Below you will find information on the various areas of law we practice. The complexities of your legal situation can be a stressful time and having information can help to allieviate that stress.
Things to Know About Medicaid Planning
Unfortunately, many nursing home residents end up exhausting their assets on long-term care. But it doesn't have to be that way. The best time to plan for the possibility of nursing home care is when you're still healthy. By doing so, you may be able to pay for your long-term care and protect assets for your loved ones. How? Through Medicaid planning. You worked hard all of your life to pay off your mortgage and build a retirement fund. You expected to live off your savings in the comfort of your own home, and you planned to leave something to your kids at the appropriate time. Suddenly, the unthinkable happens--you suffer a stroke at age 70 and must spend the rest of your years in a nursing home. What will happen to your life savings?
The Basics of Estate Planning
Many people believe they don't need estate planning because they think they don't have an estate. Or they think the value of their estate is not great enough to cause estate taxation, so what's the point?
With few exceptions, everyone has an estate -- even the young child with a custodial account in his name and the granddaughter who received a lovely piece of jewelry for her 16th birthday.
Bottom line: If you own something of value that you would pass on to someone else upon your death, you have an estate. Whether you know it or not, you also have an estate plan. The state has one for you free of charge (well, sort of) if you don't get around to writing a will or designing a plan of your own.
10 Things You Should Know About Trusts
For most people, a will is the first choice for passing on an estate to heirs. But it's not the only choice. Among other estate planning tools, the revocable living trust is gaining in popularity, especially among boomers.
In addition to being one of several ways to avoid probate—the legal process to determine whether a will is valid—living trusts may offer before-death and after-death advantages.
Whether a living revocable trust is right for you depends on your circumstances. Consultation with a qualified attorney and a personal financial adviser should always be part of your estate planning, but here are 10 things you should know about living trusts: