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Making Plans

December/2013
It's not how much we give, but how much love we put into giving.
   ~Mother Teresa~
Happy Holidays!

I hope that this holiday season you are able to spend time with your family and friends. It is the time to create new memories and to cherish old memories. With two teenagers in our house, Christmas is no longer so Santa-centered, but I am constantly reminded that even teenagers love and need family traditions. It seems that traditions give all of us some comfort in a world that is constantly changing. So in the next couple of weeks, it is my hope that you find some time to slow down and engage in whatever traditions you hold dear. May we all enter 2014 refreshed and renewed and ready for a great year.

 

Funding Your Trust -- Bank Accounts

Sizeable checking accounts, savings accounts, money market accounts, or similar types of accounts at a bank or other financial institution, should be transferred to your trust.  You need not change any small joint checking accounts used primarily for household expenses.

Many financial institutions will change the ownership of the account without changing your account number so any automatic withdrawals or additions will continue uninterrupted.  Retitling your checking account should have no effect on the name you wish to have printed on your checks. It only affects the institution's records.
 
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Gifting: The Grinch Who Stole Medicaid

Between Hanukah and Christmas more gifts are given in the United States than any time throughout the year. It is important to understand the impact gifting may have on long term care planning.


Gifting away assets can cause serious problems when attempting to qualify for long-term care Medicaid. An improper transfer can cause serious penalties that can leave a patient's family scrambling to figure out how to cover the cost of long-term care.

IMPROPER TRANSFERS

Improper gifting can come in a number of different ways:

   

 (read more) 

Is It Time to Take Action?
Contact us and find out how easy it is to set your estate plan up. You'll sleep better at night knowing things are taken care of the way you want.
Welcome!

Elizabeth Schmitz practices estate planning, probate and elder law.  She guides families and individuals as they provide for themselves and their loved ones during all states of life.
In This Issue
Happy Holidays
Funding Your Trust
Gifting
Take Action
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Contact Information

Elizabeth Schmitz, Attorney At Law
1900 Polaris Parkway, Suite 450
Columbus, OH 43240
614-785-4980