After someone dies, their estate enters probate, which is the court-supervised process in which the deceased’s assets are distributed to bill collectors, taxes, and inheritors. While it’s court-supervised, the court usually won’t get too involved unless there is fighting among family over the estate or creditors have issues.
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Being designated power of attorney by a relative is an important duty, to be carried out on a trustworthy and honest fashion. The position allows you to make decisions on the person’s behalf should they be unable to themselves due to being incapacitated, old age, or health issues.
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As we grow older, the possibility that a spouse may need long-term care in a nursing home grows. It is a difficult part of life to face, and the questions that go along with it can be difficult as well. Among the main concerns is protecting your assets, should a spouse end up in a nursing home for long-term care.
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Estate planning and planning a will may sound like the same thing, but are they? The answer is no, and they are both actually very different processes. In terms of similarities, they both instruct relatives on how your property and assets should be handled upon your death. However, estate planning goes further, taking into account your health, finances, and more while you are alive. Let’s examine the differences and what you should know about your end-of-life planning.
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While watching our parents grow from the people who took care of us into elderly adults who, in turn, need care can be difficult, it’s important that we’re aware of what we can do to protect them mentally, physically, and financially. Concerning the latter, there are ways to protect elderly parents’ assets. And while it may seem complicated, there are ways to ensure it happens.
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What is elder law? And how does it impact you? Those are important questions, especially as we age. With our longer life expectancy, elder law is a somewhat new area of the law and exists to serve the needs of the elderly and disabled, along with their families. Elder law covers a wide range of issues, both legal and financial.
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Your estate plan is in place to protect your assets from creditors and the future of your family. You are proud of the amount of work you put into your estate, and you want to make sure it is always in top condition. As the New Year approaches, most people make resolutions about losing weight or getting a new job. One of your very important resolutions should be to take the actions necessary to make sure that your estate plan is still as solid as it was the day you and your estate planning attorney finished it.
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For many seniors, your house is your largest asset, so you’re naturally looking to protect it in the event of a medical issue or death. And while you might have a will, it may not be enough to protect your assets. While both are legal documents laying out what you would like to have happen at your time of death, there are several key differences.
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If you are the parent of a special needs child, you probably know that there are steps that need to be taken before your child turns 18 in order to retain legal guardianship. Those steps need to be taken through the Florida court system, which can be intimidating and confusing. Luckily, help is available by obtaining a special needs planning attorney at The Mattar Firm.
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Living trusts are a straightforward way for people to pass their assets on to their intended beneficiaries upon death and a way to bypass probate. They have become more and more popular over the last decade for these reasons. However, for some people, a question arises: Can beneficiary designations replace a trust?
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