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What is a Continuing Care Retirement Community?

What is a Continuing Care Retirement Community? image

A Continuing Care Retirement Community, also known as a CCRC, is a retirement community that provides a continuum of care which includes independent living, assisted living, memory care for individuals struggling with cognitive disabilities and/or skilled nursing care. These levels of care are typically in one building and/or on one campus. The general concept is a retiree can move into a CCRC and any future medical aging needs can be met on one campus. This truly allows aging in place.

It is not uncommon for the community to have a residency process and requirements. Potential residents may need to disclose...

Things to Know About Guardianship in Maryland

Things to Know About Guardianship in Maryland image

Contributed by: Procino-Wells & Woodland, LLC

When an adult lacks the ability to make legal, financial and/or healthcare decisions for themselves, a family member or friend may seek to be appointed as guardian of their property, their person or both. Guardianship in Maryland requires court approval and oversight. Therefore, knowing what to expect and who to turn to can be critical to those exploring guardianship as a solution.

Less Restrictive Means

Guardianship significantly limits an individual’s rights. Therefore, courts take petitions to appoint a guardian seriously, and require that strict requirements be satisfied. If a person has capacity, they can...

What is a Miller Trust?

What is a Miller Trust? image

A Miller Trust is an Irrevocable Income Trust that is required when an individual is applying for Delaware’s Long Term Care Medicaid program and the applicant receives more monthly income than the State of Delaware allows. Income is defined as Social Security, pension, rental and annuity payments

The State of Delaware is known as an “income cap state”. This means if an applicant’s monthly gross income exceeds $1,957.50 (2020), the applicant is not eligible for Medicaid without additional planning. The resolution for the applicant’s income eligibility is to create and fund an Irrevocable Qualified Income Trust, also known as a...

Top Five Reasons to Update Your Estate Plan upon Moving to Delaware

Top Five Reasons to Update Your Estate Plan upon Moving to Delaware image

Reason No. 1: Revocable Living Trusts

Many people have estate planning goals that cannot be accomplished through a Will alone.

In Delaware, proper use of a Revocable Living Trust provides many benefits: • Overall, it avoids the time, paperwork, and expense of probate. • It eliminates many filing fees and the closing cost fee, which is 1.25% in Sussex County and 1.75% in Kent and New Castle Counties. • It provides increased privacy because its terms are never made public and no newspaper advertisement is required. • It eliminates delays in final distributions to the named beneficiaries.

The maker of...