We will help you put together strategies that help pay the high cost of long-term care expenses while protecting your assets. Medicaid asset and income limits may be strict, but there are savvy strategies available we can help you implement to make qualifying possible.
- Medicaid Application Help
- How to Pay For Nursing Home or Assisted Living Care
- How to Pay For Home Health Care
- Special Needs trust
- Advanced Durable Power of Attorney
- Advanced Healthcare Directives
- Advanced Will with a RPOSNiT
- 5 Year Trust
- Family Caregiver Agreements
Many times when people think of estate planning they think of a will or life insurance plan or even employer benefits someone would receive upon your death. Estate planning is much more than that. It’s a comprehensive plan that addresses all types of contingencies from your disability, incapacity, illness and death and what would happen in each of those circumstances.
When someone dies, they are either intestate (meaning they do not have a Last Will & Testament) or testate (in which case they do have a Will). In either situation, their estate must go through probate. During probate, there is a specific procedure to determine if a Will is valid and if no Will is present the courts will determine the allocation of assets.
Typically, the process of probate causes conflict between loved ones because it is expensive, timely and open to the public. However, there are ways through estate planning that can avoid the probate process.
Whether through illness, injury, or other means, anyone can require a guardian to become appointed if they become mentally incapacitated. In such cases, if there is no estate planning in place (or insufficient planning) to keep family or other loved one’s out of court, a guardianship, or conservatorship as it is sometimes called, must be established via a court process in the county probate court.
Obtaining guardianship can be an extraordinarily challenging and expensive process. It begins with filing a petition in court for guardianship and requesting the court declare the incapacitated person incompetent.
Given the huge level of responsibility and loss of control that comes with guardianship, the best course of action would be to get proper and updated estate planning in place ahead of time to ensure that if you or anyone you love becomes incapacitated, you can stay out of the court process altogether if possible.
Schedule a 15-min Consultation
Have a question or unsure how to get started? We are here to help! Book your complimentary consultation with us.
Book a Family Wealth Planning Session
Schedule your Family Wealth Planning Session and complete the pre-session homework so that you come in prepared.