The Attorney-CPA Difference
Houston Estate Planning Attorney
There are a number of financial considerations that must be taken into account when creating an estate plan or elder care plan. Both involve the reallocation of assets and the use of trust funds to support the needs of a beneficiary.
When determining how to structure a trust or contribute to an income redistribution pool, a number of accounting issues must be considered for lawful tax planning and to avoid impoverishment or the spending down of assets for Medicaid purposes.
At Weiner & McCulloch, PLLC, Thomas W. McCulloch and Leonard Weiner are both attorneys and CPA's. As a result, this also allows them to view and create estate and elder care plans from a comprehensive, holistic perspective. This ultimately saves our clients time and money and allows clients to deal directly with the team who are establishing their trusts, Wills or Medicaid eligibility plans.
If you're planning for your family's financial future or are an adult child of an elderly parent, contact the firm of Weiner & McCulloch, PLLC today to schedule an appointment and learn how we can help you.
Elder Care, Asset Protection and Medicaid Planning
Many elderly Americans cannot afford to purchase private Long Term Care insurance. As a result, when long term care is necessary, Medicaid is often the only option available. However, in order to qualify for Medicaid, a person must first meet certain income requirements. Usually, this requires an elderly person to spend down his or her assets and become impoverished. In the process, a person often must sell his or her home.
At Weiner & McCulloch, PLLC, we can help people qualify for Medicaid without losing their homes. Use of a testamentary trust, Grantor Retained Annuity Trust (GRAT) or Personal-Residence Grantor Retained Income Trust (GRIT) can help a person avoid losing his or her home. Our legal team can identify ways to help you lawfully avoid losing all your assets through various estate planning tools.
To schedule an appointment and learn how we can put our experience to work for you, contact our estate planning attorneys at Weiner & McCulloch, PLLC today.
