There’s a lot of information floating around about Medicaid, particularly when it comes to paying for nursing home care. Some of the information is reliable, while some is not accurate at all. So, how do you know which information you can trust? Get the facts from a trusted expert, like an experienced and qualified elder law attorney. Below are three myths surrounding Medicaid, along with the corresponding facts: 1) You can simply transfer your assets to your spouse and qualify for … [Read more...] about Medicaid: Separating Fact from Fiction
Minimizing Challenges to Your Power of Attorney
Did you know that a power of attorney, like a Will, can be challenged by concerned or disgruntled loved ones? This is especially true when the person making the power of attorney is elderly. Family members might be concerned about a lack of mental capacity or about their loved one being coerced into appointing an agent against their will. If you’re worried that your family members might challenge your power of attorney, there are a few steps you can take ahead of time to minimize the … [Read more...] about Minimizing Challenges to Your Power of Attorney
Alzheimer’s and Powers of Attorney
An Alzheimer’s diagnosis means significant life changes, for the patient and for his entire family and circle of friends. If your parent or another loved one has been diagnosed with the disease, one of the first things that needs to be considered is incapacity planning: who will be in charge of financial and medical decisions as the illness progresses and your loved one can no longer manage these things by himself? Depending on your loved one’s condition, one of two approaches can be … [Read more...] about Alzheimer’s and Powers of Attorney
The First Step in Avoiding a Probate Mess
Who have you chosen to serve as executor of your estate? And are you confident that the person you’ve selected is the right fit? Making sure the right person is in charge of your estate can go a long way toward avoiding a probate mess. A recent Reuters Wealth blog puts the spotlight on a daughter who had an unpleasant experience with her father’s executor, and gives some good advice on how to choose the right executor for your estate: Know Your Estate. If settling your estate will be a … [Read more...] about The First Step in Avoiding a Probate Mess
Why You Might Want to Consider a Pooled Special Needs Trust
If you are the parent of a disabled child, or if you help support a loved one with special needs, a special needs trust can be an effective – even essential – tool. Special needs trusts help to ensure that your loved one’s Medicaid or Supplemental Security Income won’t be jeopardized by an inheritance or, in the case of a disability caused by someone else’s actions – by a personal injury settlement. Strict Rules In order for a special needs trust to protect a disabled person’s benefits, the … [Read more...] about Why You Might Want to Consider a Pooled Special Needs Trust
The Crossroads Between Small Business and Family Caregiving
As a small business owner, you understand how important each of your employees is to the success of your enterprise. And often, the most valuable, experienced employees are in their 40’s and 50’s – just the group that’s also likely to be part of the “sandwich generation.” So, what happens when one of your employees has an elderly parent who falls ill, and needs substantial care and support? Caring for an elderly parent, particularly while running a household that includes children or … [Read more...] about The Crossroads Between Small Business and Family Caregiving
Profile of an Elder Financial Abuse Victim
MetLife has released the MetLife Study of Elder Financial Abuse: Crimes of Occasion, Desperation, and Predation Against America’s Elders, and it contains some pretty eye-opening findings. For instance, did you know that women are twice as likely as men to be victims of elder financial abuse and that most victims: Are in their 80’s Live alone Need some form of help with health care or home maintenance In the vast majority of cases studied, two factors seemed to combine to make … [Read more...] about Profile of an Elder Financial Abuse Victim
What’s Next for the Helmsley Estate?
Do you remember all the hubbub a few years ago when Leona Helmsley, the “Queen of Mean,” died leaving $12 million in trust for her little dog, Trouble? Trouble Has Died, What Now? The bequest was challenged, and the court ultimately reduced the value of the dog’s trust fund to $2 million. Sadly, Trouble has died, and the death of the little Maltese raised the question, what happens to the money left in Trouble’s trust? In accordance with Helmsley’s estate plan, the remaining funds will … [Read more...] about What’s Next for the Helmsley Estate?
The Limits of a Living Trust
Depending on your situation, a living trust can be a valuable – even essential – estate planning tool. But as useful as a living trust can be, there are limits to what it can do. For example: Probate Avoidance Isn’t Automatic One of the main benefits of a living trust is that it can help you avoid probate. But simply drawing up and signing a trust doesn’t automatically ensure probate avoidance. Instead, you need to transfer into the trust any property that would otherwise be subject to the … [Read more...] about The Limits of a Living Trust
Worried About Long-Term Care? Don’t Become a Deer in the Headlights
The specter of long-term care looms large for many people. Whether or not you’re facing an immediate need for nursing home care or assisted living, it’s likely that some form of long-term care will be a reality for you or a loved one at some point during your lifetime. Like so many other topics that are related to elder law and estate planning, long-term care is tough to think about. For one thing, no one looks forward to losing their health, not to mention losing some degree of control over … [Read more...] about Worried About Long-Term Care? Don’t Become a Deer in the Headlights
