Last month’s article discussed a Life Estate Deed and the pros & cons of this estate planning document. This month is related, but a discussion of a different estate planning document, the Transfer on Death Deed (TOD Deed). Over 31 States currently allow the use of TOD Deeds. Indiana allows the use of POD (payable on death)/TOD (transfer on death) on any type of property interest including bank accounts, investments, and even titles to vehicles
A parent routinely comes in and will say: “I want to put my house into my kids’ names while I’m alive to protect it and avoid probate, but I do not want them to be able to kick me out!” There are several options in Indiana, but a Life Estate Deed is one. A Life Estate Deed is a Quitclaim (or Warranty Deed) that the parent, in this example, executes and that is recorded in
The Indiana legislature recently passed new laws that change the landscape of a patient’s ability to state their instructions, wishes, and preferences regarding their healthcare, and who has right to their healthcare information. The patient still retains their sole right to make their healthcare decisions if they are competent to do so. The new Advance Directive form consolidates what was previously included in individual documents such as Power of Attorney for Healthcare, Living Will, Life-Prolonging
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