When a loved one begins needing help with daily tasks, families often step into the caregiving role without much guidance or preparation. What starts as driving to appointments or helping with medications can gradually evolve into managing finances,…
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When families think about aging and healthcare, many assume that Medicare will cover the cost of long-term care. Unfortunately, this is one of the most common – and costly –misconceptions. In reality, Medicare provides very limited covera…
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When an adult in Ohio can’t make decisions for themselves due to mental illness or disability, guardianship may be necessary to help them with important life choices. While deciding to take on guardianship can be hard, it’s often essential to kee…
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Planning for long-term care can be an emotional and difficult task, but it’s one of the most important steps to protect yourself and your loved ones. As we age, the chances of needing long-term care, whether at home or in a facility, become mor…
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Communicating your estate plan with your loved ones can preserve family relationships after you pass away. You may not want to share details like your net worth or who is getting what, but you should consider talking about how your assets will be div…
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Home is where the heart is. Our homes are very personal to us. One concern that many people have when they talk to me is how to protect their home from nursing home costs. They’re concerned that their home will be taken from them to pay for the nur…
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When people are looking to pay for nursing home care by qualifying for Medicaid, a big question they have is what assets they can keep. The answer to this question is determined by how Medicaid classifies the asset. Under Medicaid there are two kinds…
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Many times when I meet with families who have a loved one who was just admitted to a long term care facility, one of the first questions they have is whether Medicare will cover the costs incurred. They understand that the costs of the long term care…
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We plan for everything from dinner to vacation, but rarely do we plan for the cost or need for long term care. This failure to plan can have devastating effects on us and our family over a very short period of time.
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Many times individuals are confused about the Medicaid transfer rules. When individuals are preparing to apply for Medicaid for long term care coverage, they assume that they can transfer assets to their family or to a Trust without penalty. Or they…
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Put in its most simple terms, estate planning involves putting your affairs in order so as to maximize the benefits that your assets can provide to you during your life and to those you desire to benefit from it after your death. Estate pla… Read More
What Does a Proper Estate Plan Include?
A proper estate plan to provide for the needs of your family may include:
An adequate Will or Trust
A written agreement concerning the status of your assets
If you already have an estate plan, it should not be considered permanent. Conditions, as well as your desires, may change. Estate plans should be reviewed at least every two-three years but, additionally, any important change in your life demands… Read More
What Happens if You Don't Have a Will or Trust?
If you do not have a Will or a Trust and have not used other probate-avoiding techniques, upon your death your assets will pass according to the laws of the state which has jurisdiction over your assets. The “state plan” may not provide for th… Read More
What Other Probate Avoiding Techniques Are There In Addition to Living Trusts?
The following methods are often used to avoid probate: joint tenancy title, community property title, bank account trusts, pay on death accounts, life insurance proceeds, retirement proceeds (IRA’S, TSA’S, 401K’s, etc.), retirement pla… Read More
What Should I Bring to My First Meeting?
People often ask what they should bring with them to their initial estate planning consultation (we call this “the Discovery Meeting”) with one of our attorneys.
As we discuss in Our Planning Process, the Discovery Meeting is our oppor… Read More
I Already Have an Estate Plan. Why Should I Think About Changing It?
We find that many people already have an estate plan, but it does not meet their current planning needs. They may have a Will that was prepared many, many years ago, or they may have a trust that prepared more recently, but those plans may not be… Read More
What Does an Estate Plan Cost?
As you might imagine, we get that question all the time. It is a difficult question to answer because fees are determined by the type of plan we put together, and that is determined by your goals, objectives and asset mix. The planning fees can ra… Read More
How Much of an Estate Do I Need to Have In Order to Set Up a Trust?
There is no “bright line rule” for determining whether a person needs a trust as a part of their planning. The answer for any particular person will depend on their own planning needs and planning goals.