When you are planning your estate you would do well to engage the services of a local northern Kentucky probate lawyer. Though you have alternatives, such as a revocable living trust, if you use a last will as your primary vehicle to transfer assets, your estate must pass through the legal process of probate. So when your will is being constructed, it should be done with the expectations of the local probate court in mind. This is something to consider when you see websites claiming that it … [Read more...]
What Protections are Available for the Healthy Spouses of Medicaid Recipients?
If you are a community spouse for purposes of Medicaid, then you may be entitled to certain protections when your spouse becomes a nursing home resident so discuss your options with our Florence Medicaid lawyer. A community spouse is the healthy spouse of a Medicaid recipient who still lives at home while the recipient is in a nursing home. In light of the income and asset limitations imposed by Medicaid, there are some protections in place for the community spouse who remains in the home, … [Read more...]
Florence Trust Lawyers Explain the Importance of Funding
A living trust can be an effective building block to construct your estate plan around because it is a versatile device, that is a good fit, for a wide range of people. You can benefit from a living trust, even if you do not consider yourself to be wealthy. But, when it comes to trust administration proper funding is crucial. Let our Florence trust lawyers explain. How a revocable living trust works The revocable living trust is an estate planning device that you should certainly explore … [Read more...]
Planning For a Child With Special Needs
Any family that cares for a child with special needs must consider special needs planning as a part of their overall estate plan. Why? Because someone has to be able to take care of that child in the event of the parents’ death. A special needs trust can be just the solution you’re looking for. Parents of children with developmental disabilities and other special needs often face unique challenges when it comes to estate planning. A simple will or trust is not enough While the average family … [Read more...]
Pros and Cons of Revocable vs Irrevocable Trusts
For many people, the choice between an irrevocable trust and a revocable trust comes down to a matter of asset control. The truth is that there are some clear differences in benefits that should also be considered. Trusts have been around for a very long time, but they’ve only really begun to gain mainstream acceptance in the last several decades. When it comes to choosing between an irrevocable and a revocable trust, our estate planning lawyers can help you decide between revocable vs … [Read more...]
What is Considered a Countable Asset for Medicaid?
When you have been fully capable throughout your life, the concept of long-term care can seem alien to you. This may be especially true if you have taken good care of your health throughout your life. You could assume that it is unlikely that you ever need long-term care, but cannot overlook the costs of long-term care should you ever need it. Here, our Charlotte Medicaid lawyers will explain Medicaid countable assets. Longevity plays a factor in the need for early planning First of all, we … [Read more...]
What if I Can’t Afford Nursing Home Care?
Do you have a plan in place to deal with the high costs of any future nursing home care? If not, then you need to discover how a Medicaid lawyer can help you protect yourself and your interests. We often hear about how important it is to prepare for the future. Whether it is business planning, legacy planning, or retirement plans, experts continually remind us that it’s vital to be prepared for uncertainty. With more than half of us expected to one day require long-term care in a nursing home or … [Read more...]
Why is it Important to Have an Estate Plan?
We all know that passing away is one of the two certainties of life, but in spite of this, the majority of American adults are not properly prepared from an estate planning perspective. A lot of people fail to act because they really don't know why estate planning is important. There are several things you should know about estate planning, and when you digest this information, you will understand why having an estate plan is essential. Our Ashland estate planning attorneys can provide the … [Read more...]
Charlotte elder law attorneys Discuss an Important Medicaid Rule
Long-term care costs are exorbitant, and they are going up all the time. At present, the national average cost for a year in a nursing home is more than $90,000, so the thought of ever-increasing costs is not a very pleasant one as you are looking ahead toward the future. For this, and many other reasons, Medicaid planning is very important. When it comes to Medicaid eligibility, there are limitations on financial resources, as well as how and when you can transfer assets out of your estate. … [Read more...]
Senior Pet Owners Should Consider Creating a Pet Trust
As our Florence elder law attorneys have seen, many pet owners believe they can simply leave money behind for their pets in their wills. While they may have good intentions, you simply cannot include your pet in your will and expect that they will be cared for. The reason is that a pet is considered property, just like a car or jewelry, and so, a pet cannot "inherit" money from you through your will. Ultimately, no matter how detailed your will may be with regard to your pet, you are not … [Read more...]
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