Category Archives: Estate Planning

Elder Law Planning:  Definitely Worth Pursuing

Many people have the false impression that Elder Law planning is not worth finding out about because they think they are not eligible for Medicaid.  They feel they have too much income, money or other assets to qualify, or believe that some specialized trust strategies used for asset protection are only for rich people.

With effective planning, many people can qualify for Medicaid benefits.  There are strategies that allow you to protect your home if you own one, as well as certain monetary resources.  The alternative is to deplete your reserves almost completely paying for care Medicaid would otherwise have covered.  Even if you truly can’t qualify for Medicaid, if you begin the legal and financial planning process early enough, there may be other ways to address the soaring costs of long term care when the time comes.

It pays to sit down with an Elder Law attorney and review the details of your unique situation.  It may be one of the wisest moves you can make.  Through comprehensive planning you may be able to significantly increase your or your loved ones’ quality of life, protect assets and leave a legacy.

Do You Need a Living Trust?  A Few Ways to Avoid Probate Without One

Do you need a living trust?  The short answer is probably not. For those who promote the use of living trusts, the general logic is that this is the single, best document that will help you avoid costly probate proceedings when passing assets to your heirs. And while this technically may be true, in mostContinue Reading

Wills are critical if you have children

Do you have a Will?  Do you have children?  One of the survey’s most surprising findings was that just 36 percent of those with children under 18 have an end-of-life plan in place.  This is a potentially devastating oversight. There are two crucial reasons to have a Will when you have minor children.  First, ifContinue Reading

10 Things an Estate Plan Can Do For You

     Provide support and financial stability to your spouse, children and grandchildren.      Preserve your wealth for later generations.      Make sure your wishes are carried out when you can no longer manage your affairs.      Support a favorite charity.      Distribute assets in a timely fashion.      MinimizeContinue Reading

PLANNING AHEAD: ELECTRONIC RESOURCES

As discussed in previous posts, sorting through a parent or grandparent’s affairs and finances can be daunting, but planning ahead and making use of some tools and strategies to help organize and collect vital information can prevent a lot of stress later on.  Electronic storage of important documentation and record keeping can be very helpful.Continue Reading