The past three months I’ve discussed the role Medicare and Medicaid play in paying the cost of nursing home care. It is crucial that all of us (at or nearing our retirement years) appreciate the magnitude of long-term care costs, the potential financial impact (to us and our families) and contemplate how we can best… Read More
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A durable power of attorney is an important component of every comprehensive estate plan. It allows someone you appoint to act in your place for financial and other purposes if at some time in your life you become incapacitated. Without a durable power of attorney, your family will not be able to make financial decisions for you during periods of incapacity unless a court appoints a guardian or conservator. This can be an expensive and time-consuming process.
The term “probate” refers the legal procedure used by courts to determine whether a person’s will is valid. Probate can also refer to the process by which an executor or personal representative gathers a decedent’s assets to pay the debts, taxes and final expenses and then ultimately distributes the remaining assets to the beneficiaries listed in the decedent’s will.