FAQ Elder Law / Guardianship

A will is a legal document that states how you want your assets to be distributed after you die. A trust is a legal arrangement that allows you to transfer ownership of your assets to a trustee, who manages the assets for the benefit of the beneficiaries.

A power of attorney is a legal document that gives someone else the authority to act on your behalf. There are two main types of powers of attorney: financial and medical. A financial power of attorney gives the agent the authority to manage your finances, such as paying your bills and making investment decisions. A medical power of attorney gives the agent the authority to make medical decisions on your behalf if you become incapacitated.

The best time to start planning for your future is as early as possible. However, it is never too late to start. If you are an older adult, it is important to start thinking about your estate planning, long-term care needs, and government benefits.

Long-term care planning is the process of planning for the financial and logistical aspects of long-term care. Long-term care is any type of assistance with activities of daily living (ADLs), such as bathing, dressing, and eating. Long-term care can be provided in a variety of settings, including nursing homes, assisted living facilities, and homes.

Medicaid is a government health insurance program that helps pay for long-term care for people with low incomes and assets. Medicaid planning is the process of protecting your assets so that you qualify for Medicaid. There are several strategies that can be used in Medicaid planning, such as gifting assets, creating trusts, and purchasing annuities.

Guardianship is a court proceeding in which a judge appoints a guardian to make decisions for an incapacitated person. Guardianship can be temporary or permanent. A temporary guardian is appointed for a limited period of time, while a permanent guardian is appointed for an indefinite period of time.

Benefits planning is the process of understanding and applying for government benefits, such as Social Security, Medicare, and veterans benefits. Elder law attorneys can help you understand the eligibility rules for these benefits and complete the necessary paperwork.

One of the most important aspects of elder law planning is avoiding common mistakes that can jeopardize your assets and leave your loved ones in a difficult situation. Here are some of the most common mistakes people make in elder law planning:

• Failing to plan at all: Many people put off estate planning until it’s too late. This can leave your assets vulnerable to probate, which is a lengthy and expensive process. It can also make it difficult for your loved ones to carry out your wishes after you’re gone.
• Choosing the wrong executor or trustee: The executor of your will is responsible for carrying out your wishes after you die. The trustee of your trust is responsible for managing your assets for the benefit of the beneficiaries. It’s important to choose people you trust and who are capable of handling these responsibilities.
• Not updating your estate planning documents: Your life circumstances change over time, so it’s important to review and update your estate planning documents regularly. This is especially important if you get married, divorced, have children, or experience a significant change in your financial situation.
• Not considering long-term care planning: Long-term care can be expensive, and it’s important to have a plan in place to pay for it. There are numerous long-term care planning options available, such as purchasing long-term care insurance or creating a Medicaid trust.
• Failing to discuss your wishes with your family: It’s important to talk to your loved ones about your estate planning wishes. This can help to avoid misunderstandings and make it easier for them to carry out your wishes after you’re gone.

By avoiding these common mistakes, you can ensure that your estate planning is effective and that your loved ones are taken care of.

Probate is the legal process of distributing a deceased person’s assets to their heirs. It can be a lengthy and expensive process, and it can also make your assets public record. If you want to protect your assets from probate, there are a number of things you can do.

• Create a will. A will is a legal document that states how you want your assets to be distributed after you die. Assets that are titled in your name alone will go through probate, but assets that are titled in the name of a trust or that have designated beneficiaries will not.
• Create a trust. A trust is a legal arrangement that allows you to transfer ownership of your assets to a trustee, who manages the assets for the benefit of the beneficiaries. Assets that are held in a trust will not go through probate.
• Use beneficiary designations. Many assets, such as retirement accounts and life insurance policies, allow you to name beneficiaries who will receive the assets directly after you die. Assets that have designated beneficiaries will not go through probate.
• Consider joint ownership with right of survivorship. When you own property with another person as joint tenants with right of survivorship, the property automatically passes to the surviving owner upon your death. This can be a useful way to avoid probate, but it is important to choose a joint owner who you trust.
• Consider a living trust with a pour-over will. A living trust is a trust that you create during your lifetime. A pour-over will is a will that states that any assets that are not titled in the name of the trust at your death will automatically be transferred to the trust. This can help to ensure that all of your assets are distributed through the trust and avoid probate.

By taking steps to protect your assets from probate, you can save your heirs time and money, and you can also keep your estate planning private.