Are You Struggling To Figure Out How To Pay For Long Term Care For A Loved One In A Nursing Home?
We often think that Alabama Medicaid is the only way to pay for nursing home for our spouse or parent.
However, Medicaid is simply one solution among a number of solutions.
To properly determine how to pay for nursing home care, we have to look at the risk and then all of the options before we can adopt a … (Read more)
“Is it wrong to give them away?”
No. It’s not wrong to give away or to transfer assets assuming the person giving them away has the mental capacity, or if they don’t have capacity, somebody has a proper power attorney and they’re fulfilling that power of attorney in the correct way.
“I thought Medicaid said it was illegal to give away assets for five years?”
If you give away assets and then you apply for Medicaid when you’re qualified, then … (Read more)
The purpose of this section is to give you a short definition of many of the common words used in estate planning and elder law. Within each definition, the italicized terms are listed in this glossary so you can find the definition of those as well. Let me know any other words you would like to see added to this in the next edition — thanks! (This is from our upcoming book).
Activities of Daily Living (ADL): These are activities … (Read more)
There are two basic types of trusts — revocable and irrevocable.
So what is a trust?
A trust is a box that we put assets into — our house, our investments, checking accounts, etc. In the video we illustrate this by using a fancy treasure chest — well, it was ten dollars off Amazon. 🙂
What is a revocable trust or revocable living trust?
A revocable trust is one that I can change my mind on — I can put … (Read more)
Often when folks consider estate planning, especially long term care planning, the option of “giving away assets to my children” is high on the list because it is the cheapest option. But it is also the most expensive at the same time.
Let’s take a look at this.
The issue — often we need to transfer assets out of our name . . . .
Often in doing proper elder law/estate planning, we need to transfer assets out of our … (Read more)
There are a lot of differing opinions when it comes to estate planning but most experts agree that if you have the right person to serve as your agent, then an essential estate planning document is a “power of attorney” or “durable financial power of attorney”.
Let’s see why. . . .
What is a power of attorney?
This is a legal document where you give someone else (“agent”) the power to sign on your behalf. The power to, in … (Read more)