As elder law and estate planning attorneys, we are tightly focused on the needs of senior citizens. It is a broad subject, and there are many facets to take into consideration. Some of them are purely practical in nature, but there are some that are emotional and psychological.Combating LonelinessLoneliness is very common among elders. According to the National Institute on Aging, approximately 28 percent of older Americans (14 million people) are living alone, and many of them experience … [Read more...] about A Pet Trust Can Make Companionship Possible
Back in the olden days before the advent of the Internet, estate planning revolved around the transfer of physical objects and hard copy records. There were no virtual forms of property, but now, things are very different, and they are evolving all the time.With this in mind, we will look at digital estate planning with an eye on cryptocurrency in this post.Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA)An agent under a durable power of attorney is empowered to manage assets … [Read more...] about Digital Estate Planning and Cryptocurrency
Until you understand some facts about long-term care, you may assume that Medicaid will never be relevant to you because you will qualify for Medicare. Plus, since Medicaid is a need-based program, you wouldn’t qualify anyway, because you are going to retire with some resources.This make sense on the surface, but the reason why Medicaid is relevant is because Medicare does not pay for custodial care. This is the type of assistance that you would receive in a nursing home, and some people … [Read more...] about Can Medicaid Seize My Estate?
Before we get into the subject of trust administration, we will share some information about the value of revocable living trusts. First, it is important to understand the fact that this type of trust can be the best choice even if you are not extremely wealthy.Secondly, since the trust is in fact revocable, you don’t have to worry about surrendering control of the assets that you convey into it. You could act as the trustee and the beneficiary throughout your life, so you would control the … [Read more...] about Things to Know About Living Trust Administration
There are some estate planning situations that can be addressed through the purchase of life insurance. In a broader sense, life insurance coverage can serve many different underlying purposes, but we will look at three specific uses in this post.Estate Planning for Young AdultsThe vast majority of Americans are going through life without any estate planning documents at all, and people that are under the age of 50 are the biggest culprits. Obviously, the overall life expectancy is close to 80 … [Read more...] about Life Insurance Can Provide Planning Solutions