Failing to name guardians for your children in your will can lead to custody issues that could easily have been avoided by simply taking the time to decide who you want to take care of your minor children in the event of your death.
A well-planned estate will ensure that your parent’s wishes are carried out as well as making sure that they receive the best care possible without putting a financial strain on them or other family members.
It does not matter how much forethought you put into distributing your assets, or how expensive it was to draft your will or trust if the people bound by these documents do not know what they contain, or potentially that they even exist.
A person who dies without leaving a valid Last Will & Testament (Will) is said to have died intestate. This can cause serious headaches with the administration of their estate. Wills contain several important pieces
Estate planning is all about five essential documents. Documents drafted 30, 20, or even 10 years ago may need updating. Major life events such as marriage, the birth of children, or starting a new business, all have serious estate planning considerations.
Most people want to help their parents as they age. However, and in addition to potential Medicaid penalties, there is a large risk many adult children do not consider when loaning their parents large sums for temporary financial support: the state may take the money instead of allowing them to be paid back.
Medicaid covers everything from standard medical care to nursing home or personal home care services. But to qualify, an applicant must meet the program’s strict technical, medical, and financial requirements.
This field of law secures proper care and future security for the growing elderly population. More importantly, it is an opportunity to embrace the idea of pre-crisis management and planning for the future.