Many seniors in long-term care (LTC) rely on Medi-Cal to cover the high cost of that care. Again, because you are statistically more likely to outlive your spouse, you need to plan for the possibility that you will one day need LTC. Conversely, Medi-Cal planning is also important to ensure that your spouse does not deplete your entire nest egg with his LTC expenses, leaving you with nothing. … [Read more...] about Why should Medi-Cal planning be included in my estate plan?
Do I need to plan for the possibility of incapacity in my estate plan?
Incapacity planning should be part of your estate plan from the beginning because incapacity can strike at any time and to anybody. Without an incapacity plan in place, you have no way of knowing who will make health care decisions for you, who will take over control of your assets, or who will make personal decisions if you cannot make them yourself. … [Read more...] about Do I need to plan for the possibility of incapacity in my estate plan?
Do I need to include retirement planning in my estate plan?
The odds are good that you will outlive your spouse. This makes retirement planning even more important for you as a woman. You need to be certain that you will have sufficient assets and income to live comfortably if your spouse is the first to go. Because retirement planning and estate planning are so closely related, and a change in one plan almost always affects the other plan, it is always best to combine your retirement and estate planning into one cohesive plan. … [Read more...] about Do I need to include retirement planning in my estate plan?
How does the way my spouse and I title assets impact my estate plan?
Married couples often fail to realize the importance of how they hold title to assets. The way in which you title assets can determine whether the asset is required to go through the probate process or is automatically transferred to the surviving spouse upon the death of one spouse. Titling assets as joint owners with rights of survivorship means that the asset will bypass probate upon the death of one owner and that owner’s interest in the asset will transfer directly to the surviving owner … [Read more...] about How does the way my spouse and I title assets impact my estate plan?
Should I create a joint estate plan with my spouse?
Ultimately, this is a decision you must make after consulting with your estate planning attorney. For couples in long term marriages with only kids from that marriage, joint trusts are often the plan of choice. However, in blended families, it may be better for spouses to create plans that work in harmony with one another but that remain separate. Consulting with an experienced and qualified estate planning attorney will reveal the pros and cons of your various planning options. … [Read more...] about Should I create a joint estate plan with my spouse?
How can a Last Will and Testament help me?
A benefit of executing a Will is knowing that you will not die intestate. If you fail to execute at least a basic Will prior to your death, the state succession laws will decide how your estate assets are distributed. Typically, this means that only a spouse and/or close relatives will inherit from your estate. Close friends, charities, and more distant relatives will receive nothing from your estate. In addition, executing a Will allows you the only official opportunity you will have to … [Read more...] about How can a Last Will and Testament help me?
What makes estate planning so crucial for women?
Although you may not like to think about it, as a woman you are statistically more likely to outlive your male spouse. That means that they are more likely to be the one to pass down the marital assets to children and other beneficiaries. Women also tend to be the caretakers of the family, making them more likely to be concerned with issues such as guardians for minor children and even plans for again parents. Finally, more and more women are becoming entrepreneurs, adding in another important … [Read more...] about What makes estate planning so crucial for women?
Can an elder law attorney help me with end of life decisions?
No one likes to spend time focusing on the end of their life; however, if you don’t devote time to doing so now, your wishes may not be honored when the time comes. For example, if you have strong beliefs about end of life medical care, the disposition of your body after death, and/or the type of service held in remembrance of your life, you should consult with an elder law attorney to ensure that those wishes and beliefs are honored. Moreover, your loved ones could end up in a divisive court … [Read more...] about Can an elder law attorney help me with end of life decisions?
Can an elder law attorney help if I suspect elder abuse?
Most people who care for the elderly do so with kindness and patience; however, there are those who prey on society’s most vulnerable, including those in nursing home care. Conservative estimates indicate that more than 40 percent of nursing home residents have reported abuse, and more than 90 percent report that they or another resident of the facility have been neglected. Elder abuse is a crime; however, it can also form the basis of a civil lawsuit against the facility. If you suspect that a … [Read more...] about Can an elder law attorney help if I suspect elder abuse?
Can an elder law attorney help me plan for the high cost of long-term care?
One of the most important components of an estate planning for anyone near, or at, retirement age is long-term care (LTC) planning. The odds of needing LTC are high, and the cost of that care prohibitive for the average person. Moreover, neither the average health insurance plan nor Medicare will pay for LTC expenses. Unless you can afford to pay out of pocket you will likely find yourself turning to Medicaid for help. To be eligible, however, you must contend with very low “countable resources” … [Read more...] about Can an elder law attorney help me plan for the high cost of long-term care?
