Show #262 Airing: Sunday, July 11, 2004
Each week we give you a chance to ask your questions, or to give us your comments, by calling our Kitchen Conversation line or e-mailing our website. Your comments and questions are often thought provoking, and always appreciated.
We try to answer all your questions privately, but I thought you might be interested in hearing what your fellow viewers are wondering about. So today I’m going to take a few moments and answer several on the air. So let’s start with Wally, who asked: “If I gave my kids $50,000 10 months ago, does that mean that now I am eligible for Medicaid?”
Wally, you’re on the right track. Lots of folks make gifts of assets to protect them from high nursing home costs. In Ohio, a gift of $50,000 creates an 11-month period of ineligibility. Eleven months after the transfer, the State or nursing home can’t touch that money.
Next, a viewer asked: “My mother’s estate is about $75,000. What is the executor’s fee, and can I contest a will without a lawyer?”
An executor is the person named in a will to handle an estate at death. That’s work, and the State of Ohio has a law that sets an executor’s fee based on how much is in the estate. For $75,000, the fee is about $3,000.
As for your other question, you can contest a will without a lawyer, but it won’t be easy. Talk to the Probate Court Clerk’s Office in your mother’s county of residence, and see if you can find some nice folks who will help get you started.
Stewart from Lyndhurst asked: “Do you have information on ethical wills?” The answer is yes. Ethical wills are not actually wills. The purpose of a traditional will is to distribute your money and property at death. An ethical will leaves your spiritual wealth. It’s a statement of your personal values and beliefs, expressing your hopes and love for others. It is a highly personal document that usually takes the form of a letter. And guess what...no lawyer is required. Ethical wills are not new. You can find references to their use in both the Old and New Testament. While they are not legally binding, they may be one of the most cherished gifts you can leave to your family.
Now I’d like to switch gears for a minute. Years ago, television stations regularly used to do commentary on important issues. In Cleveland, we were especially blessed with folks like Dorothy Fuldheim, High Danaceau, Gib Shanley, Dick Feagler, and Virgil Dominic, intelligent people who would enlighten us, amuse us, get us thinking, and often inspire us to take action. Sadly, today there’s very little room on TV for good old-fashioned commentary and analysis. After all, we need plenty of time for such inspirational programs as Average Joe, Joe Millionaire, The Bachelor, and a dozen versions of Law and Order and CSI.
On Golden Opportunities, we’ve tried to provide thought provoking commentary on current issues that’s been sorely missing. Our viewers seem to appreciate it, and I am proud to announce that we recently won first place for best television commentary in Ohio, in The Ohio Excellence in Journalism contest sponsored by The Press Club of Cleveland.
