While it is important to have an updated estate plan, there is a lot of information that your heirs should know that doesn't necessarily fit into a will, trust or other components of an estate plan. The solution is a letter of instruction, which can provide your heirs with guidance if you die or
If a person with special needs has assets -- perhaps from a lawsuit award or settlement or from a gift or inheritance – those assets can disqualify the person from receiving essential public benefits like Medicaid and Supplemental Security Income (SSI). A special needs trust can allow the person with special needs – the trust’s
An Executor is someone officially appointed by the court to gather and distribute the estate of someone who has died. Simply being named as Executor in the Will does not alone confer that status. In order to qualify, one must take an oath to well and truly administer the estate according to law.
The coronavirus health emergency is a reminder that life is unpredictable, and it makes sense to be prepared. It may sound self-serving, but the threats to life and finances posed by the pandemic offer ample reason to reevaluate your estate plan -- or create one if you haven't already. Experts recommend that you will need
If your parents are getting on in years, you may be able to assist aging friends and family with their finances and other matters, such as medical visits and shopping. You may live close by and be able to visit weekly or more often. Or you may live far away and were visiting every few
Many movies and television shows have a scene where a family gathers around a big table after a relative has died to listen to the reading of the will, copies in hand. While this makes for a dramatic scene, one that may have been more common when literacy rates were lower, it doesn't usually happen
Written by: Stanley M. Vasiliadis Esquire, CELA Sam, Mary’s son and agent under her power of attorney, didn’t bother to seek legal advice after Mary entered a nursing home. “She only has $60,000. There’s nothing we can do”, he told his sisters. Six months later, with her funds exhausted, Mary sought Medicaid to pay for
The basic Medicaid rule for nursing home residents is that they must pay all of their income, minus certain deductions, to the nursing home. The deductions include a $60-a-month personal needs allowance (this amount may be somewhat higher or lower in your state), a deduction for any uncovered medical costs (including medical insurance premiums), and,
For years people have been worried about Social Security’s future, but what is the actual outlook? According to the federal government, unless Congress acts to intervene, Social Security shortfalls are expected beginning in 2035. Social Security retirement benefits are financed primarily through dedicated payroll taxes paid by workers and their employers, with employees and employers
By Stanley Vasiliadis, Esq., Certified Elder Law Attorney Parents of a developmentally-disabled or otherwise incapacitated child bear a life-long burden of care. In fact, after their child turns 18, it gets harder. As an adult, the child is not permitted to continue participating in many programs that were available during school-age years. And adults with
