A recent story out of Ohio shows the dangers that many people, including veterans, face when they decide to hand over power of attorney to those who might abuse it. John Potter, a 91-year-old Ohio man, gave general power of attorney to his daughter after Mr. Potter’s wife died in 2004. Sometime between 2004 and 2010, his daughter transferred the deed of his home to herself. After learning about the transfer, Mr. Potter decided to fire his daughter as his agent and name his granddaughter as his … [Read more...] about Ohio Veteran Faces Eviction by Daughter
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Elder Care Rising
If you have an elderly relative or family member, the chances that you will provide some kind of elder care service are increasing. According to a recent survey from the Pew Internet and American Life Project, nearly 40% of adults provided some kind of elder care services in 2013. That’s nearly 2 out of every 5 people, and it represents a significant increase from the 30% that were providing such care only three years ago in 2010. The study reveals that about 40% of men and 37% of women have … [Read more...] about Elder Care Rising
What You Need to Know About Being an Executor
If a friend approaches you and asks you to serve as the executor of his or her estate, there are some issues you will need to think about before you accept this position. While simply being asked means that the friend considers you trustworthy enough to serve in this important role, you should resist the urge to accept right away. As executor, it will be your job to manage the probate process correctly. Here are some brief points you need to know about this process before you … [Read more...] about What You Need to Know About Being an Executor
Life Settlements Laws Gaining Momentum as States Seek to Reduce Medicaid Expenses
When people apply for Medicaid, known as Medi-Cal in California, they have to be able to prove that they do not own more than the specific asset limit. If they qualify, Medicaid will then pay for their health and long-term care expenses. Those who don’t qualify for Medicaid and who need to transfer to a nursing home or extended care facility, or who require other types of long-term care, will have to pay for these expenses privately. In an attempt to mitigate the long-term care Medicaid … [Read more...] about Life Settlements Laws Gaining Momentum as States Seek to Reduce Medicaid Expenses
When You Need to Revoke Your Living Trust
Though it doesn’t happen very often, there may come a time when you might want to revoke your living trust. Revoking a living trust is relatively straightforward, though it does require you to perform some specific steps. You should always speak to an experienced and qualified estate planning attorney before you decide to revoke, but after that, if you decide that revoking your trust is appropriate, you can then take the steps your lawyer outlines for you. Here is an overview of the … [Read more...] about When You Need to Revoke Your Living Trust
Questions About California Probate and Probate Appraisals
For many people in California, the estate planning process is something they begin because they have heard horror stories about probate and want to do everything they can to avoid it. While avoiding probate is always a good idea, it’s often a very misunderstood part of the law. Let’s take a look at probate and how it can complicate the estate settlement process. Probate When you die leaving behind legal or financial affairs, someone has to wrap those affairs up. Probate is the collection of … [Read more...] about Questions About California Probate and Probate Appraisals
Why You Need to Talk About Estate Planning With Your Parents
If you have begun looking into the estate planning process for yourself, you might want to give some serious thought to talking about the subject with your parents. Most people never bother to create an estate plan, and while you won’t be around to know if your plans were successful or not, your efforts will affect your family. For those same reasons, knowing whether your parents have begun estate planning or not is important because you need to know what kind of problems you might have to deal … [Read more...] about Why You Need to Talk About Estate Planning With Your Parents
Protections For Elderly Parents Who Need to Move to a Nursing Home
As an adult child with elderly parents, the day may come when your parent has to move to a nursing home facility or similar long-term care environment. When that time comes you will want to help your parents protect as much of their assets as possible. There are several ways you can do this. Handing Off Responsibilities As hard as it may be for elderly parents to accept that their age has left them less able to manage their own finances, your parents will want to consider creating a revocable … [Read more...] about Protections For Elderly Parents Who Need to Move to a Nursing Home
What You Need to Know About Fiduciaries
Individuals and/or entities known as fiduciaries play roles in most estate plans. It is important for you to understand not only what these fiduciaries do, but also why these roles are so important. Here are a few facts about fiduciaries and their responsibilities. Specific Roles Each fiduciary you appoint will have specific duties that will differ depending on the position and responsibilities you ask that person to assume. For example, if you appoint someone to act as your health care agent, … [Read more...] about What You Need to Know About Fiduciaries
2 Essential Estate Planning Tools: A Will and a Revocable Living Trust
A good estate plan fits your individual needs, and as a result, no two estate plans are identical. However, there several estate planning tools and that almost everyone needs to include in their plan. Two of the more important are a will and a living trust. Will A last will and testament, usually called a will, allows you to choose who you want to inherit your property after you die. You can also choose an executor to manage your estate, create a trust that will protect property for minor … [Read more...] about 2 Essential Estate Planning Tools: A Will and a Revocable Living Trust
