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generation with expenses related to retirement, nursing home costs or assisted living situations and long-term medical care, if necessary. while still providing quality care for aging family members. Long-Term Care With nursing homes averaging $79,000 a year, and many people living in nursing homes or Lawyer to Protect Your Assets from Medicaid Advanced estate planning is pertinent as you prepare for long-term

The Wall Street Journal reports in the April 27 article, “What Prince and Abraham Lincoln Have in Common,” that the purple rock royal joins a pantheon of famous people who left the world without instructions on how to distribute their property. Here are a few notable will-less people throughout history: Abraham Lincoln: “So great a man as Abraham Lincoln left no will, though he had a considerable estate,” wrote St. Louis law professor Virgil M. Harris a century ago in his often-cited history of wills. More recently, a 2012 Forbes article looked into the Great Emancipator’s less-than-great estate planning. By noon on the day he died—April 15, 1865—Lincoln’s oldest son, Robert, sent a telegram to Justice David Davis of the U.S. Supreme Court, a close friend of Lincoln. The telegram said, “Please come at once to Washington to take charge of my father’s affairs. Answer.” Davis went to Washington, and Mrs. Lincoln and Robert wrote a letter to the judge in Illinois asking that he appoint Davis as the administrator of Lincoln’s Estate. Davis reported that the estate was believed to be worth $85,000 and would be divided between Mary and Lincoln’s two living children at the time, Robert and Thomas. The sum would be worth at least a few million dollars today—a lot of money to pass without a will. Pablo Picasso: “One of Picasso’s lawyers told me he urged the artist many times to make a will but that ‘he never did because of superstition. A way of avoiding death, one might say,'” wrote an estate planning attorney. Howard Hughes: “People claiming to be Hughes’ children or beneficiaries of his will are legion and have been a cottage industry since he died in 1976,” Hughes biographer James B. Steele told the Sandusky Register in 2012. After the billionaire’s death, there was speculation as to the whereabouts of his last will and testament. Hughes had most likely left a holographic will, a handwritten will. In his 1972 press conference, Hughes announced that he planned to leave his money to the Howard Hughes Medical Institute in Miami. After an intense search for the will, there was no proof of its existence. The evidence was overwhelming that after the 1920s Hughes refused to execute a will. Jimi Hendrix: The battle over Hendrix’s estate went on for more time than the rock legend was alive. In 2015, The Seattle Times reported that the latest family feud between Hendrix’s adopted sister and his brother over Jimi’s estate had been resolved. Experience Hendrix, L.L.C., which owns the rights to the Hendrix estate and is controlled by Janie Hendrix, settled out of court with HendrixLicensing.com—operated by Leon Hendrix—for damages associated with the sale of merchandise that capitalized on Hendrix’s fame. Many men of wealth and distinction die without a will. Don’t you be one of them. Reference: Wall Street Journal (April 27, 2006) “What Prince and Abraham Lincoln Have in Common” #AssetProtection #EstatePlanningLawyer #Probate #ProbateCourt #Inheritance #Wills

Consider Long-term Care Options At some point in most people’s lives, long-term care will be necessary Long-term care insurance can help cover costs if you or your spouse need in-home care or residence in a long-term care community such as skilled nursing or memory care. Long-term care insurance is a good option. The earlier in life you buy long-term care insurance, the lower premiums will be.

have to pay premiums for Medicare coverage and co-pays on covered services, and some services, like long-term care, aren’t covered. The average 65-year-old couple will pay about $240,000 in out-of-pocket costs for health care during retirement, not including those potential long-term-care costs. Consider buying a long-term-care insurance policy.

Since long-term care will be needed by the majority and is not covered by Medicare, it is important to Long-term care is a new concept, as the few people that were in these circumstances in the past would Long-term care can be home or community-based and includes options such as: • Home care: Ideal for those However, long-term care is quite pricey, especially if it is not properly planned for. Unfortunately, Medicare will currently only pay 100 days of long-term care in most cases.

Women can be more cautious because they know they generally live longer and will need to take care of This includes whether you have long-term care insurance or plan to self-fund care issues in the prenuptial Make it clear where the money would come from to pay for long-term care. A written healthcare directive is essential to establish who makes decisions in case you become incapacitated

Until recently, retirement benefits were not protected from long term care. after the other spouse goes into a nursing home and making sure that they don’t go bankrupt taking care Long term care is the biggest creditor that we face. What Happens to an LLC When One Member Dies, Especially in the Case of a Married Couple?

start looking at your options and plan to make more informed decisions about your future to meet your long-term Life insurance should also be examined to provide for loved ones in case of your death. Long-term care insurance should be considered. Education. We are living longer, and planning for a long retirement is critical.

succession Trusts Probate Elder law Guardianship Medicaid planning Special needs planning Long-term Working with an estate planning and elder law attorney is the smartest choice in preparing for long-term care. Advance Care Directives Advance care directives are practical estate planning tools. treatment Your Estate Plan Needs More Than a Will if You Have a Business You will have to consider long-term

incredibly flexible and can achieve many other goals, including helping to minimize taxes, prepare for long-term care, and protecting your assets. This may all sound overwhelming, but with the help of Your Legacy Legal Care, our full-time Funding Coordinator existing estate plan, call the experienced elder law and estate planning attorneys at Your Legacy Legal Care

There are many Long-Term Care Medicaid Rules in place which help pay for senior’s care costs. child who has lived in the home for at least two years before you were institutionalized and provided care This requires proof by your doctor or social worker that the care was essential. to a loved one, without risking your Medicaid eligibility, give the attorneys at Your Legacy Legal Care

By flying solo, you run the risk of overlooking important details when planning for care or arranging Waiting too long to cement plans. Unfortunately, many people do not begin to look at their Medicaid and long-term care plans until after Immediate annuities and spousal allowances can go a long way to guard your assets in times of uncertainty