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Elder Law, Defined: Two Reasons You Need an Elder Law Attorney

Elder Law, Defined: Two Reasons You Need an Elder Law Attorney

elder law

As you may know, most lawyers have a specific field of focus when it comes to their law practice. One of these distinct areas is known as elder law. Elder law attorneys focus on the unique requirements of older clients, serving as advocates, and helping them navigate certain federal and state rules and regulations.

It should be noted that an elder law attorney should not be confused with an estate planning lawyer, though many attorneys—like myself—practice both areas of law. While estate planning is primarily concerned with the distribution of assets after death, elder law targets the preservation of assets for personal benefit and care while the person is living. Elder law attorneys are equipped to handle the sensitive emotional and physical needs of older adults, and are therefore able to handle a variety of challenging situations: 

• Discussing the importance of wills and estate planning

• Creating a durable power of attorney

• Providing help with healthcare and planning

• Helping to locate long-term care facilities and manage assisted living costs

• Drafting a living will or other advance directives

Elder law attorneys see an abundance of financial and medical circumstances that seniors and their families may encounter. Their experience can bring insight to a wide range of situations, from choosing long-term care arrangements to preparing for future scenarios. 

Planning for Long-Term Care

Determining the best type of care for an aging adult is not easy. An elder law attorney is able to offer an objective opinion and help develop a long-term care plan. Many aging individuals would prefer to stay at home, but sometimes this is not the best option. An elder law attorney will explain which kind of care is recommended, and determine whether the individual can receive that care at home or at a nursing home or other facility. They will also recommend strategies to ensure this individual is protected, from a legal perspective.

Protection from Financial Exploitation

Unfortunately, we live in a world where scam artists prey on the elderly. Elder law attorneys can help identify risky situations that could potentially lead to exploitation. Protection of their assets from dishonest individuals is essential. An elder law attorney can identify and report potential criminal activity or fraud in order to stop it. 

These are just two of the many ways that an elder law attorney can help with matters uniquely affecting older adults. By hiring an elder law attorney, you can alleviate worry, and gain peace of mind knowing that you or your loved ones are being taken care of.

I offer a free monthly workshop to help individuals and families learn more about estate planning and asset protection. Register for our next workshop using the brief form below, or contact us at (256) 251-2137 to schedule an initial consultation with Miller Estate & Elder Law today.

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The Pros and Cons of Long-Term Care Insurance Explained

The Pros and Cons of Long-Term Care Insurance Explained

It might be hard to think about this now, but chances are—somewhere down the road—you may need help taking care of yourself. One question that arises from this situation is: how will you pay for it? One way to prepare for the potential cost of long-term nursing care is to purchase long-term care insurance. Unlike traditional health insurance, long-term care insurance is designed to cover the cost of long-term care services and support in a variety of settings, such as your home, a nursing home, or another facility.

Long-term care insurance policies cover such costs as assistance with routine daily activities, like bathing, dressing, or getting in and out of bed. They also help cover the cost of care if you have a chronic medical condition, disability, or disorder.

Taking into consideration long-term care costs is an important part of any long range financial plan. If you wait until you need care to buy coverage, it will be too late. Most policies require medical underwriting, and if you already receive long-term care services, you may not qualify. As a result, most people purchase long term care insurance plans in their mid 50’s to mid 60’s.

As we mention in the above video, there are two different types of long-term care insurance policies: traditional long-term care insurance, and asset based (hybrid) long-term care insurance. Both of these options have their pros and cons, but—as we mention—asset based insurance is usually the preferred option.

Traditional long term care insurance is a “use it or lose it” type policy, similar to homeowner’s insurance. If you do not need it or use it during your lifetime, you do not benefit from paying the monthly premium. The monthly premium that you do pay is based on your age, and how much coverage you want. This premium payment will increase over time, and can also continue to increase…even after you take out the policy.

On the other hand, a hybrid policy creates a pool of money for long-term care that is equal to several times your premium payments. The pool of money created for long-term care can either be used for a specified minimum period of time, or for a lifetime (depending on the insurance company). If you do not need these benefits, the policy pays a death benefit to your heirs upon your passing.

Long term care insurance is something everyone should consider, and it is important to understand the differences in the types of policies that are available. If you are apprehensive about navigating the long-term care maze, please join estate planning attorney Bill Miller for an upcoming free workshop using the form below. We’ll answer 

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Estate Planning 101: Last Will and Testament

Estate Planning 101: Last Will and Testament

last will and testament

For many, when they hear the term “estate plan” they immediately think of a last will and testament. While a last will and testament is not the entire estate plan, it is an important part of it. Let’s take a deeper look at what exactly a last will and testament is. 

Last Will and Testament, Defined

The last will and testament is a legal document that communicates a person’s final wishes as to how they want their assets distributed when they pass away, medical care, and dependents.  In the last will and testament, a person can leave instructions as to whether they want certain people to get certain assets, or whether they just want their assets divided among their heirs. In addition, if there are minor children involved, a last will and testament can include instructions for who would raise their children, as well. 

How Does a Last Will and Testament Work?

A person can write their last will and testament while they are still alive and of sound mind. When they pass away, the instructions will be carried out by a named personal representative (also called an executor or executrix) of the estate. The personal representative is normally named when the will is initially drafted.

Necessary Requirements

Since the last will and testament is vital to distributing the assets of a person’s estate, there are a few requirements that must be met in order for the will to be considered valid. 

First, the person who is writing the will must be of sound mind and mentally capable. For example, someone who has severe dementia would not be able to write a will, or make changes to their existing will. In addition, for a will to be considered valid, not only should the person signing it be of sound mind, but two unrelated and mentally sound witnesses must sign it, as well. If these requirements are not met, then the document will not be considered legally binding. 

What a Will Doesn’t Do

While the last will and testament is the foundation of a solid estate plan, it should not be the only part of an estate plan. This document outlines your wishes, but does not grant any individual the ability to make medical or financial decisions for you if you were to become incapacitated, but not die. It also cannot protect your assets from creditors, or from the costs of long-term care if that becomes necessary. A power of attorney, advanced directive, and trusts are other planning documents that you need considerations to consider include in your estate plan. 

The best way to ensure that your estate plan is complete is to speak with an estate planning attorney. If you have questions about creating a Last Will and Testament—or an estate plan altogether—we encourage you to contact Miller Estate & Elder Law at (256) 251-2137 or or register for one of our free estate planning workshops.

 

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Estate Planning During a Pandemic: 3 Reasons to Quit Stalling

Estate Planning During a Pandemic: 3 Reasons to Quit Stalling

pandemic

It is hard to believe that we are heading into our second winter season while still in the midst of a pandemic. At this point, Coronavirus has taken a toll on our finances, as well as our physical and mental health. Most people likely know someone who has been seriously impacted by Covid-19, and it is worrisome. To add some peace of mind to this otherwise stressful situation, right now is an opportune time to make sure your health and finances are appropriately protected with an effective estate plan. 

Many people think that estate planning is only for the wealthy, but this is simply not the case. Estate planning ensures that someone you trust will be able to make medical and financial decisions for you, should you become incapacitated. Estate planning can also ease the process of settling a person’s affairs after they pass away, helping your family and loved ones avoid emotionally-draining, lengthy, and costly legal affairs. Without a plan, the probate court will appoint someone to manage your financial affairs—and ultimately, the transfer of assets upon death—following intestate laws governed by the state. 

Consider these three reasons for why now is a better time than ever to plan your estate:

A Plan for You

An estate plan is not just for when a person dies, but it can also protect someone in the event that they become incapacitated or cannot make decisions for themselves—for example, if someone was placed on a ventilator. Entrusting a specific family member or loved one to make medical or financial decisions on your behalf can help ensure your needs will be met, and that you will receive medical treatment in alignment with your beliefs and wishes. There are several estate planning documents that help protect your own best interests. 

Your healthcare power of attorney designates an agent to act on your behalf, or be your representative, in situations where you are unable to make decisions regarding your own healthcare. A living will is also something to consider, as it includes an advanced healthcare directive, which provides instructions for end-of-life care.

A durable power of attorney may be one of the most important pieces in your estate plan. This document gives someone else the power to act on your behalf in financial and legal situations. Being “durable” means that the authority of the individual you have assigned remains, even if you become incapacitated. The power of attorney stays in effect until you die, or revoke the document.

A Plan for Your Children

So many things right now are uncertain with the pandemic, and sometimes there doesn’t seem to be a rhyme or reason to why things happen. If you are the parent of minor children, they need to be protected in case the unthinkable should happen. An estate plan will help ensure that children are cared for by approved guardians if the parents die before they turn 18. Without legally binding documents in place, the courts could be responsible for deciding who will raise your children.

A Plan for Your Assets

With no documented estate plan, such as a will or living trust, the state in which a person resides will typically decide how assets will be distributed after a person dies. By having an estate plan, however, the courts will have clear (and legal) documentation about how assets should be transferred upon death. This can save a family time and frustration, and ensure that assets are dispersed in the intended manner.

A last will and testament dictates who will serve as the executor or personal representative for your estate, what power they have, and what they will be responsible for after your death, for example, collecting documents, paying debts, and distributing assets. The last will and testament also identifies how, when, and to whom your assets or property should be transferred. 

A living trust is also known as a revocable living trust, and is a legal document that allows the transfer of assets from a trust to your beneficiaries—without needing to go through probate court proceedings. 

Note that everyone has unique needs when it comes to estate planning, and the above considerations are just some general guidelines for you to think about. It is most important that you reach out to Miller Estate & Elder Law to help you craft an estate plan that fits your specific situation and needs.  Give us a call at 256 251-2137 or register for one of our free estate planning workshops.  

 

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Estate Planning for Business Owners: Your Guide to Getting Started

Estate Planning for Business Owners: Your Guide to Getting Started

estate planning for business owners

As a business owner, life can be hectic. Someone who chooses to take an entrepreneurial route often has to learn how to juggle managing their business with family life, in addition to actually doing their jobs! So many business owners put their blood, sweat, and tears into creating a profitable business. However, the job does not end here. As an entrepreneur, it is critical to implement an estate plan to protect the business you’ve worked so hard to grow. 

Appoint a Financial Power of Attorney

A financial power of attorney would appoint someone you trust to oversee your finances if you become incapacitated or worse. As a business owner, you more than likely have a more complicated financial situation than most. It is imperative that you choose someone who you not only trust, but who also understands the financial situation of your business. Many business owners will appoint a trusted CPA as their financial power of attorney.

Draft a Living Trust

Most business owners have several assets that are tied up in their business. These assets may even be essential to keep your business running. This is why it’s vital to create a living trust. A living trust is a legal document that will outline your directions for asset management and/or distribution, and will also name a legal entity or person as the trustee who is responsible for making sure your wishes are executed. 

One thing to keep in mind is that living trusts are not something you can draft once, and then forget about. As your business grows and assets change, it is important to remember to update your living trust in order to better protect your business. 

Create a Business Succession Plan

A business succession plan is a critical blueprint for any business owner who plans to one day transition ownership of their business. A succession plan is something that shows stakeholders your expectations of the business transition, and also outlines important company operations, mission statements, and visions for future owners. A business succession plan is a necessity for anyone who wants to protect the legacy of the business they worked so hard to create. 

If you have questions about creating an estate plan for business owners, we encourage you to contact Miller Estate & Elder Law at (256) 251-2137 or register for one of our free estate planning workshops.

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