You are wise to be concerned about this. Single couples need to do estate planning more than just about any other demographic! The reason is, if a single person passes without a will or trust, his or her estate goes to the next of kin NOT TO THE UNMARRIED PARTNER. Also, if ANY person becomes...Read more »
My stepbrother and I are named as co-trustees and POAs over our parents. Dad passed. Mom has dementia. I am staying with her in Montana and caring for all her needs, paying her bills, arranging for assisted living in Bend, OR.
The Wills and Trusts state that one can be paid to take care of... Read more »
A caregiver contract makes perfect sense in your situation. It also helps document that those payments are not gifts in case you ever need to apply for Medicaid for her. Otherwise they would be presumed to be gifts. Medicaid applicants are penalized for all gifts made within five years prior to...Read more »
My son's grandmother setup a Coverdell ESA for my son. My understanding was that anyone can setup Coverdell ESA but a parent or legal guardian is the responsible person till child turns 18 or 21 (depending on the state laws). But, when I tried to take a distribution from the account, I was... Read more »
It probably depends upon how the account was set up. You should try writing the company and providing the information.
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