Guardianship and conservatorship are two terms that you may come across when you are researching elder care topics. The terms are applied differently in different states. Generally speaking, a guardian or conservator would be empowered by the state to handle the affairs of a minor child or incapacitated adult. In some states, a guardian handles personal decision-making, and a conservator handles the financial affairs of a ward. In others, a guardian handles both types of decisions. We … [Read more...] about When Would a Conservatorship Become Necessary?
What Are the Drawbacks of Probate?
What are the Drawbacks of Probate? from Roy W. Litherland If you are in direct personal possession of property when you die, the probate court will supervise the administration of your estate. … [Read more...] about What Are the Drawbacks of Probate?
What Is a Revocable Living Trust?
In this post we will look at a very commonly used estate planning device called a revocable living trust. These trusts can be useful for people of relatively ordinary means, and they are quite effective if you want to facilitate efficient asset transfers to your loved ones. Ongoing Control There are people who think that you surrender all control of assets that you convey into any type of trust. In fact, this is not the case with a revocable living trust. Look at the name of the trust: it is … [Read more...] about What Is a Revocable Living Trust?
Free Report: Estate Planning Demystified
Because so many people are uninformed, a high percentage of Americans are going through life without an estate plan. When you understand the facts, you invariably take action because you know why estate planning is important. With the above in mind, we would like to provide some foundational information about estate planning and the eventualities of aging. Click here to read the whole article or download the PDF. … [Read more...] about Free Report: Estate Planning Demystified
Can I Be Held Responsible for a Parent’s Nursing Home Expenses?
Nursing home expenses are a very big cause of concern within the elder care community. The cost of care is extraordinary, and most people cannot comfortably pay out-of-pocket. In the state of California, nursing home expenses are higher than the national averages. According to California Health Advocates, the average daily charge for nursing home care is just over $256, and this factors out to over $93,000 per year (this sum is even higher in the Bay Area). It is not uncommon for elders to … [Read more...] about Can I Be Held Responsible for a Parent’s Nursing Home Expenses?
Gifting Money to Your Children AFTER You’ve Entered a Nursing Home (An Elder Law Today Blog)
There are so many misconceptions surrounding Medi-Cal with respect to financial gifts, that we thought we would address some of the more frequently asked questions: Q: “Is it true that under current Medi-Cal laws, a parent cannot make financial gifts to their children once they have entered the nursing home?” A: No. In fact, a proper gifting program is a great Medi-Cal planning technique. At the time an applicant applies for Medi-Cal, the state will “look back” 30 months to see … [Read more...] about Gifting Money to Your Children AFTER You’ve Entered a Nursing Home (An Elder Law Today Blog)
Do I Need Anything In Addition to My Last Will?
Many people reduce the process of estate planning to the creation of a last will. In reality, a well constructed estate plan will involve the execution of additional documents. Incapacity Planning When you create your last will, you facilitate future asset transfers. However, a comprehensive estate plan will also address the latter portion of your life. Incapacity is common among elders. There are a number of different causes, but Alzheimer's disease is the leading culprit. This disease … [Read more...] about Do I Need Anything In Addition to My Last Will?
What Is a Charitable Remainder Trust?
Charitable giving can be a very rewarding endeavor when you are crafting your legacy. When you engage in philanthropic acts you receive personal rewards, but there can also be tax advantages if you take the right steps. With this in mind, we will look at charitable remainder trusts in this post. Overview If you are creating a charitable remainder trust, you are called the grantor of the trust. To enjoy the maximum benefits, you want to fund the trust with assets that have appreciated … [Read more...] about What Is a Charitable Remainder Trust?
What Is the Most Important Estate Planning Document?
Estate planning is a comprehensive, ongoing process. People sometimes look for easy answers, but there is really no shortcut that you can take if you want to create a truly effective estate plan. There is no one-size-fits-all estate planning document, and no one document is inherently more important than any other. It all depends on the circumstances. Asset Transfers When you plan your estate, you facilitate future asset transfers. Some people are exposed to the federal estate tax. … [Read more...] about What Is the Most Important Estate Planning Document?
Is Incapacity Planning Really Important?
People sometimes overlook incapacity planning because they feel as though it is not really important. They know that some elders become unable to make their own decisions, but they take the "this will never happen to me" approach. You should certainly do everything possible to stay mentally and physically healthy. It is quite possible that you will be able to handle all of your own affairs every day of your life. However, people routinely take precautionary measures of various kinds, and this … [Read more...] about Is Incapacity Planning Really Important?
