Americans are living longer than ever before. As a result, we face more challenges and transitions in our lives than those who came before us. One of the most difficult transitions people face is the change from independent living in his or her own home or apartment to living in a long term care facility… Read More
There’s an old saying that the difference between salad and trash is timing. A recent meeting I had with my client Bill demonstrated how accurate that old saying is, especially from a Medicaid planning standpoint! Bill came to see me because his wife’s dementia had progressed to the point where he could no longer provide… Read More
Help Me Understand the Nebraska Transfer on Death (“TOD”) Deed Nebraska has adopted a new method of transferring ownership of real estate upon the death of the owner. Effective January 1, 2013 we may now use a revocable transfer on death deed (“TOD Deed”) in Nebraska. The TOD Deed will operate in a similar fashion… Read More
Nebraska has adopted a new method of transferring ownership of real estate upon the death of the owner. Effective January 1, 2013 we may now use a revocable transfer on death deed (“TOD deed”) in Nebraska.
The TOD deed will operate in a similar fashion to a payable on death (“POD”) bank account. The beneficiary will not have any current ownership interest in the property during the life of the owner and will only receive ownership when the owner dies (or in the case of joint tenancy ownership) when all of the owners have died.
In the March edition I introduced a three-part series that will address the four ways that you can pay the cost of nursing home care: Long Term Care Insurance; Pay with Your Own Funds; Medicare; and Medicaid It is crucial that all of us (at or nearing our retirement years) take the time to educate ourselves and then implement… Read More
As an Elder Law attorney in Omaha, Nebraska, one of my primary functions is to help families plan for how they are going to pay for long-term care. Establishing a long-term care plan for seniors is a multifaceted discussion and many times Medicaid is part of that analysis.
What does the Nebraska Transfer on Death (TOD) deed do? In Nebraska, the TOD deed will transfer the described property to the named beneficiary, subject to any liens or mortgages (or other encumbrances) on the property at your death without going through probate. Can I change a Transfer of Death Deed by My Will? No…. Read More
1. Your family can avoid the expensive process of seeking a guardianship and/or conservatorship that can waste precious time and money.
2. You are in charge of “who” will be named your agent (rather than have a court appoint who will manage your affairs).
A recent US News and World Report blog succinctly states What you Need to Know About Estate Planning. Taking excerpts from The Wall Street Journal Complete Estate Planning Guidebook, the author states: • ‘Everybody needs to think about estate planning’; • ‘The number one [estate planning] mistake is not doing anything at all’; • ‘[T]he… Read More
This is by far the most important piece of advice I can give you. Please take a minute to reflect and truly understand the level of stress and grief your family members will experience upon your passing. I can tell you through experience they will be overwhelmed.