Aging is not easy. It can take a toll on your health and your wallet. Both home care and nursing home care are very expensive. It is not necessary to spend your entire savings, or worse, sell your home, just…
When a person dies, his or her estate may need to go through probate. If the decedent leaves a will directing how his or her property should be distributed after death, the will must be submitted to the probate court so…
When a person dies, his or her estate may need to go through probate. If the decedent leaves a will directing how his or her property should be distributed after death, the will must be submitted to the probate court so that it can be approved as a valid document. During this process, all of the parties that have the legal right to notice will be informed of this proceeding. This will give them a chance to accept or object to the approval of the will.
It’s a common mistake for people to assume that after creating a trust, their work is done. If your assets are not properly titled to the name of the trust, a whole host of issues can arise when the time comes for trust to be administered. What’s worse is that the purpose for creating the trust could be defeated by failing to properly fund the trust.
Recently, we resolved a case regarding a Medicaid nursing home application for a 62-year-old woman, Jane, who suffered a severe stroke in 2011. A healthy woman otherwise, Jane had no health issues prior to suffering the stroke. Unfortunately, she also had no advance directives (health care proxy or durable power of attorney).
Estate Planning and an Ironman event…what does one have to do with the other you ask? EVERYTHING!
As a proud wife of a first-time Ironman and an elder law attorney, I can explain.
Step 1: Hire a Coach
- Most first-time Ironmen striving to cross that finish line after 140.6 miles of swimming, biking and running need direction on how to build up their endurance for such a long race.
- Most people doing estate planning for the first time need a plan to protect their assets. Elder law attorneys know what needs to be done to protect your assets from your future long-term care costs.
It is important to understand the ownership of assets such as bank accounts, investments, retirement accounts, CDs and life insurance policies.
When a new client meets with an estate planning attorney, the first few questions the attorney will ask are:
- What type of accounts are owned?
- Are they owned individually or jointly?
- Is there a beneficiary?
Everyone has their niche.
Financial advisors have a certain field of expertise, and most are very good at what they do. However, when it comes to elder law, Medicaid and estate planning, there is no substitute for sound legal advice.
A retiree originally made an appointment with a law firm specializing in estate planning and elder law – but, a family friend was a financial advisor. He decided to work with his friend and canceled his appointment with the law firm.