If you were to die without any estate planning documents at all, the condition of intestacy would exist. In this post, we will explain the way that intestate estates are handled. When you learn all the facts, you will see why you should take action to prevent intestacy. Probate The probate court will provide supervision during intestate estate administration. It should be noted that a will would also go through probate, but this is a subject we will cover in another post. Someone has to … [Read more...] about Who Inherits Assets When There Is No Will?
We closely monitor the Medicaid parameters because many seniors will rely on this program to preserve their legacies. Why is Medicaid relevant to people that will qualify for Medicare as a source of health insurance? Most seniors will need help with their activities of daily living, and more than one third of them will require nursing home care. You can expect to pay well over $100,000 for a year in a Burlington area nursing home, and Medicare does not cover the custodial care they … [Read more...] about Medicaid Spouse Allowances Will Rise in 2021
As elder law attorneys, we are focused on the concerns of senior citizens and their families, and long-term care is at the top of the list. In this post, we will look at five important facts that you should fully understand so you can take the necessary steps to prepare yourself. Most Seniors Will Need Living Assistance We all know that some elders reside in nursing homes, and there are those that receive the help that they need in their own places of residence. However, the probability … [Read more...] about 5 Key Facts About Long-Term Care
Money comes and goes, but your education becomes part of the fabric of who you are in many different ways. When you are planning your estate, you may want to consider giving the gift of education to younger family members that have not made their marks in the world. If this sounds appealing, you can to contribute into a 529 college savings plan to provide these opportunities. Tax Advantages The framework for the 529 savings plan is similar to the arrangement for Roth individual retirement … [Read more...] about How Do 529 College Savings Plans Work?
Most people in the United States do not have estate plans in place, and the lack of preparedness is not confined to very young adults. Less than half of people that are in their 40s and 50s have estate plans, and there are different reasons for their inaction. One of them is the simple fact that they don’t know where to begin, even though they acknowledge the fact that estate planning is important. In this post, we will share the basics. Create a General Outline Before you start to dig into … [Read more...] about Estate Planning Demystified
As elder law attorneys, we are forced to broach difficult subjects. One of them is the possibility of incapacity late in your life. Once you reach your mid-60s, according to the statistics, it is likely that you will live well into your 80s. When you reach an advanced age, incapacity is a very real threat. Everyone is aware of the existence of Alzheimer’s disease, but most people are bit surprised when they find out how common it has become. The Alzheimer’s Association is a good source of … [Read more...] about Is There a Way to Prevent a Guardianship?
The idea of putting your dog in your estate plan can sound silly when you are a relatively young adult. Lifespans for our fine furry friends are relatively brief compared to humans, and most dogs are mutually owned by families, so there is more than one potential caretaker. This being stated, the dynamic is quite a bit different for senior citizens. Since we are elder law attorneys, we do get questions about inheritance planning for pets. A Cure for Loneliness Though some people think that … [Read more...] about Can a Senior Put a Dog In an Estate Plan?
Most people are aware of the fact that a power of attorney is a document that you can use to give someone else the power to act on your behalf in a legally binding manner. On the surface, it may seem as though a power of attorney would have no place in an estate plan, but this is really not the case. A well-constructed estate plan will center around the events that will take place after your passing, and the facilitation of asset distributions will be at the core. This being stated, it is … [Read more...] about Why Is a Power of Attorney Part of an Estate Plan?
There are estate planning solutions that can be implemented to satisfy virtually any objective. You should certainly discuss your estate planning goals with a licensed estate planning attorney so that you can become apprised of your options and act in a fully informed manner. With the above in mind, you should be aware of the fact that it is possible to provide for your pet in your estate plan. At one time, pet trusts were not legal at all, but eventually, some states started to adopt the … [Read more...] about Estate Planning Solution for Senior Pet Owners
Most people focus purely on monetary matters when they consider the subject of estate planning. This is certainly understandable, and it is important to suitably provide for your loved ones on this level. At the same time, you could take a more comprehensive approach and engage in the process of legacy planning. This would include leaving behind important pieces of your heart, mind, and soul. Ethical Will Throughout your life, members of your family have invariably come to you looking for … [Read more...] about Legacy Planning: Leave a Piece of Your Heart