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Home » Archives for Timothy P. Murphy
Veterans Benefits: A Primer – Part 7 of 7
April 18, 2012 by Timothy P. Murphy Leave a Comment
In this final installment, we will focus on additional VA benefits planning strategies. One effective strategy is commonly referred to as "spend down", whice simply means to use otherwise countable liquid assets to purchase needed items such as vehicles, medical equipment,, etc. The VA allows for the reduction in countable financial accounts simply by adding another person on the account. Joint ownership has its perils, however, and it is not effective for Medi-Cal purposes. One should … [Read more...] about Veterans Benefits: A Primer – Part 7 of 7
Filed Under: Incapacity Planning, Long Term Care Planning, Medi-Cal, Veterans Benefits Tagged With: Elder Law, LTC, Medi-Cal Long Term Care, Veterans Aid and Attendance Benefits, Veterans Benefits
Veterans Benefit: A Primer – Part 6 of 7
April 17, 2012 by Timothy P. Murphy Leave a Comment
As noted in the previous Part, many person who initially contact our office relating to VA benefit eligibility do not immediately qualify for them. In most cases it is because they have too many assets that the VA would count in ascertaining their availability. However, there are numerous effective and legal strategies that can be employed to reduce one's net worth for VA eligibility purposes. One note of caution: There are far too many persons and entities that purport to provide assistance … [Read more...] about Veterans Benefit: A Primer – Part 6 of 7
Filed Under: Elder Law, Incapacity Planning, Long Term Care Planning, Medi-Cal, Veterans Benefits Tagged With: Elder Law, LTC, Medi-Cal Long Term Care, Veterans Aid and Attendance Benefits, Veterans Benefits
Foundation Files Lawsuit Against Children in Ray Charles Case
April 16, 2012 by Timothy P. Murphy Leave a Comment
The foundation established by the legendary singer Ray Charles recently found itself in the position of having to file a lawsuit against the late singer’s children. The basis of the lawsuit is the allegation that the children have violated an agreement they made with their father shortly before he passed away. The agreements, made two years prior to his death, provided a $500,000 trust for each of his 12 children in exchange for the relinquishment and waiver of any further claims to Ray Charles’ … [Read more...] about Foundation Files Lawsuit Against Children in Ray Charles Case
Filed Under: Charitable planning, Estate Planning Tagged With: Estate Planning, Estate Planning Mistakes, Ray Charles
Veterans Benefits: A Primer – Part 5 of 7
April 13, 2012 by Timothy P. Murphy Leave a Comment
Turning to the financial test in VA eligibility planning, there is much confusion in this area. Unlike the VA Compensation program, whose eligibility tests focus on a veteran's degree of disability and whether or not it was connected to his or her service to our country, the Pension program also focuses on the veteran's income and assets. When one applies for the pension benefit, the VA screener's job is to determine whether or not the veteran or surviving spouse has sufficient assets and … [Read more...] about Veterans Benefits: A Primer – Part 5 of 7
Filed Under: Elder Law, Long Term Care Planning, Veterans Benefits Tagged With: Elder Law, Long Term Care Facility, LTC, Nursing Home, Veterans Aid and Attendance Benefits, Veterans Benefits
In this Part, we will explore the disability test. As previously discussed, if a veteran became disabled while serving the country during his or her military service, he or she will likely be eligible for a disability benefit under the VA's Compensation program, which, unlike the Pension program, is not means tested. To receive a VA pension benefit. however, the veteran must establish his disability in one of two ways. First, a veteran can show that a permanent and totally disabling … [Read more...] about Veterans Benefits: A Primer – Part 4 of 7
To be eligible for the VA "Pension", a veteran applicant must satisfy three basic tests: 1. Wartime Service; 2. A Disability; and 3. Limited Assets and Income. We will explore each of these requirements in the next few Parts. A surviving spouse of a veteran must also meet a fourth test, the "Marriage" test. He or she must have been married to a veteran of the opposite gender at the time of the veteran's death, been married for more than one year and have not remarried. Unfortunately, this … [Read more...] about Veterans Benefits: A Primer – Part 3 of 7
In Part 2 of this Primer series, we will take a closer look at the VA "Pension" benefit available to certain wartime benefits. The "Pension" benefit is commonly and mistakenly referred to as the "Aid and Attendance" (A & A) benefit. As discussed below, the A & A benefit is but one of three "Pension" benefits. The "Pension" benefit is actually three separate but related benefits. The fundamental benefit is the "Improved Pension". There is an additional benefit for those who meet the … [Read more...] about Veterans Benefits: A Primer – Part 2 of 7
Veterans Benefits: A Primer – Part 1 of 7
April 9, 2012 by Timothy P. Murphy Leave a Comment
Our firm regularly assists clients with obtaining benefits available from the Department of Veterans Affairs (VA) for assistance in paying for long term care benefits. The VA requires that attorneys be accredited by the VA in order to represent veterans before the VA relative to their benefits. This author is so accredited. In helping our veteran clients and their surviving spouses, we have learned that there is much confusion about VA benefits and their availability. In this Primer series, … [Read more...] about Veterans Benefits: A Primer – Part 1 of 7
March 30, 2012 by Timothy P. Murphy Leave a Comment
If you have taken the time to create a thorough estate plan, you are among the minority and are off to a good start. If you did not already include a funeral plan in your estate planning documents, you should consider doing so now. A death is, understandably, an emotional time for family members and loved ones. Even if you have verbally expressed your desires to them regarding your funeral, they may be too emotionally charged to remember everything. In addition, a written instrument that … [Read more...] about Creating a Funeral Plan
Filed Under: Funeral Planning Tagged With: Estate Planning, funeral plan
Believed to be the first of its kind in the United States, the State of Nebraska has recently proposed legislation that would grant the executor of a decedent’s estate access to social media, e-mail, micro-blogging, and other similar accounts. The legislation would not apply to accounts that have been specifically addressed in a decedent’s estate plan with instructions regarding who should control the account; however, all other accounts would fall under the control of the estate executor if the … [Read more...] about Social Media and Estate Administration