This article looks at more legal tips that should be considered in terms of a person’s long-term care needs. The key points around putting your affairs in order while you are still able including safeguarding your assets so they do not contribute to financing your long-term care are reviewed. Request regular reviews Your Care Manager… Continue reading Essential Legal Tips When Considering Longterm Care (Part 2)
1. PLAN YOUR ESTATE. •Will or Trust, Durable Power of Attorney and Health Care Power of Attorney. Even after a loved one has moved into a nursing home, legal strategies can be used to protect assets. Generally this will require having a suitable durable power of attorney. 2. REVOCABLE TRUST. For a married couple, having… Continue reading Medicaid Planning: How to Protect Your Assets
When selecting an individual to serve as successor trustee of a trust, they often wonder if they are making the right choice. Generally, the individual making the trust serves as trustee for so long as they are capable or alive. Choosing who to serve as trustee in the event the individual becomes disabled or dies… Continue reading Selecting a Trustee: Did I Make the Right Choice?
The Importance of a Will Wills are important for a variety of reasons, the greatest of which is to ensure that YOU decide how your estate is distributed to and among your loved ones. However, here are four more benefits to having a Will: 1. To appoint a Guardian for your minor children 2. To… Continue reading Why Do We Need a Will?
Unfortunately, elder abuse occurs every day in the U.S. Mistreatment of seniors can take many forms including abandonment or neglect, physical, psychological, verbal, sexual or financial abuse. Of all types, financial elder abuse is one of the most common and can have devastating consequences for the targeted senior. This type of abuse can be inflicted… Continue reading Why Is Financial Elder Abuse a Growing Problem?
The loss of the mental capacity needed to manage one’s own affairs isn’t only traumatic for the individual concerned – it can be a huge worry for the family too. Lasting powers of attorney, or LPAs, are a long-standing and trusted way of enabling a nominated party to take over financial and other official dealings.… Continue reading Public Guardian Prevents Misuse of Dementia Sufferer’s Money
Executors frequently go to work with no “on the job training.” They are often well intentioned volunteers, chosen on the basis of family relationship rather than knowledge and experience. However, ignorance of income and estate tax law can be costly to the beneficiaries and the executor. First Fumble: Don’t waste deductions for administration expenses. Legal,… Continue reading Fixing Five Fiduciary Fumbles
We all want our families and loved ones to be situated well after we have passed. Despite being a difficult topic for some people to discuss, the distribution of one’s properties and wealth before one even dies is an important matter to settle. This is when furnishing a last will & testament becomes very important.… Continue reading What Is Estate Administration Under the Probate Process?
I had a potential client call me earlier in the week asking me if he needed a will. The caller wasn’t married and had no children or grandchildren. He didn’t own any real property. All of his bank accounts had payable on death beneficiaries and he owned minimal personal property. He had the perfect plan;… Continue reading Estate Planning – It’s Just As Much Life As It Is Death Planning