“Probate is a lawsuit you file against yourself, with your own money, on behalf of your creditors.”
Probate is the legal process of presenting your Will to the Court after your death to authenticate it, and appoint your Executor/Personal Representative. Your Executor/Personal Representative must be appointed by the Court in order to collect and distribute your assets as stated in your Will.
However, because it is a legal process, there are many steps that must be followed before your Executor can be appointed.
Below is a letter I think unfortunately many of us can relate too. Written by a member of the Sandwich Generation to sociologist and coach Christine Carter about her struggles with feeling overwhelmed, sad, and stuck.
“My mom was diagnosed with Alzheimer’s two years ago, just before I got pregnant with my second daughter. I was fortunate to have a stellar short-term therapist available through a pregnancy program at work to help me come to grips with my mom’s...
So how old should you be before you have a power of attorney?
Hi, I'm Nicole Wipp, the founder and lead attorney of the Family and Aging Law Center.
I'm sitting here in my car after I literally just got out of court in that building right there today, and I got so inspired to make this video because of what happened in court today.
You know, the reason that I was there is because I was representing a woman that is younger than me. She has a husband that got in a terrible car accident, and now is completely unable to make any decisions for himself related to finances and related...
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...
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.”
What is an irrevocable pure grantor trust, and why would someone want one? In this episode, David Zumpano, a nationally recognized expert on asset protection, estate planning & elder law, discusses with our attorney Nicole Wipp, this little known (although widely used) trust – what it is, why we use it, and who it is for.
As in part four of our series, your Medicaid planning advisor can best help you determine how the rules apply to your specific circumstances in your specific locality. Before you get into the specifics, however, it’s a good idea to familiarize yourself with the general federal guidelines for Medicaid qualification that apply everywhere.
Many people believe that if you give your assets away, you must wait 60 months to qualify for Medicaid. This is not the case. The 60 month requirement only applies to the financial disclosure you must provide, not eligibility.
Think of it this way: When you go to apply for Medicaid, imagine you’re bringing a box with you. In that box is every financial transaction you’ve made for the previous 60 months. That is all you need to provide – if you made a transaction 61 months ago, it’s not...
In this episode, host Nicole Wipp discusses what a “RLT” is and the importance of “funding your trust” – a commonly missed step.
You will learn:
This is Part 1 of a two-part series on Revocable Living Trusts. To listen to Part 2, click here.
To learn more about Elderly Care, Click Here.
The information in this podcast 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.
As in part two of our series, your Medicaid planning advisor can best help you determine how the rules apply to your specific circumstances in your specific locality. Before you get into the specifics, however, it’s a good idea to familiarize yourself with the general federal guidelines for Medicaid qualification that apply everywhere.
In addition, the state can place a lien on an unmarried Medicaid recipient’s home, unless certain dependent relatives live on the premises or the state permits a “Homestead Exemption”.
Sale of the property, while the person receiving Medicaid is still living, could result in the loss of Medicaid coverage (due to excessive assets) and an obligation to use the sale proceeds to satisfy the lien that Medicaid places against the home.
There are exceptions to this rule. Satisfaction of the lien is not required if the applicant returns home prior to their death or one or more of the following...
As in Part One of our series, your Medicaid planning advisor can best help you determine how the rules apply to your specific circumstances in your specific locality. Before you get into the specifics, however, it’s a good idea to familiarize yourself with the general federal guidelines for Medicaid qualification that apply everywhere.
What happens to a Medicaid recipient’s estate when he or she passes away? Like so much else, that depends on whether they have properly planned to protect it.
When a Medicaid recipient dies, the state may attempt to recover the benefits paid to that individual from his or her estate – that is a requirement under federal Medicaid law. However, the state cannot proceed with this recovery process if any of the following applies:
50% Complete
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.