As elder law attorneys, we know that choosing a nursing home is a highly stressful experience. So, we’ve provided some sample questions that you can use when choosing a nursing home for your loved one. If you have further questions, consult with qualified elder law attorneys. Nursing home certification Does the nursing home have a state-issued operating license? And, does the nursing home administrator have a state-issued license? Is the nursing home certified to receive Medicaid and … [Read more...] about Advice from Nursing Home Lawyers: Choosing a Nursing Home (Part 1)
If you’re like most people, you’ve heard the term “estate administration,” but may not be familiar with the term “trust settlement.” Trust settlement is similar to estate administration, but not the same. Both terms refer to wrapping things up after a death. Here is some information to help you understand trust settlement. Who’s in charge of trust settlement? The trusted family member, friend, or professional that you named as trustee of your trust is in charge and holds legal title to … [Read more...] about What is Trust Settlement?
Many people are determined to take steps so that their estate will avoid probate when they die, and while this can be very helpful for some, it is important to realize that probate for a small estate may not be that big of a problem. The real dilemma will be in determining what would constitute a small estate. A small estate is basically any estate with assets subject to probate that are less than $15,000 (in Kentucky), though this amount can vary by state. Assets such as life insurance … [Read more...] about Small Estates and Probate
If you’re like most people who have recently moved, you’re thinking about all the things you need to change and update. There are new bank accounts, new grocery store memberships, and, yes, new estate planning documents. Intra-state move If you’ve moved intra-state, meaning that you moved within the same state where your current estate planning documents were executed, it is prudent to update your estate plan if your current plan is more than three to five years old. This is also an … [Read more...] about I’ve Moved: Do I Need to Update My Estate Planning Documents?
Everyone’s personal and financial situation is different, which is why every estate plan is different. Your plan will depend on what you hope to achieve with your estate plan, as well as your family and financial circumstances. In some cases, people don’t know if they even need an estate plan. Although this may come down to personal preference, there are some cases when you will certainly want some type of estate plan in place, no matter how much money you have. Children – If you have children … [Read more...] about An Estate Plan For Your Unique Situation
Although having a will is extremely important to protect your children in case something should happen to you, this is only one element of a complete plan. Anything could happen to you or your spouse; many things can happen that would put your children in jeopardy. You could have an auto accident while your spouse is out of town; you and your spouse could be in an accident at the same time, etc. Everyone wants to live to see their grandchildren grow up but tragedies do happen, and to protect … [Read more...] about A Plan to Protect Your Children
When you relocate there are a lot of details to attend to, especially if your new home will be in another state. With so much to do it is easy to forget about your estate plan and how your move may affect it. If you intend to move to another state, you will want to update your estate plan after your move by contacting a local attorney experienced in estate planning law. Most of your estate planning documents will be valid in another state, but you could still run into some problems. If you own … [Read more...] about What to do With Your Estate Plan When You Relocate
If your parents are in their golden years, one of the most important things that you can do for them and your entire family is hold a family meeting. By getting everyone together, you can better discuss options for the future, including what should be done if one of your parents suffers from a disability or illness. One of the most common reasons why there is conflict within the family when a parent dies or becomes ill is because some family members simply don’t have all of the facts and … [Read more...] about A Family Meeting to Discuss Options for Aging Parents
People often share ownership of money and assets by putting someone else on an account or deed under Joint Tenancy. One of the main advantages of Joint Tenancy is that when one of the owners dies, the property will automatically go to the other owner, and there is no need for a will or probate. But there are disadvantages you should consider before putting someone else’s name on something. If you have a home and have listed someone as co-owner as Joint Tenants, you will not be able to do … [Read more...] about Potential Problems With Joint Tenancy
Everyone over the age of 18 needs an estate plan and these five estate planning tips will help you to move forward with your own estate planning. 1. Find an experienced estate planning attorney who actually focuses on estate planning. Be sure it’s a main area of concentration for the attorney. Do not try to do your own estate planning. Doing your own planning is likely to cost you more in the long run than the professional fees. 2. Disclose all of your personal and financial information … [Read more...] about 5 Estate Planning Tips