#5-Where Does Medicare Stop and Medicaid Pick Up?(1)

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Happy Holidays 2023, Now Is The Time, Wade's Words

Traditional Medicare provides healthcare insurance for individuals who are 65 and older and for younger individuals who have qualifying disabilities. Generally, Medicare coverage involves necessary medical services, some of which may involve skilled care. Covered services are broken out into distinct parts:   Part A – covers inpatient hospital care, skilled in-patient care, skilled in-home […]

#7-A Durable Power of Attorney Creates A Legal Relationship

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Happy Holidays 2023, Now Is The Time, Wade's Words

Do your aging parents have a Durable Power of Attorney in place naming a trusted individual as agent? If so, is the document properly drawn up and executed according to Delaware law? Does it give the Agent sufficient powers to manage and conduct the financial affairs of the Principal?   The answers to these questions […]

#8-The Medicaid Five-Year Look Back Rule Explained

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Happy Holidays 2023, Now Is The Time, Wade's Words

The Medicaid five-year look back rule is often confused with the length of the penalty period. Here’s how to understand these two different concepts and how they relate.   The five-year look back is a reporting period. It is triggered by filing a completed Medicaid application. On the application, the applicant is required to self-report […]

#1-Ownership and The Legal Concept of Title, Or, “That’s Mine”

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Happy Holidays 2023, Now Is The Time, Wade's Words

Ownership consists of a set of rights regarding assets that are often bundled and held by one person. The bundle can be separated into strands of legal title and of equitable title to accomplish certain goals. Generally, the goals relate to asset protection, controlling access to assets, or avoiding the probate process for estate administration. […]

#2-A Trust Is A Fiduciary Relationship With A Specific Purpose, Or, “Trust Me Baby”!

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Happy Holidays 2023, Now Is The Time, Wade's Words

Ownership consists of a set of rights regarding assets that are often bundled and held by one person. The bundle can be separated into strands of legal title and of equitable title to accomplish certain goals. Generally, the goals relate to asset protection, controlling access to assets, or avoiding the probate process for estate administration. […]

#3-Revocable Trust vs Irrevocable Trust

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Happy Holidays 2023, Now Is The Time, Wade's Words

There are several factors that distinguish a Revocable Trust from an Irrevocable Trust. The first is the overall purpose of the Trust. The primary purpose of the Revocable Trust is avoiding probate for the Grantor’s estate. The primary purpose of the Irrevocable Trust is to protect and control the Grantor’s assets during life and at […]

#5-Fiduciary Litigation

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Happy Holidays 2023, Now Is The Time, Wade's Words

So, you’re going to sue your sister who is the Executor of your mother’s estate or is perhaps the Trustee of the Trust holding your mother’s assets. Here’s the reality of that decision, at least here in Delaware. A beneficiary is free to sue a fiduciary and allege most anything. Then the defendant is forced […]

#6-Delaware Probate

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Happy Holidays 2023, Now Is The Time, Wade's Words

Probate is the court process for wrapping up a person’s affairs when they die. The court is the Register of Wills. The process takes about one year to complete. Probate of the estate is required when the descendant owns real estate as an individual or has individually owned financial accounts without beneficiaries that total $30,000 […]