A generation-skipping trust, or GST, allows a grantor to transfer assets to a benefactor, while skipping a generation of the family. It is usually used in cases where a grandparent wants to leave assets to a grandchild. It is a trust that can be used in situations where the grantor has significant wealth and assets and may be a way to preserve that wealth for the grantor’s descendants.
Executing a power of attorney is a powerful thing to do, legally. By doing it, you are essentially giving someone the power to make decisions, both medically and financially, for you. It is also a useful tool, especially in certain cases. Here are five things to consider before executing a power of attorney.
What is a Power of Attorney
First, it is important to know what a power of attorney is. A power of attorney can be very beneficial as it is a legal action with the ability to allocate decision making authority to someone else. The person granted power can perform actions such as paying bills, executing documents, making medical decisions, or managing property, depending on the scope of authority given.
Being chosen as the personal representative of a person’s will is both an honor and a responsibility. Along with it come certain duties. Before you accept those responsibilities and obligations, you should know exactly what you are taking on. Broadly speaking, you will be distributing the deceased person’s property and arranging for payment of estate debts and expenses. Duties specific to this role include filing the will for probate, setting up an account for paying bills and taxes, maintaining the willed property, making and filing an inventory with the court, distributing assets, and more. It is no small task to take on being a personal representative.
Planning ahead for medical issues or financial well-being makes sense as we age. There are a number of options available in order to do this. Some of the more common approaches involve granting a trusted person power of attorney duties in order to help maintain your assets, financial well-being, and medical care. There are several designations for power of attorney duties, and the designations are important. Essentially, they outline what the duties are and how they should be carried out. There is general power of attorney designations, durable power of attorneys, springing power of attorney designations, and medical power of attorney. We will examine the last designation, the medical power of attorney, commonly referred to as the health care proxy or health care surrogate.
As we age, planning for our assets, our health, and our end-of-life care becomes increasingly important. Part of this preparation may include planning for incapacity and requiring someone else to make important decisions regarding our health or assets. One way to handle this is through appointing a power of attorney. This designation can be beneficial as it is legal action with the ability to allocate decision-making authority to another individual. The person granted this power can pay bills, execute documents, make medical decisions, or manage property, depending on the scope of authority given. There are several types of power of attorney designations, including a general power of attorney and a durable power of attorney. There are important differences between the two that should be considered when deciding on what type is right for your situation.
Taking care of an older adult with health issues can be difficult for a family. Taking care of an older adult with health issues often means navigating unfamiliar decision making. It can be overwhelming, especially when the well-being of a loved one hangs in the balance. Families do not have to go it alone, however. An experienced, qualified elder law attorney can help a family sort through all the decisions that have to be made while also helping the family make the right decisions for their goals and their loved ones.
Caring for an adult who is suffering from dementia or Alzheimer’s disease can be difficult and stressful. It may come to a point where a person is no longer safe to live at home and may need to be placed into a long-term care facility. If this is the case, considering memory care may be one way to ensure a loved one is safe and receiving care tailored to their condition.
Memory care, which can be a wing in a nursing home facility or a separate entity, is where patients who are suffering from dementia or Alzheimer’s can go to receive care based on their needs around those diseases. Specifically, memory care provides intensive services to patients with memory issues.
Going into nursing home care requires families to consider issues like the cost of care, how to protect assets, and what to do if one spouse is already in a nursing home.
Having a spouse transition into a nursing home is stressful for everyone involved, including the spouse living at home. It involves difficult decisions and a lot of anxiety. Some of that anxiety is due to how complex financing the nursing home care can seem. For many spouses still living at home, the thought of losing all their assets comes to mind. Families should know that there are ways to cover the costs of a loved one being in a nursing home without draining assets.
Being chosen as the personal representative of a person’s will is both an honor and a responsibility. Along with the role comes certain duties. Before you accept those responsibilities and obligations, you should know exactly what you are taking on. Generally speaking, you will be distributing the deceased person’s property and arranging for payment of estate debts and expenses. Duties specific to this role include choosing the type of probate, filing the will for probate, setting up an account to pay bills, paying estate debts and taxes, maintaining the willed property, making/filing an inventory with the court, distributing assets, and more. The role of a personal representative is no small task, so people who have accepted this role often find it helpful to work closely with an attorney during the process.
After the coronavirus pandemic hit America in March 2020, it prompted Congress to pass several bills meant to stabilize businesses and the economy. As part of those relief packages, the CARES Act provided many Americans with a stimulus check based on their incomes. For instance, those with an income under $75,000 per year received $1,200. People making over that amount received less on a sliding scale proportionate with their income. These payments were based on either an individual’s 2018 or 2019 taxes. For those with a loved one in a nursing home or looking into long-term care, stimulus checks may have presented some worries about how they impact Medicaid eligibility.