Here’s my list of the top reasons why you should have a comprehensive durable power of attorney. Make it your decision (rather than a court). If someone has signed a power of attorney and later becomes incapacitated and unable to make decisions, the agent named can step into the shoes of the incapacitated person and… Read More
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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. In many of the planning sessions, at some point, we will need to contemplate Medicaid long-term care assistance.
One area that is often overlooked in the divorce process is the need to update estate planning. Most people would agree that their ex-spouse is the last person they want to inherit their assets when they die, or to have that person make life and death decisions for them. But that is exactly what can… Read More
After decades of hard work and financial discipline, a period of long-term care can destroy a retirement nest egg and the odds are not in your favor. According to the Department of Health and Human Services 70 percent of adults age 65 and older will eventually need some type of long-term care and nursing home costs… Read More
In the March edition I introduced a three-part series to address the four ways that you can pay the cost of nursing home care. It is crucial that all of us (at or nearing our retirement years) take the time to educate ourselves and then implement a plan that will address long-term care costs. Of… Read More
Even though Federal Medicaid law imposes a 5-year look-back period for all asset transfers there are situations in which people elect to transfer assets as part of their Medicaid planning strategy. In such situations, they will need to determine whether to transfer the asset outright or use an irrevocable trust.
My mom used to tell me that a job begun is a job half done. That expression is especially true when it comes to putting together an estate plan and getting your affairs in order. Statistics indicate a majority of American’s do not have an estate plan in place. If you are at or nearing… Read More
Paying for long term care should be a very real and legitimate concern. According to the Department of Health and Human Services, 70 percent of adults age 65 and older will eventually have some long term care needs and nursing home costs can be significant.
There will be a day when your life or the life of your family instantly transitions into a new reality due to an unexpected death or incapacity. Unless you’ve gone through this devastating process or helped a grieving family or friend, few people can appreciate the complete sense of being overwhelmed that a surviving spouse or family member will experience upon this life-changing event.
You may be interested in the Forbes article titled “7 Major Errors in Estate Planning.” The article starts with such an interesting quote – “It never fails to amaze me that so many otherwise savvy individuals, many of whom have their financial lives otherwise buttoned-up, use poor judgment (or no judgment) when it comes to… Read More