As we age, we are taught that it is important to have a will. Some of us recognize the value of having a Durable Power of Attorney, Health Care Proxy, Living Will, and Living Trusts.
What happens beyond those items?
A trust is established by people looking to maintain control of their assets while avoiding the probate process, which is the process by which a family takes the decedent’s will to court. As part of probate, the court reviews the estate and then gives authority to distribute the decedent’s assets.
A frequent question I get from clients who are considering putting their house into a Medicaid Asset Protection Trust is,“If my house is in the trust, can I sell it if I so choose in the future?”
When a person dies, his or her estate may need to go through probate. If the decedent leaves a will directing how his or her property should be distributed after death, the will must be submitted to the probate court so that it can be approved as a valid document. During this process, all of the parties that have the legal right to notice will be informed of this proceeding. This will give them a chance to accept or object to the approval of the will.
Our practice produces many important documents for elderly clients. Clients may forget where these documents are located within their home, lose track of the documents’ location over the course of a move, or may pass on without sharing the actual documents (or their location) with their children, executor, or guardian.
There are a few smartphone apps that can assist individuals and families to keep track of important documents such as wills or advanced directives (healthcare proxy, etc.). This tool works in conjunction with the app’s ability to catalog the contents of entire homes. This umbrella function helps with ongoing organizational efforts as well as moving assistance.
In a previous article, we discussed 529 plans as a way to help contribute toward college tuition. In this article, we provide some food for thought before you help pay for your loved one’s educational costs.
Many seniors who want to help their children and grandchildren ask, “How can I help my grandkids pay for college?”
Helping pay for college can alleviate a lot of stress that a grandchild or the parents of a grandchild may be feeling. It also makes the grandchildren happy and gives them the educational tools to forge a career and support themselves for the rest of their lives. This gift is one that many grandparents are not only happy to give, but look forward to.
The U.S. Department of Labor (DOL) released its final fiduciary rule on April 6, greatly expanding the definition of fiduciary investment advice under the Employee Retirement Income Security Act of 1974 (ERISA), and creating new fiduciary standards for financial advisors regarding retirement investments.
This new rule is very significant for everyone with a retirement savings plan, such as a 401(k) and Individual Retirement Account (IRA) because it will increase the legal responsibility investment advisors have to their clients.
If a patient has been determined to lack capacity, then an agent under a Health Care Proxy can complete a Medical Orders for Life-Sustaining Treatment (MOLST) on their behalf.
There are some events in life that we can’t emotionally prepare for. They can come on suddenly and unexpectedly. But an estate planning attorney can help legally prepare for some of them.
There are some life events that can be considered very stressful.