HOW DO I PAY FOR NURSING HOME CARE?

Medicaid Myths Families faced with having to pay for nursing home care for a loved one usually get a crash course in the limitations of Medicare and private health insurance. What they find is that Medicare will only pay for a certain amount of nursing home care and private health insurance doesn’t cover it either. If the nursing home resident had long term care insurance, the burden of covering the extremely high cost of a nursing home is lessened but most people do not have long term care insurance due to the cost. This leaves people with the reality that
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What Happens if a Family Member Becomes Incapacitated?

The Unpopular Topic of Discussion Every Family Needs to Have Just bringing up the possibility of someone in your family becoming mentally or physically incapacitated is often difficult. We tend to think of only the very elderly needing long-term, hands-on care, but a recent report by the Alzheimer’s Association found that one in nine Americans age 65 or older currently have Alzheimer’s. With the baby boom generation aging and people living longer, that number may nearly triple by 2050. Dementia isn’t the only reason for long-term care, of course, but almost everyone knows someone already affected by it. Waiting too
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3 Celebrity Probate Disasters and Tragic Lessons

With extreme wealth accumulated, one would assume that celebrities would take steps to protect their estates. But think again: Some of the world’s richest and most famous people enter the pearly gates with no estate plan in place, while others have made estate planning mistakes that tied their fortunes and heirs up for years in court. Let’s take a look at three high-profile celebrity probate disasters and discover what lessons we can learn from them. Tom Carvel, The Ice Cream Man As the man who invented soft-serve ice cream and established the first franchise business in America, Tom Carvel had
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FAQs – Why You Want to Avoid Probate

Q: What is probate? A: Probate is the process by which the court validates the authenticity of a will; appoints an executor (aka personal representative); and supervises the settlement of an estate, including the payment of bills, filing of tax returns, and transfer of assets to beneficiaries. If no will is presented, the court will appoint an estate representative, called an “administrator.” The administrator carries out the same duties as an executor; but when a person dies without a will the court must determine the heirs of the deceased. The complexity and duration of this heirship determination process varies, but
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The Pros and Cons of Probate

In estate planning circles, the word “probate” often comes with a starkly negative connotation. Indeed, for many people — especially those with larger estates — financial planners recommend trying to keep property out of probate whenever possible. That being said, the probate system was ultimately established to protect the property of the deceased and his/her heirs, and in a few cases it may even work to an advantage. Let’s look briefly at the pros and cons of going through probate (for purposes of this article the term probate will refer to the process of administering an estate with or without
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Why a Trust Is the Best Option for Avoiding Probate

As Ambrose Bierce once darkly observed, “Death is not the end. There remains the litigation over the estate.” Obviously, ideally, when someone passes away, the paperwork and material concerns associated with the estate are so flawlessly handled (thanks to excellent preparation) that they fade into the background, allowing the family to grieve and remember in peace. In fact, the whole business of estate planning – or at least a significant piece of it – is concerned with ease. How can assets and legacies be transferred to the next generation in a harmonious, stress-free, fair process? To that end, one primary
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3 Reasons You Want to Avoid Probate

When you pass away, your family may need to involve the chancery court to claim their inheritance. This can happen if you own property (like a house, car, bank account, investment account, or other asset) in only your name. Although having a will is a good basic form of planning, a will does not avoid probate. Instead, a will simply lets you inform the chancery court of your wishes – your family still must go through the probate process to make those wishes legal. Now that you have an idea of why probate might be necessary, here are 3 key
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3 Tips for Overwhelmed Executors

While it is an honor to be named as an executor of a will or estate, it can also be a sobering and daunting responsibility. Being an executor (sometimes called a personal representative) requires a high level of organization, foresight, and attention to detail to meet responsibilities and ensure that all beneficiaries receive the assets to which they are entitled. If you’ve found yourself in the position of “overwhelmed executor,” here are some tips to lighten the load. Get professional help from an experienced attorney. The caveat to being an executor is that once you accept the responsibility, you also
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What To Do After a Loved One Dies

If you’ve been appointed an executor of a loved one’s estate, or a successor trustee, and that person dies, your to-do list such as planning the funeral, coordinating relatives coming in from out of town and (eventually) meeting with a qualified probate lawyer, can be quite overwhelming. First and foremost, take care of yourself during this emotional time. To help you with the “business” end of things, here’s a quick checklist of crucial details that will make the trip to our office to handle the legal affairs easier. I know it can be difficult, but some of these things have
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Estate Planning: 4 Reasons We Run the Other Way

We understand that it is difficult to focus on estate planning; it sounds about as fun as having surgery. However, we also understand that we all want to make sure that our loved ones are protected and receive our hard-earned assets – regardless of whether we have $10 million or $10,000 and that those assets are used for our care during our lifetimes. We often spend our entire lives looking out for the best interests of children and family but when it comes to estate planning, too often we ignore the hard truth until it is too late – thereby
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