The information in this video is not intended to be, nor should it be, construed as legal advice. It is for informational purposes only. For advice, specific to your situation, consult with a qualified attorney.
In Part One, we covered what a guardianship is and why a guardianship is not the best solution for most people. Understanding how guardianships and powers of attorney really work is essential when a loved one is in rehabilitation, or in long term care, – even if the loved one is competent to make their own decisions. As clients frequently note to me, it’s what you don’t know that can hurt you.
The benefits of pre-planning are numerous. Ultimately, having good powers of attorney in place is a cheaper and easier option that places the least amount of burden on the family and provides more options. Additionally:
Every day, we as parents make decision after decision about our kids, for our kids, because of our kids. Yet so many parents fail to make one of the most important decisions they need to make - what will happen to their kids if something happens to them.
For many couples with young children, the expense of actually sitting down with an attorney may be the leading factor in delaying planning their estate. When you're trying to pay a mortgage, an estate plan may seem like a luxury you can put off until a later time. But consider the possibility that something does happen to you and/or your spouse. What would happen to your children? If you don't decide who will take care of your children and put that decision into an estate plan, the court (strangers to your family) will make the decision for you.
And that may not be the best decision for your kids.
Some parents delay estate...
In our family estate planning & elder law office, we often find that people have misconceptions about estate planning that they get though the internet, their friends, and even other professionals. There are various problems with the Part 2 topics below, but the most fundamental one is that believing any one of them may lead to bad decision-making.
4. Talking about estate taxes is a waste of time.
For a majority of Americans, in the current tax year, estate taxes are not an issue – the exemption is currently at 5.49 million dollars. Every dollar above that exemption amount is taxed at a 40% tax rate for estate or “inheritance” taxes. So for those that have less, estate taxes aren’t an issue. This year.
That being said, Congress can change the estate tax exemption (they say they won’t – do you believe anything Congress says these days?). Unless you know that you will die in 2017, you can’t know...
I’m not an Elder Law attorney – and I don’t play one on TV. That being said, I’ve had the pleasure of working at the Family & Aging Law Center since December of 2015. What I’ve learned has been eye-opening – even shocking. As a well-educated person, I always thought I knew just enough about estate planning and elder law. I was wrong.
~Julie Taylor
First, I’m going to tell you a little bit about what I’ve learned about long term care in Michigan – which is, for most, also surprising. Generally speaking, the cost of skilled long term care can range anywhere from $8,000 - $14,000 a month (or more!). Shocking, isn’t it? I don’t know about you, but I certainly don’t have that kind of money! If my husband or I were ever faced with one (or both) of us needing care, I wouldn’t want to see everything we’ve worked for disappear. Even worse, what happens after our life savings goes to the cost of care?...
In our family estate planning & elder law office, we often find that people have misconceptions about estate planning that they get though the internet, their friends, and even other professionals. There are various problems with the Part 1 topics below, but the most fundamental one is that believing any one of them may lead to bad decision-making.
1. Estate planning is about planning for your death.
Most people think that estate planning is all about “what happens if I die” (you will!). That being said, when done properly, estate planning is about much more than simple death planning. It is also about ensuring that any shift in control, whether due to disability during life or death, is done in the simplest and easiest way possible; about providing loved ones with peace of mind and relieving them from burdensome decisions that you should make on your own; and, in the best case scenario, about ensuring that assets don’t get depleted by...
When it comes to estate planning, the real problem is simple: you think you know. The internet, friends, neighbors – even the government shapes what we think we know when it comes to estate planning and asset protection.
The reality is, though, that what I’m about to tell you is something that most attorneys don’t know – not even traditional estate planning attorneys. Yes, it’s true.
The need for long-term care is also one of the biggest threats to your lifetime financial security. The statistics show us that a full one –third of all persons over 65 will have a need for long-term care, and a full one in ten will need long-term care for five or more...
The Program of All-Inclusive Care for the Elderly (PACE) is a program that helps seniors meet their health care needs at home & in their community as an alternative to a nursing home or other care facility.
With PACE, an individualized plan of care is developed and maintained by a team of health care and service professionals to meet specific needs. These services include all Medicare and Medicaid-covered services and may include, but are not limited to:
In Michigan, the areas serviced by PACE...
Individuals seeking to obtain Long-Term Care services outside of a nursing home must navigate a different set of Medicaid eligibility rules, depending on the type of services required.
Navigating the maze of community care requires an in-depth knowledge of the services available in the home, and in adult homes and assisted living facilities, and an ability to manage income and resources to maximize their value, while utilizing Medicaid services wherever available to supplement the care provided by the individual and their family.
Community-based Medicaid services are available through the MI Choice Waiver. Generally, however, Medicaid does not pay for adult home or assisted living care, which under existing rules must be paid for privately.
In order to access community-based care, an individual is allowed to keep the...
Irrevocable trusts, traditionally, are estate tax planning devices. Very few Americans need estate tax planning, however – less than 2%. Why, then, would you want an irrevocable trust?
This two part series, including part one, focuses on a new type of irrevocable trust known as the irrevocable pure grantor trust.
Irrevocable pure grantor trusts are mainly used to protect assets from creditors and predators, and can be an excellent pre-planning tool for elder law attorneys and their clients. Understanding what they are, and how they differ, from traditional irrevocable trusts is essential.
In this episode, David Zumpano, a nationally recognized expert on asset protection and elder law planning (also a CPA & attorney) discusses this irrevocable trust, who it is for, and why you may want one.
Learn how this type of trust is one of the best ways to truly keep your money “safe.”
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