Shikuma Law Offices, PLLC in Seattle Washington is dedicated to providing personalized estate planning counsel and asset protection planning at a reasonable price. We can also assist you with medicaid planning, probate, trust administration, VA pension benefits planning, charity planning, pet trusts and much more. See our services and practice areas for more deatils.
Probate is a legal procedure through which a decedent’s property is transferred to the beneficiaries after administering the decedent’s estate, paying the validly claimed debts and administrative cost and taxes. When a decedent’s property is not distributed by contract (Revocable Living Trust, community property agreement) or a beneficiary designation (a life insurance policy or IRAs) or operation of law (joint tenancy with right of survivorship, etc.), the decedent’s assets usually have to go through formal probate proceedings.
Continue reading Probate Proceedings
VA pension benefits, usually called VA Aid and Attendance, enable veterans and their spouses to afford basic costs of living, in-home care givers in order to stay at home or to live in assisted living facilities without Medicaid. Planning for eligibility for Aid and Attendance (Pension Benefits) seems to be less complicated than the planning for Medicaid eligibility. However, VA Aid and Attendance eligibility planning should be conducted very cautiously with its implications for eventual Medicaid eligibility for the veteran or/and his/her spouse. Very often, VA pension benefits and Medicaid have very conflicting eligibility rules and, for example, doing a transaction for the purpose of VA pension benefits might cause ineligibility period for Medicaid if the applicant has to apply for Medicaid within 5 years.
Continue reading VA Aid and Attendance
Question: My dad converted his residence to a rental house, and the house is subject to mortgages. What is the impact on his application?
Answer: Residence is an exemption asset for the Net Worth analysis, but a rental house is an available asset for the Net Worth analysis. However, the amount of mortgages will be deducted from the value of the house for the Net Worth analysis.
Continue reading VA Aid and Attendance Pension Benefit FAQs
Irrevocable Life Insurance Trust (ILIT)
If you are interested in transferring large amounts of wealth to your loved ones, this is the most efficient way to accomplish your goal. In many cases, you can transfer massive amounts of wealth free of federal estate and gift taxes by using this estate planning tool.
Continue reading Life Insurance Planning
A Washington Medicaid Asset Protection Trust is an excellent tool that helps persons seeking Medicaid benefits to preserve assets in order to defer the outrageous cost of nursing home care. Currently (2009), the average monthly nursing home cost of care in Seattle is about $9,000, and this figure is going to go up every year. According to some statistics, the average length of nursing home stay is about 3 years; that means people have to spend over $300,000 for their nursing home care. It is also said that every one out of 7 US residents is diagnosed of Alzheimer’s disease.
Continue reading Washington Medicaid Asset Protection Trusts
Probate Proceedings
VA Aid and Attendance
VA Aid and Attendance Pension Benefit FAQs
Life Insurance Planning
Washington Medicaid Asset Protection Trusts
