Fear is a powerful motivator. The Bible tells us to fear not. Stonewall Jackson (and others) are attributed as having said “Never take counsel from your fear.” Nonetheless, people act based on fear. In 1 Kings 19, Elijah had executed all of the false profits leading Israel astray. King Ahab whined to his wife, Jezebel. […]
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Tradition can be a powerful motivator. Traditions can be like laws, meaning the group following them will not accept any change or departure from their custom. Traditions can also be a way of acting that varies with life changes. In 2 Thessalonians 2:15, Paul urged the Church to stand fast and hold to the traditions. […]
This is the first in a series of posts exploring why people do what they do. In this post, we’re discussing certainty. When I was a young lawyer, I worked on a corporate team where Fortune 500 companies paid tens of thousands of dollars for certainty. When they signed a contract, they wanted to know […]
Until recently, the IRS has said little (if anything) regarding whether assets the beneficiary of an irrevocable trust receives get a step up in basis following the Grantor’s death. With issuance of Revenue Ruling 2023-2, that has changed. The IRS has spoken. In RR 2023-2, the IRS posed the following hypothetical which I’ve edited slightly: […]
In April, 2022, we reported that HB 620 altered how settlements for minors can be approved under O.C.G.A. § 29-3-3, at least in cases where the trial court approves direct payment to a trust. Prior to passage of HB 620, Section 29-3-3 read as follows: 2021 Version For purposes of this Code section, the term […]
The following is a mishmash of information on various Elder Law, Special Needs Law, and Estate Planning issues. It also includes anything else we found interesting during the month of June, 2023. We will continue updating from time to time throughout the month. Last updated 6/8/2023. Keep in mind, you are using linked content at […]
In McGee v. State Dep’t of Health Care Servs., 2023 Ca. App. LEXIS 409 (Cal. Ct. App., 3d Dist. 5/24/2023), Diana McGee established a special needs trust under the provisions of 42 U.S.C. § 1396p(d)(4)(A). This followed a malpractice action and settlement. Dianna suffered from short bowel syndrome, which impaired her ability to care for […]
In Henderson v. Dept. of Health and Human Services (May 18, 2023), a Medicaid applicant transferred significant resources, including the full value of her retirement account, to an irrevocable trust. When she applied for Medicaid during the 60 month look back period, the Medicaid agency found the resources were not countable, but imposed a transfer […]
In the Matter of the Medical Assistance Pooled Special Needs Trust of Scott Hewitt (Iowa 2023), the State Medicaid agency had a contigent interest in the trust remainder due to the payback requirement in 42 U.S.C. § 1396p(d)(4)(C). However, after the beneficiary died, the master trust informed the Department that it would retain the remainder, […]
Gregory Hall created a trust for his children. He also made gifts to his children prior to his death, including a $500,000 house to his son, Kenneth. Gregory’s trust provided that, following his death, the trust remainder would be divided equally among his three children. But Kenneth argued that the $500,000 should not be included […]
