The U.S. Court of Appeals for the Third Circuit finds that the Internal Revenue Code prohibits an estate from claiming a charitable deduction when the proceeds of a single trust are distributed to both charitable and non-charitable beneficiaries. Galloway v. U.S. (3rd Cir. 6-21-2007), No. 06-3007.

A recent New York Times story reports on the misleading credentials and sales tactics of some unscrupulous financial advisors.  http://www.nytimes.com/2007/07/08/business/08advisor.html?pagewanted=1&_r=2.  Mississippi’s own Secretary of State’s office was quoted in the article.  “If insurers would cut off these companies, this behavior would end tomorrow. Instead, they just close their eyes or say it’s not their fault when […]

 The VA disability pension program is more commonly known as the “Aid and Attendance” program. It is available to single veterans, to veteran households with one or more dependents, or to the surviving spouse and/or surviving dependent children of a veteran. In order to qualify for the benefit, a veteran must have served 90 days […]

On certification of a question from the U.S. Court of Appeals for the Tenth Circuit, the Kansas Supreme Court finds that a bankruptcy debtor may claim a homestead exception even when the real property has been transferred to a living trust prior to bankruptcy. Redmond v. Kester  (Kan., No. 97,627,  June 8, 2007).

A Pennsylvania appeals court rules that income from a father’s special needs trust is available to pay child support.  Mencer v. Ruch.  (PA.Super 182, 2007) No. 1902 WDA 2006. Heather Mencer instituted a support action against Gary Ruch, the father of her daughter. Due to a brain injury that occurred prior to the daughter’s birth, […]

What is Medicaid? Medicaid  is a federal government program that provides financial assistance to persons age 65 and over, or those under 65 who are disabled and who are in need of substantial medical assistance. Medicaid is a needs-based program a person must have a medical need for the assistance and must be of limited […]

The USA Today just ended a week-long series of articles dealing with the difficulties of dealing with taking care of one’s parents.  As science is able to keep us alive much longer than our bodies’ ability to care for itself, a growing number of children are finding themselves in the role of becoming the "parent" […]

Understanding VA Pension and VA Pension with Aid and Attendance "Aid and attendance" is a commonly used term for a little-known veterans’ disability income. The official title of this benefit is "Pension." The reason for using "aid and attendance" to refer to Pension is that many veterans or their single surviving spouses can become eligible […]

Medicaid law governing trusts is designed to prevent disabled individuals qualifying for benefits while still retaining full control over their assets. A third-party, however, is still free to plan with his own assets and either give them outright to a disabled individual or tie them up and restrict them in trust as he sees fit. […]

There are many types of trusts, and many reasons that people execute them.  In its most basic form, a trust is simply an agreement between two people to hold something of value for a period of time under a specific set of instructions.  "Will you hold my wallet while I swim in the ocean so […]