I routinely have family members including spouses or concerned friends who come to us—usually regarding family or friends with declining cognitive abilities with different levels of diagnosis of dementia/Alzheimer’s disease. Other times they come for a traumatic health event such as a vehicular accident or fall, or a sudden health event such as a debilitating stroke which renders a client or loved one incapacitated. Many times, it is physical only; other times mental deficits, or
Frequently I have married clients who come to me who have been married for decades and one spouse is declining due to dementia or other physical and/or mental issues. That ill spouse needs care at home, assisted living, or even a nursing home and do not have long-term coverage or other coverage options to pay. Many times, the first question is: do you recommend a divorce? Almost always the answer is no, and it is
When I meet with clients to discuss estate planning, one of the issues I bring up is the disposition of tangible personal property as part of their estate planning. I will call this people’s “stuff.” Examples of tangible personal property (“stuff”) are things you can touch, such as household effects, jewelry, tools, coins, and furniture. These items may have more of sentimental value and can be difficult to assess a monetary value in many cases. Indiana
Gifts are assets that are fully, or partially (typically real estate) transferred out of your name into someone else’s name. Clients come to me and explain that they want to give their assets away, either by putting into someone else’s name, or into an irrevocable trust, to protect their assets from potential nursing home care expenses. Any gift is scrutinized and considered if Medicaid becomes an issue within 5 years including large expenditures, and even for
My asset protection team and I often meet with clients who have a spouse or parent who requires at-home caregiving services, or who resides in a skilled care nursing facility or assisted living facility. The clients’ top priority is to be able to provide the best available care for their loved one. They meet with me and my team to explore options that allow their loved one to receive the best available care, as well