Is it too late to protect our life savings if my spouse needs at-home medical care, or is admitted to a nursing home?
Clients often ask this question while meeting with me to discuss concerns about the cost of long-term care. Many clients assume that their life savings must be depleted on the cost of at-home care or nursing home care, which undoubtedly results in a general sense of anxiety. I often meet with clients who have been paying out of pocket for at-home care or nursing home care for months, or even years! It is important for
When a spouse passes away it sends your life into turmoil. There are many responsibilities that must be attended to such as the memorial services, notifying family and friends, and confronting legal, tax, and financial issues. A support group of family and friends are important to tap during these times. Most people think everything must be done immediately but that is usually not true. The memorial service and notifying family are the most important immediate
When I first become an attorney in 1988, the Last Will and Testament (“Will”) controlled most, if not all, of the distribution of a person’s probate assets upon their passing. Today, assets can be distributed at death in other non-probate ways. As to real estate, there are several ways non-probate transfers can occur. Many clients establish revocable living trusts and/or irrevocable trusts in which they deed real estate into these trusts that will transfer according
Usually when we meet with clients regarding loved ones who need help now, or soon; they do not know what to do. By the time they come to us, they have heard different things, mostly inaccurately, from different people. People incorrectly say there is nothing you can do, other than sell everything and pay for nursing home. Many get confused regarding gifting and Medicare days; or thinking it is too late; or that they have
As an elder law attorney, the pandemic has impacted my practice including my safeguards to meet with people, and our screening and thorough cleaning processes. The impact on my clientele has been devastating, both emotionally and physically; and it is a period of awakening and focus in all our lives. Statistics abound such as 800 people are dying daily in the United States with 80% of the deaths from Covid-19 for those over age 65: