by Olivia Wann
Perhaps you know an elder orphan. The term elder orphan describes senior individuals living alone with little to no support system.[1] Maybe I’m a future “elder orphan” having not had children. This message resonates with my heart because I serve a population of elderly clients locally who are basically elder orphans, whether they have children or not.
By Olivia Wann
First let’s establish the difference between IRS rules and Medicaid eligibility rules.
The IRS sets limits on the amount you can give to another person without having to pay tax. In the year 2025, the annual gift tax exclusion is $19,000 per person or entity. This means you can give up to $19,000[1] to a person without paying a gift tax. Note that gift tax rates range from 18% – 40% and the donor—you—would pay the tax.
by Olivia Wann, JD
As discussed in prior videos, Medicare only pays a maximum of 100 days for nursing home care costs. The remainder of long-term care would be an out-of-pocket expense or covered by Medicaid if you qualify. The state’s Medicaid program would seek reimbursement for funds paid for long term care meaning your home could be recovered by the state to satisfy any monies owed for your nursing home stay. The state can force a sale through a public auction.
As estate planners, we work closely with clients to provide a plan to protect their assets and ensure that personal and real property flows to the intended recipients. Protecting Your Pets in Emergencies is also a priority. We emphasize the importance of having a General Durable Power of Attorney, which includes provisions for pet care.
The Law Office of Olivia Wann & Associates, located in Dover, Tennessee, focuses on estate planning and elder law. This blog explores life estates, their pros and cons, and how they compare to irrevocable trusts. It also highlights the benefits of irrevocable trusts, especially when a Trust Protector is involved.
Are you aware that in the year 2016, Stewart County, Tennessee, was rated number one in the top 20 most armed counties in the country? Yes- indeed! Stewart County, which includes the towns of Dover, Indian Mound, Bumpus Mills, and Cumberland City, has the highest percentage of residents who keep firearms around their homes.
Recently, a Tennessee parts supplier for John Deere and Yamaha was fined $296,951 after the Wage and Hour Division confirmed that as many as ten children as young as 14 years old were working in the factory, illegally employing children. According to Jessica Looman in a press release, she indicated that even one child working in a dangerous environment is too many. Evidently, there has been an alarming increase in child labor violations where children are in danger. One child was operating a power-driven hoisting apparatus like a forklift. Workers under 18 years old are not permitted to operate dangerous machinery.
Are you an LLC, a PLLC, or a corporate entity? Be aware that Congress passed the Corporate Transparency Act in 2021. The new federal reporting requirement for beneficial ownership information (BOI) goes into effect beginning January 1, 2024. The goal of this new law is to prevent money laundering and other financial crimes, including terrorist financing.
After having practiced law in Tennessee for the last 12 years and having drafted hundreds and hundreds of wills, I’ve come to fully appreciate the value of a Personal Property Memorandum in ensuring clarity within a Last Will and Testament.
Deciding whether to sell a parent’s home when they enter a nursing home is a complex legal and financial matter. Understanding how this decision affects Medicaid (TennCare) eligibility is crucial to protecting assets and securing long-term care. It is best to consult an attorney when considering selling a parent’s home.