Considering what could happen to your minor children if you and the other parent aren’t there is painful and difficult. However, this is a necessary component of good parenting. Leaving these things to chance could be the most devastating thing to happen to a child – after losing you. Why leave it to chance?
Naming a couple to act as guardians and not indicating what should happen if the couple divorces, breaks up, or if one of the partners dies may mean your kids could end up in the care of someone you wouldn't really want.
Failing to name enough alternates to serve if your first choice cannot serve may also mean your kids could end up in the care of someone you wouldn't really want.
Only considering the financial resources of potential guardians when deciding who should raise your children may be a huge mistake. Your guardians do not have to also be...
A: The short answer is, you need a financial POA in the event that you become unable to manage your own finances. Even though you may think you have everything “taken care of” through joint ownership, it isn’t that simple. For example, you cannot own most tax-deferred assets, such as IRAs, jointly. A beneficiary designation doesn’t give power to your beneficiary during your life. A financial POA, when done properly, also enables a person you trust to apply for important health care benefits (if you need them) and it enables them to preserve your money in times of crisis. Without proper planning, your loved ones will need to go to court in a process called...
A: Improved pension is also known as “Aid & Attendance,” and it pays up to almost $25,000 of additional tax-free income a year for at home care, assisted living, or nursing home. This can be a great financial relief to those that are worried about outliving their money. The real fact is, even if the VA claims your loved one doesn’t qualify, or that they have “too much money,” they may be able to become qualified. This is true for the Veteran as well as a spouse or widow(er).The best thing to do if you want to know your options is to go to a Veterans Administration Accredited attorney that specializes in long term care benefits. You may be pleasantly surprised to find out that you were given wrong information, and...
This episode is all about planning for an unexpected health crisis, illness, or accident – NO MATTER WHAT YOUR AGE!
In this episode, Nicole discusses the two absolutely essential legal documents every person 18 years and older needs, how people think (incorrectly) that they already have it taken care of, why your spouse may not be the best choice to manage things for you, why you may need to fire your doctor, and much more!
Nicole also talks about how she experienced her own healthcare crisis, which is why this was the first podcast episode to be aired after receiving a fatal diagnosis – unexpectedly.
Don’t let this happen to you, or to those you love! Take the small amount of time and effort to be prepared.
A: To explain revocable living trusts, or RLT’s, I like to use an analogy. Let’s say you’re a child, and have a little red wagon. You take your Barbies, your G.I. Joes, your toy cars, and you put all of them in your wagon. If you’re walking along the sidewalk and trip and fall, what happens? Well, you trip and fall...but your toys stay in your wagon. The wagon serves a purpose. It keeps things together, so that if something happens, the handle can be picked up by someone else and they can just keep walking. The RLT is the same. Like the wagon, it is a vessel, meant to hold your items in a way that provides the easiest transfer upon disability or death. However, just like the wagon, if you don’t put your “toys” (accounts, real estate, etc.) inside your trust, it doesn’t work in the way it was intended. Also, the trust, just like the wagon, doesn’t change your things. If I put my Barbie inside...
That’s typical traditional Estate Planning.
But for seniors and leading edge Baby Boomers (retired or nearing retirement), you need to know the difference between Elder Law and Estate Planning.
Understanding the difference between “estate planning” and “elder law” is essential for everyone. Elder law attorneys provide tools and strategies that most estate planning attorneys simply don’t. At the end of the day, what makes sense in an estate planning sense may prove financially catastrophic when viewed from an elder law standpoint.
An estate plan helps someone who is worried about “what happens when I die.” It...
This article regarding a last will and testament by Michigan lawyer Nicole Wipp and the Family & Aging Law Center PLLC is not, and should not be construed as, legal advice. It is for general informational purposes only. To better understand how this legal concept can be applied to you, consult with an attorney.
When it comes to wills, people tend to have a lot of misconceptions. What, then, are the facts when it comes to a last will and testament?
If you own assets in your name alone, they may pass from you to the people you love, as long as you leave a Will. Without a Will, your assets pass according to the State’s rules, also known as intestacy. The State may not pass your assets to the people you care about. You should be sure.
Also, you should know that...
This article regarding wills and trusts by Michigan lawyer Nicole Wipp and the Family & Aging Law Center PLLC is not, and should not be construed as, legal advice. It is for general informational purposes only. To better understand how this legal concept can be applied to you, consult with an attorney.
Clients often come to me with ideas about wills and trusts that they learned from friends, neighbors, and the internet. I’ve come to realize that a lot of people think they know about wills & trusts - but they don’t.
Unfortunately, most people don’t ever find out they don’t know, because by the time it comes to light, it’s simply too late. Here are some frequently misunderstood facts about wills and trusts:
Listen and Learn! Nicole's Podcast Episode About Wills (click the orange arrow to listen):
This article about elderly care by Michigan estate planning and elder law attorney Nicole Wipp and the Family and Aging Law Center is not legal advice. It is for informational purposes only. For legal advice on your situation, consult with a qualified elder law attorney.
As our population ages, there’s no question: adult children are increasingly needed to assist parents in times of medical crisis or just simply during the normal aging process. Whether you are a parent reading this, or a child of an aging parent, here are FIVE things that every adult child of an aging parent needs to know – RIGHT NOW:
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