“I was admitted to a nursing home, and now I must spend my entire life savings on nursing home costs, right?” Wrong!
I often meet with clients who have been told by friends, relatives, sometimes even financial advisors or medical professionals, that it is too late to protect assets if there was no plan already in place prior to a nursing home admission. This is simply not true in most cases. There are legal ways to protect assets, even if you, or a loved one, have already been admitted to a Medicaid-certified skilled care facility. Medicare may
As part of my estate planning process with clients, especially after the holidays and spending time with family and other loved ones, I discuss considering talking to your loved ones about topics that are important to you, and consider putting these thoughts in writing; or any medium you feel comfortable with such as a recording or video. It could be delivered during life; but usually it is “opened and read” after the person’s passing and
The holiday season is the best time of the year to enjoy and spend time with friends and family, and to reflect on the past events of the year, as well as to plan for the future. There are many issues to consider. Below are a few of the common year-end planning items to consider: Check beneficiary designations. A Last Will and Testament is still an important estate planning document. However, with “payable/transfer on death”
Pets are becoming more of a part of people’s lives than ever before. Whether it is a young person, couple, or someone whose children no longer depend on them, pets are still dependent daily on their owners for their care and comfort. It is important to consider who can take care of the pets in the event of a vacation/trip, a short-term illness/hospitalization, or death. I recommend people carry a card in their wallet/purse with
A healthcare representative is a person you name in advance to make your decisions relating to your healthcare and if verbiage is included, also make mental health decisions. This named person must be trusted to abide by your wishes and beliefs as you have indicated during your life and in writing such as an executed Living Will. This named person will be your sole representative who can visit you in health care facilities, oversee treatment,