirement funds (IRA and Roth IRA).  This ruling means that an Inherited IRA left to a beneficiary cannot be protected from creditors as previously argued in Clark v. Rameker.  Proper protection can still be gained by the creation of a qualified IRA Beneficiary Trust or a qualified Revocable Living Trust.  MHK continues to help individuals, families and beneficiaries protect their assets by providing these qualified trusts to protect your legacy and those who inherit it.

MHK devotes its practice to estate planning matters and has helped thousands of families and individuals  meet their long-term estate planning and financial goals. The firm is a premier member of the American Academy of Estate Planning Attorneys (AAEPA).

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ABILITY CENTER More Than Just Wheelchair Accessible Vans

Modern-day handicap vans include equipment that has taken decades of advanced technology to achieve. Disabled drivers and passengers are now able to travel far easier than in the past. Getting into and out of a vehicle no longer has to be the hassle it once was. From running simple errands to taking long vacations, handicap-equipped vehicles have simplified the process allowing for greater ease and enjoyment of such activities.

Equipment should be properly installed by an expert in handicap-vehicle conversions. That’s why at Ability Center all of their service professionals are certified with the manufacturers. So you don’t ever have to worry about anything set up improperly.  Ability Center is one such company that specializes in new and used handicap vans, and handicap conversion equipment.  Once you buy a vehicle from Ability Center, you’re automatically a member of the Guardian Vehicle Program.  Giving you preferred schedule service appointments, guaranteed vehicle buy-back, a free 43 point inspections with reminders twice a year, a Guardian ID card, and 24-hour emergency phone assistance plus more.

Loading and unloading equipment is typically the first piece of equipment that most people consider. Ability Center offers a variety of lifts depending on your unique needs. For instance, wheelchair lifts can be installed on the side or rear of your vehicle, or they can be mounted on the outside and underneath of a mobility van. Some lifts simply lift and store a wheelchair or scooter on the outside or inside of a vehicle. Others lift both wheelchair and occupant into the van.

Transfer seats are available which make the transfer from a wheelchair to a car seat much easier. For drivers, this feature can be especially important. The height and distance of the driver seat can be adjusted for maximum comfort.

Many disabled individuals require hand controls in order to drive a vehicle. For the greatest amount of control and ease, such hand controls may be used for both right and left hand operation. They can include features which allow the driver to accelerate, brake, operate, turn signals and window washers, and other controls necessary for safe driving.

Talk with an expert who specializes in handicap vans and mobility van conversions. After discussing your personal conversion needs, the Ability Center specialist should be able to assist you with the most relevant solutions.

Visit our website @ www.abilitycenter.com 

Handicap Accessible Vans on Vacation

Many people who are in wheelchairs find that they do not take as much time as they should on vacation. One of the biggest reasons for this, at least for a large subset of those who are in wheelchairs, is that they do not want to go through the hassle of finding transportation while they are on vacation. This is a shame, because it’s possible to find handicap accessible vans for use on vacation. If you have your own van that you use at home, you could always take this with you when you are traveling. Of course, this is only useful if you are within driving distance of your destination.

You will also find companies that offer wheelchair accessible vans for rental. These rental vans are available throughout the country, and they may well be available in the area where you want to go on vacation. Check on the web to see if any dealers or companies in the area are offering rentals and then book a rental. Make sure that it is a van that you or someone in your traveling party is going to be comfortable driving. Most of the companies that rent the vehicles have a decent selection.

If you’ve never driven large full size handicap accessible vans before, it might be a better option to choose a minivan. These are usually easier to handle, and they are easier to park. This is a good option when you are visiting a new area. You want to have something that’s easy to drive. Always make sure that you book your vehicle well in advance of when you are taking your trip. You want to make sure that they will have a vehicle when you arrive after all!

Something else that you might want to look into when you are at home is a rental agency that also sells their vehicles. If you’ve been trying to find handicap accessible vans to buy, you may have found that you can’t afford a new van. Used vans through a company that rents vans can be much cheaper. It’s a great way to save money and still get the van that you need. Look no farther than Ability Center. They have 8 stores, located in Arizona, California, and Nevada, all the hot vacation places, so there is always a rental dealership nearby.

Start looking at all of the possible places you can visit on vacation. You deserve some time out of the house, and with rentals of handicap accessible vans, it’s easier than ever. Have a great time on your next vacation! Stop by one of Ability Center’s stores or give them a call at (866) 405-6806, and one of their helpful staff will assist you and help make your vacation the best it can be.

Visit our website @  www.abilitycenter.com 

2014 Alzheimer's Association "WALK TO END ALZHEIMER'S"

SHOULD YOU WRITE DOWN YOUR OWN LIVING TRUST?

By JacksonWhite Elder Law Attorneys

People often wonder if they could do their own estate planning.  A will can have guardians chosen for your children if something should happen to you.  A trust can hold assets for your benefit if you are not capable of managing them yourself.   Even if it seems easy and a smart idea, there are many things that could go wrong with writing a will or trust on your own.  These bloopers can cost you a lot more than you saved in legal fees.

In 1984, a man set up his own trust using a three-page form he purchased at an office supply store.  He documented a deed to transfer his home into the trust, but accidentally dated the deed 1983.  In 2009, this man wanted to borrow against his paid off mortgage on his home.  However, the mistake he made back in 1984 prevented him from receiving a loan from the bank because he didn’t have a clear chain of title to his home.  The problem was fixed over the course of two weeks and cost him $2,000 in legal fees.  That was about twice the amount he would have had to pay back in 1984 if he had a firm do it for him instead.

To make sure you and your family members receive the best return on your investment, it is essential that you put some time into planning your estate. We service the whole state of Arizona including Phoenix, Mesa, Scottsdale, Stafford, and Tucson. 

Contact the Arizona estate planning attorneys at JacksonWhite to have your estate assessed during a free estate planning consultation! Call (480) 818-6912.

For more information about JacksonWhite Elder Law or to download any of their free resources, feel free to visit:
www.arizonaseniorlaw.com/resources
www.arizonalongtermcare.com

www.myAltcs.com

Twilight Wish Foundation

ALTCS ~ Seniors and the Law

Seniors and the Law is authored by the attorneys at Jackson White Attorneys at Law and addresses legal issues that arise for the elderly and their families.  Questions can be sent to firm@jacksonwhitelaw.com.

Q:        I moved in with my mother about three years ago to provide her with care.  Since that time I have been able to attend to her needs, but I am starting to require some additional help.  I want to help Mom apply for the ALTCS program, but I hear that the state will take her home, which is troubling given that I currently reside in this home.  Is there advice you can offer?

Before I address your question, I want to address a piece of misinformation that seems to be guiding your assessment.  It is important to understand that the state never takes an ALTCS member’s home in exchange for ALTCS eligibility.  Rather, the general rule is that ALTCS can place a lien on an ALTCS member’s home if that ALTCS member’s spouse, minor child, or disabled child does not also live in the home.  The state can only enforce this lien upon the member’s death.

Assuming that you are no longer a minor child, then, ALTCS will likely attach a lien to the home if your mom qualifies for the program and if she is placed in a facility.  However, like most rules of generality, the rule that ALTCS can recover against the equity in its members’ homes does have a few exceptions.  One such exception seems to apply to the facts presented in the question above.

If the child of an ALTCS member has lived in that member’s home for a period of two or more years and has provided care to the ALTCS member that has kept that member from being institutionalized, the ALTCS member can transfer his or her home to the child without penalty.  ALTCS will need to examine the evidence before allowing this type of a transfer, but this is definitely worth exploring given the facts presented here.

           

Richard White is an elder law attorney at JacksonWhite Attorneys at Law.  For more information on Elder Law at JacksonWhite, please visit www.ArizonaSeniorLaw.com.

This article is provided for informational purposes only and is not intended to replace individual legal advice.

For more information about Jackson White Elder Law or to download any of their free resources, feel free to visit:  www.arizonaseniorlaw.com/resources

www.arizonalongtermcare.com or www.myAltcs.com