Steve Weisman

Caring.com Expert

About

Steve Weisman hosts the nationally syndicated radio show A Touch of Grey, heard on more than 50 stations, including WABC in New York City and KRLA in Los Angeles. He is a practicing lawyer specializing in estate planning and is admitted to practice before the United States Supreme Court. He's a public speaker and commentator who has appeared on many radio and television shows throughout the country, and he's the legal editor of Talkers magazine, the preeminent trade publication of talk radio.

Weisman has also taught at the University of Massachusetts, Curry College, and Boston University. Presently, he's a senior lecturer at Bentley College. Steve is the author of A Guide to Elder Planning: Everything You Need to Know to Protect Yourself Legally and Financially, Boomer or Bust: Your Financial Guide to Retirement, Health Care, Medicare, and Long-Term Care, and 50 Ways to Protect Your Identity and Your Credit: Everything You Need to Know About Identity Theft, Credit Cards, Credit Repair, and Credit Reports. His latest book is The Truth About Avoiding Scams.

Links

www.stevelaw.net

Recently Published on Caring.com

Tuesday November 17, 2009
1. Does Medicare do estate recovery for nursing home care?
  Answer - I will assume that the house was transferred from the estate of the last to die of your parents to a trust for the benefit of you and your brother. The key question now is what kind of trust is it? Trusts come in many different variations...
Monday November 02, 2009
1. Can irrevocable POA be revoked after all?
  Answer - A Durable Power of Attorney is always revocable by the person appointing someone to act on his or her behalf. The only problem is that in order for a person to revoke his or her Durable Power of Attorney, he or she has to be of sound mind. If your father is now mentally incapacitated, he would not be able to revoke the Durable Power of Attorney...
Tuesday October 13, 2009
1. What forms do I need to act for my parents?
  Answer - You are correct. Use of Durable Powers of Attorney are becoming more common. A Durable Power of Attorney is a document by which a person, while competent, appoints someone else to be able to act on their behalf. However, the guardianship and conservatorship appointments that you have are even better in your circumstance...
2. I was a caregiver for an elderly gentlemen.His daughter is...
  Answer - His daughter is giving you good advice. Generally, a check may not be cashed by a bank if it is drawn on an account of a deceased person. It is always a good course of action to cash checks as soon as you can, but if there is a possibility that the person who drew the check may die, you could be in...
3. How do I sell mom's house now that dad has died?
  Answer - Even if you have a Durable Power of Attorney for each of your parents individually, these documents will not help you in regard to selling the home. As you indicated, the title to the home is still in your late father's name. The Durable Power of Attorney that you had for your father automatically became invalid upon his death...
Wednesday October 07, 2009
1. How can my father qualify for Medicaid in order to get the in-home care he needs?
  Answer - Medicaid is a joint state-federal program. Although the general eligibility requirements are determined by federal law and regulations, the states are permitted to vary these eligibility requirements to some degree. The use of spousal refusal as a Medicaid planning technique varies greatly from state to state...
2. How does power shift if the executor dies?
  Answer - How the duties of an executor shift upon the death of a co-executor is primarily determined by the terms of the Will. Most commonly you will find that the Will indicates that in the event of the death of one co-executor, the other co-executor continues to act as the sole executor...
3. What is a VEBA account?
  Answer - VEBA is an acronym for Voluntary Employee Beneficiary Asssociation. A VEBA account is a tax-free medical expense account for retired people and their eligible dependents. It is funded by unused sick leave that an employee may have accumulated at the time of retirement...
4. Can I minor draw against an inheritance?
  Answer - I assume from your question that your ten year old son was named as the beneficiary of your father's life insurance policy rather than having a trust with your son as the beneficiary of the trust be designated as the beneficiary of the life insurance policy.
Tuesday June 09, 2009
1. Does life insurance pay for final expenses?
  Answer - If, as is the most common situation, your nephew is the designated beneficiary of his grandmother's life insurance policy, upon her death, he has a right to the full proceeds of the policy. The only exception to this general rule would be if there were estate taxes due as a result of the grandmother...
Monday June 08, 2009
1. Should we appeal the decision to pay mom's back taxes?
  Answer - It definitely makes sense for your husband, on behalf of his mother to appeal the decision. It probably does not make sense to expend what little money your mother has on professional representation by an accountant or lawyer at this point. If you are unable to resolve the situation on your own, you may wish to utilize the independent advocate service...
Wednesday June 03, 2009
1. Can creditors make claim on the will first?
  Answer - It is not really a matter of jeopardizing their Will, but creditors have a right to be paid from the assets of an estate before the remaining assets are distributed to the beneficiaries named in the Will. As executor it would be your duty to see that their debts are paid from their assets before the distribution of the assets to the beneficiaries...
Monday May 18, 2009
1. Who has first family legal rights over my dad - me or my grandmother?
  Answer - If, indeed, your father were to be "forced" to sign over any settlement money to his mother, the transfer would be challengeable in court as not being valid because it was done under duress. However, you are much better off dealing with the matter pre-emptively rather than responding to the transfer after it has happened...
Sunday May 10, 2009
1. Is it better to receive a housing addition gift?
  Answer - This is a multi-faceted question, the answer to which depends upon many factors that are not readily apparent as presented.
Wednesday May 06, 2009
1. Can non-POA review parent's accounts to stop sibling's power of attorney abuse?
  Answer - Unfortunately, privacy which is one of the benefits of a Durable Power of Attorney is also a detriment in situations such as you describe. An agent under a Durable Power of Attorney is under an obligation to act in the best interests of the person for whom he or she is acting...
Tuesday May 05, 2009
1. How are CDs cashed with the least tax impact?
  Answer - Before dealing with the question of how the sisters divide their father's assets to have the least tax impact, they should be ascertaining what their father wants to do with his own money.
2. How do I add a name to a deed?
  Answer - Probably the last thing that you would want to do at this point would be to transfer title of the property to you and your brother. The federal estate tax exemption is 3.5 million dollars so unless your father's estate is more than that, there is no estate tax advantage to taking the property out of his name...
Thursday April 30, 2009
1. How do life insurance payouts and taxes work?
  Answer - Life insurance proceeds are not subject to income taxes, but they are potentially subject to estate taxes if the deceased person owned his policy. If someone else, such as your mother or a trust owned the policy instead of merely being the beneficiary, there would not be any estate taxes...
2. Is verbal permission enough to open a safe?
  Answer - So long as your mother is mentally competent, she can designate verbally who she wishes to act on her behalf and it appears that she has determined that your younger sister is the person she wants to act on her behalf at this time. However, if your mother were to become mentally incompetent, her verbal...
Friday April 24, 2009
1. How can I delay my son's inheritance of my property until he is more financial stable?
  Answer - Certainly, your inclination to utilize a trust as a method of insuring that following your death your son's inheritance will be properly managed on his behalf and protected from the claims of his creditors and his own lack of financial sophistication is a good one.
Thursday April 23, 2009
1. How can I legally manage my mother's funds while she's in a coma?
  Answer - Your question implies that your mother did not have a Durable Power of Attorney which is a document that would have easily and without court involvement provided you with the authority to act on your mother's behalf in regard to her financial affairs.
2. How do I purchase my mother's home from her estate with there being three beneficiaries?
  Answer - In order to purchase the home from your mother's estate, the executor of her estate would have to agree, on behalf of the estate to sell the home to you for an agreed price. Generally, the price for the sale would be the fair market value of the property, but assuming you are a one-third beneficiary...
3. How can I take over paying my mother's bills as she is unable to do so herself?
  Answer - The simplest and quickest way for you to assist your mother in paying her bills is to have her execute a Durable Power of Attorney, which is a document that will authorize you to act on her behalf in financial matters. The Durable Power of Attorney is drawn up by a lawyer on your mother's behalf and can be as broad or as limited as she wishes...
Monday April 20, 2009
1. Are we liable for my mother-in-law's future expenses?
  Answer - Your husband is not responsible financially for his mother's needs although obviously you and your husband have concerns for her welfare. A document, such as you are suggesting has no legal significance, but also is not needed to insulate yourself from financial liability...
2. My mother passed away last year. Who files her income taxes?
  Answer - If your mother had taxable income last year, an income tax return would have to be filed on her behalf. However, if you are not appointed as either the executor or administrator of her estate, you would not have the authority to file an income tax return for her after her death...
3. Can I make a claim on the estate if we did caregiving for free initially?
  Answer - If there was no agreement while they were alive that you and your wife would be compensated for taking care of your wife's parents, you cannot change the nature of your services as being done for pay as contrasted to being done gratuitously now...
Wednesday April 15, 2009
1. What should I do with my mother's Social Security deposits if her nursing home is 100% covered by Medicaid?
  Answer - In order to maintain her eligibility for Medicaid, her countable assets , such as a bank account, may not exceed $2,000. She is allowed to prepay a funeral. You could use her excess funds for this purpose. You can also purchase clothing, a radio, a television or other items of pesonal property for her...
Thursday April 09, 2009
1. Will abandoning a house left to us in a trust affect our credit?
  Answer - As beneficiaries of the trust, you have the ability to disclaim your interest by following specific state and federal laws that pertain to disclaiming or giving up your interest in the property that you would otherwise inherit. This will avoid complicating your own financial matters including your credit...
Monday April 06, 2009
1. Do I qualify for govermnent stimulus offers for buying a house?
  Answer - The law to which you are referring is the first-time homebuyer tax credit that Congress established last year and was extended as a part of the Economic Stimulus Law recently passed into law. The tax credit is a maximum of $8,000 and it is calculated by taking 10% of the purchase price of your home to a maximum credit of $8,000...
2. Is funeral financial assistance available?
  Answer - There are a number of sources for funds to be used for funeral expenses.
Tuesday March 31, 2009
1. Should I get legally separated from my estranged husband to protect my home if he requires long-term care?
  Answer - Your concerns are entirely legitimate. If your estranged husband were to require long term care in a nursing home, Medicaid would consider the assets of both of you in determining his eligibility. Because Medicaid is a joint state and federal program there are some variations from state to state...
2. Is it okay to only pay home expenses and let credit card debt slide while mom is in hospice care?
  Answer - Credit card companies have not been doing well in regard to public opinion lately and your situation certainly does nothing to enhance their reputation. I suggest that you contact the credit card company and ask to speak to a supervisor. Explain your mother's situation and that she is not in a position to pay the credit card balance at this time...
Saturday March 28, 2009
1. Is there anything I can do about my parents making bad investment decisions?
  Answer - Although the most respectful and practical course of action may be to deal with your parents making bad investments by helping to educate them as to where they are making mistakes, particularly as their investments increasingly become risky speculations rather than carefully thought out invesments, if...
Wednesday March 25, 2009
1. Do I need a co executor's signature on tax documents to file them for the estate?
  Answer - Your authority under the Durable Power of Attorney ended at your father's death. Once you and your sister were appointed by the court as co-executors, the authority and responsibility to settle your father's affairs became a joint responsibility. Both of your signatures are required on the income tax return...
Thursday March 19, 2009
1. What do we have to do for me to be able to make decisions while I am there, serving as the "alternate" POA?
  Answer - The primary place to go to for guidance as to your authority as an alternate agent under the Durable Power of Attorney is the document itself. The authority of an alternate agent can vary tremendously from document to document. Your father's particular Durable Power of Attorney will indicate under what circumstances you can act in place of your sister...
Tuesday March 17, 2009
1. Will I have to leave this home if my mom needs long term care and moves out?
  Answer - Fortunately, if your mother requires long-term care in a nursing home through Medicaid, the law does provide for your mother to be able to transfer the home to you without affecting her Medicaid eligibility if you qualify, as it appears you do for the caretaker child exception...
2. Am I liable for a bounced check from my wife if I'm not actually on the checking account?
  Answer - Regardless of whose names appear on the actual check, the important factor is who are the joint owners of the account. Therefore, in this situation when the wife started writing bad checks, the husband was no longer a joint owner of the checking account and he has no personal liability...
Tuesday March 03, 2009
1. Does a nursing home take your social security payments?
  Answer - Fortunately, the Medicaid rules provide for, what is referred to as a "Community Spouse Income Allowance" in this situation. If your mother's income is not sufficient to meet her needs, Medicaid authorizes her to receive some or even all of her husband's income if the community spouse's (your mother...
2. Can my mother drop the Medicaid waiver program and get back on hospice?
  Answer - Yes, fortunately although in the past administrators of Medicaid Waiver Programs often discontinued services when Medicare beneficiaries selected hospice care, this is no longer the situation following the enactment of regulations that went into effect in December of 2008...
Tuesday February 17, 2009
1. Can Medicare stop services because of a personal injury claim 6 years ago?
  Answer - A key element to answering your question is that of when did the settlement of your personal injury case occur. Although you indicate that your personal injury occurred six years ago, you do not indicate when the settlement of your case occured. The laws pertaining to Medicare claims on personal injury have changed much in recent years...
Sunday July 20, 2008
1. When is the best time to sell a parent's home when they live in an assisted living facility and won't be returning?
  Answer - Children need to decide between selling and renting out their parent's home after their mother's been placed in assisted living.
2. Who manages life insurance money left to minor children beneficiaries?
  Answer - Unless there is a trust, a parent or guardian will manage the funds on behalf of a minor beneficiary.
3. Will there be any difficulty withdrawing funds from joint accounts that my mother and I share?
  Answer - If you're a joint account holder with your parent, you should have no trouble accessing the funds after they die.
4. How can I convince my parents to accept my financial help?
  Answer - Help your parents deal with their debt by helping them set up a comprehensive financial plan.
Tuesday July 01, 2008
1. How can I set up a trust account in a bank for my granddaughter?
  Answer - How do I set up a trust for my granddaughter at a bank?
Tuesday June 17, 2008
1. Will my stepmother be financially responsible for my dad's care once his insurance money runs out?
  Answer - Medicaid laws may protect your stepmother from losing her savings to pay for your father's care, but contact an elder law attorney to help you navigate the maze.
2. When should my husband relinquish the checkbook?
  Answer - It's difficult to know when to take away a loved one's checkbook, but look for signs that his mental acuity is not what it was.
3. Can I pre pay funeral expenses with my mother's life insurance policy?
  Answer - To pay for your mother's funeral expenses, you can designate the proceeds of her life insurance to pay for the funeral or create a trust for funeral expenses.
Monday June 16, 2008
1. What happens to joint assets and finances if one spouse is filing bankruptcy when separated?
  Answer - If your parents are separated and one parent wants to declare bankruptcy, the other spouse should contact an attorney to protect their rights.
Thursday June 12, 2008
1. Is there financial aid for caregivers?
  Answer - A description of the financial aid options available to unpaid caregivers.
Friday May 23, 2008
1. With no assets and cash, how can I pay for my own final expenses?
  Answer - Answer to: with no assets and cash , how can I pay for my own funeral expenses?
2. How do I compensate a sibling who is the primary caregiver for our parent?
  Answer - Answer to: how do I compensate a sibling who is the primary caregiver for our parent?
3. Is there a financial planner (book) one could purchase for...
  Answer - Answer to: Is there a financial organizer where I can keep all my financial information and records?
Tuesday May 20, 2008
1. My parents just deeded their home to me for $1.00. Do I still qualify to be gifted the 2008 $12,000.00 amount without being gift taxed?
  Answer - My parents just deeded their home to me for $1. Do I have to pay the gift tax?
2. Is my father responsible for money borrowed on his credit card?
  Answer - Unfortunately, without more facts, I have to give you the Typical Lawyer Answer which is: "yes, and no."
Saturday May 10, 2008
1. How can I reconcile the debt of my late father?
  Answer - My father recently died. How do I handle his outstanding debt?
2. Should I put my only daughter on my car title?
  Answer - Should I put my only daughter on my car title?
3. What's a Totten Trust and does it protect assets?
  Answer - What is a Totten Trust and how does it work?
4. What are the first steps in getting my mother's home deeded to my siblings and me?
  Answer - My mother wants to transfer her home to myself and my siblings. How do we do this?
Sunday April 27, 2008
1. Should I put an IRA in a living trust?
  Answer - Is it a good idea to put your IRA in a revocable living trust?
2. I made the decision to take my wife off life supports at the doctors recomendation. Will I have problems with her lfe insurance carrior when filing to collect?
  Answer - I made the decision to take my wife off life supports. Will I have problems with her life insurance carrier when filing to collect?
3. How do we deal with the expenses associated with the cost of burying my mother when her life insurance policy doesn't cover everything?
  Answer - How do we deal with the expenses associated with the cost of burying my mother when her life insurance policy doesn't cover everything?
4. Who is responsible for the final costs of my almost ex-husband?
  Answer - I was in the process of divorcing my husband when he died. Am I responsible for his debts?
5. From what money are final expenses paid first?
  Answer - We often hear about our money that you can't take it with you, but when it comes to debts, you can leave them behind.
6. When is it the age to buy long term care insurance?
  Answer - What is the right age to buy long term care insurance?
7. What is the age limit for long term care insurance?
  Answer - What is the age limit to buy long term care insurance?
Wednesday April 09, 2008
1. Is it possible to buy a house despite credit card debt?
  Answer - Is it possible to buy a house despite credit card debt and a poor credit rating?
2. What is the best way for my 87 year old mother to invest her money?
  Answer - What is the best way for my 87 year old mother to invest her money?
3. My mother was recently involved in an internet dating scam...
  Answer - My mother was the victim of an Internet scam artist. Should we be worried that they will attack her finances or steal her identity?
4. Is there federal assistance for caregivers?
  Answer - There are some programs that may be able to offer some help for your family.
Monday January 28, 2008
1. What is the priority for paying debts for an estate in Tennessee?
  Answer - The rules for the priority of the payments for the debts of an estate.
Monday December 10, 2007
1. Why hasn't the age for signing up for Medicare changed to coincide with the eligibility date for drawing social security?
  Answer - An explanation of why the eligibility age for Medicare is not the same as the eligibility age for social security.
Monday November 19, 2007
1. How should my father balance estate planning, tax planning, and Medicaid look back rules?
  Answer - To sort out these competing issues, your father first needs to figure out his estate tax situation. The federal estate tax doesn't kick in for estates under the $2 million threshold, so he doesn't have to be concerned about federal estate taxes...
Friday November 16, 2007
1. How do I get my dad to stop taking questionable financial advice from his friends?
  Answer - The important thing to remember is that, with all investment advice, you must consider the source. Keep in mind that even professional money managers rarely beat the market, so imagine how much more difficult it is for an amateur to do so -- especially with an unproven "hot tip."
2. How should my mother decide when to file for Social Security?
  Answer - The question your mother needs to ask herself is this: Do I need the money from Social Security to live on right now? If the answer to that is yes, she should go ahead and file this year and begin taking the money now. If she doesn't need it immediately, and she's healthy, she's probably better off waiting until the full retirement age...

Steve Weisman

Caring.com Expert

Recently Published on Caring.com

Tuesday November 17, 2009

Monday November 02, 2009

Tuesday October 13, 2009

Wednesday October 07, 2009

Tuesday June 09, 2009

Monday June 08, 2009

Wednesday June 03, 2009

Monday May 18, 2009

Sunday May 10, 2009

Wednesday May 06, 2009

Tuesday May 05, 2009

Thursday April 30, 2009

Friday April 24, 2009

Thursday April 23, 2009

Monday April 20, 2009

Wednesday April 15, 2009

Thursday April 09, 2009

Monday April 06, 2009

Tuesday March 31, 2009

Saturday March 28, 2009

Wednesday March 25, 2009

Thursday March 19, 2009

Tuesday March 17, 2009

Tuesday March 03, 2009

Tuesday February 17, 2009

Sunday July 20, 2008

Tuesday July 01, 2008

Tuesday June 17, 2008

Monday June 16, 2008

Thursday June 12, 2008

Friday May 23, 2008

Tuesday May 20, 2008

Saturday May 10, 2008

Sunday April 27, 2008

Wednesday April 09, 2008

Monday January 28, 2008

Monday December 10, 2007

Monday November 19, 2007

Friday November 16, 2007

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