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Ideally, we would like to help loved ones on both ends of the continuum of life: the younger generation families; and the elder generation with expenses related to retirement, nursing home costs or assisted living You have likely worked hard with exactly these goals in mind. Long-Term Care With nursing homes averaging $79,000 a year, and many people living in nursing homes or assisted living facilities for three years (or more) on average, the expense can be staggering.

What end-of-life and long-term care planning should they do? If your parent has long-term care insurance, check to ensure that it covers assisted living or home health Long-term care insurance will generally kick in if your parent needs assistance with “activities of daily living Daily living activities typically include eating, bathing, using the restroom, continence, and moving Your parent cannot simply give away assets or sell them for under market value.

The first definition is a disease that a person will live with for many years. definition of chronic illness states “the person is unable to perform at least two activities of daily living A living trust can also give you the peace of mind knowing that your estate will easily be passed to The bottom line is this: do not assume that because you are suffering from a chronic illness that it Contact A Houston Estate Planning Attorney Even if you are (or have a loved one) currently in a nursing

For Medicaid eligibility, your primary residence is exempt provided you or your spouse live in the house To keep people from giving away their property to qualify for Medicaid, there’s a penalty for the transfer within five years of applying for Medicaid. One exception is for the transfer of a residence to a child who has lived in the home for at least two and who during that period provided the applicant with care and services that enabled that person to live

Most of the time, they cannot do normal daily living activities. In other words, they cannot live on their own. A guardian is required to make sure that the child or adult has all the things they need to live. medicine, and clothing, as well as making sure that there is someone to stay with them if they cannot live The guardian is required to inform the court on the ward’s health, their living arrangement, and how

’t be a deal breaker in remarriages,” that marriages can be more complex when they happen later in life have increased since 1960, so more divorcees may be looking to remarry; and (ii) Americans also are living insurance, wills, trusts, retirement plans and beneficiary designations. create a trust that will pay interest income to the surviving dependent spouse for as long as he or she lives agreements shouldn’t be a deal breaker in remarriages” #AssetProtection #PrenuptialAgreement #Inheritance #Wills

Draft a Living Will. Draft a Living Trust. This isn’t included in your will because wills often aren’t opened and read until weeks after your death Keep the list and documents in a safe location, like a home safe or safety deposit box. Guardianship #EstatePlanningLawyer #Pets #Probate #DigitalAssets #Inheritance #LivingWill #PowerofAttorney #Wills

Trusts, in fact, offer a simple way to transfer assets to your loved ones while avoiding probate. Living Trusts Living trusts are those made by you (the “trustor”) during your lifetime. Living trusts allow you to benefit from the trust now while arranging for assets to be passed to a beneficiary Revocable and Irrevocable Trusts Like a living trust, revocable trusts are created during your lifetime Clients with retirement trusts may also want a revocable living trust for their non-retirement assets

Using a Trust To Provide for Stepchildren and Step grandchildren The goal of a living trust — also known as a revocable living trust or a revocable trust — is to store assets for you while you are alive, so Houses, land, vehicles, bank accounts, and other assets can all be included in a living trust . Unless you say otherwise, any assets maintained in a living trust will be for your benefit during your When writing your will, avoid using the standard will terminology like “issue,” “children,” or “heirs

Caregivers, often younger women, are ingratiating themselves into the lives of older men—often beginning As Americans live longer and more families must cope with late-in-life issues like dementia, the problem Summer Redstone created this type of trust, but it gives very little control to others as long as he’ Affair, His Decline Upends Estate Planning” #EstatePlanningLawyer #ProbateAttorney #IrrevocableTrust #WillChanges #Incapacity #RevocableTrust #Wills #ElderLaw #estateplanning

for the ages,” which has a generation-by-generation financial planning guide for different stages of life Build an emergency fund to cover three months of living expenses and take advantage of employer matched But their lives may also include a spouse, children, and a home, which means juggling expenses like mortgage The emergency fund should cover six months of living expenses and should be all cash: you’ll need that Insurance is critical, so get enough life insurance to cover the mortgage, day-to-day living expenses

attorney for health care (also called a health care proxy), and an advance health care directive (“living Other financial assets like life insurance proceeds and funds from retirement plans are also automatically A living will describes how you want to be treated at the end of your life. There are online services that have templates for wills, powers of attorney and health care directives