Bill Miller, Author at Miller Estate and Elder Law

From Crisis to Clarity: How We Helped These Clients Overcome Medicaid Challenges

by Bill Miller | Aug 22, 2024 | Podcast

Key Takeaways | From Crisis to Clarity: How We Helped These Clients Overcome Medicaid Challenges

Asset protection planning is not just about protecting money for the next generation, but also about ensuring that families don’t lose everything they have worked for to nursing home costs.

Strategies such as setting up accounts with the Alabama Family Trust and purchasing Medicaid compliant annuities can help families qualify for Medicaid more quickly and protect assets.

In cases where a spouse goes to a nursing home, it can be difficult for the remaining spouse to make ends meet on a reduced income. Planning can help ensure the community spouse has enough money to live comfortably.

Having the right type of power of attorney is crucial for Medicaid planning, as it allows family members to make necessary financial decisions on behalf of the individual going into a nursing home.

It is important to consider Medicaid planning ahead of time by transferring assets into an irrevocable trust, but even if planning is done in a crisis situation, having the necessary documentation is crucial.

Episode Notes:

In this episode, attorney Bill Miller discusses how his firm helps families who have a loved one going into a nursing home and how their planning can help protect assets. He shares three different scenarios of families they have helped, highlighting that asset protection planning is not just about protecting money for the next generation, but also about ensuring that families don’t lose everything they have worked for to nursing home costs.

The strategies they use include setting up accounts with the Alabama Family Trust, purchasing Medicaid compliant annuities, and increasing the income of the community spouse.

Notable Moments:

(00:00) Introduction and Purpose of Asset Protection Planning

(01:53) Asset Protection Planning to Qualify for Medicaid

(04:39) Challenges Faced by the Community Spouse

(08:45) Using Medicaid Compliant Annuities to Pay for Care

(10:39) Challenges Faced by Nursing Homes

(19:22) Increasing the Income of the Community Spouse

(23:05) Importance of the Right Type of Power of Attorney

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Estate Planning for Young Couples

by Bill Miller | Aug 9, 2024 | Blog, Estate Planning

When you’re young, estate planning is often the furthest thing from your mind. But if you’ve started on a new life with a spouse or a partner—and especially if you have kids—it’s never too early to start thinking about your future. Estate planning for young parents comes with some unique wrinkles, but by working with an experienced professional, you can ensure that your family is well protected.

Legal Documents for Parents

Wills and Trusts

If you’ve recently started a family, now is the time to start looking ahead to your children’s future. Many young people put off writing a will or setting up a trust because they feel that they don’t own enough assets. The fact is that most people have far more assets than they think, and if you don’t draw up an estate plan, you can leave your kids unprotected. For younger parents, writing a will is the easiest way to make sure your children are taken care of, but a trust may also be a good option. Setting up a trust allows you to set certain conditions to protect your children while also considering their future. Trusts are an especially smart option if you have children with special needs.

Powers of Attorney

A power of attorney allows you to authorize someone to act on your behalf should you become incapacitated or otherwise unable to make your own decisions. Common types of POAs include financial and healthcare directives which allow a trusted individual to carry out your wishes when it comes to your monetary decisions and your medical care. Another document that you may want to fill out is a living will. A living will provides more detailed instructions about your end-of-life care than a simple power of attorney. Completing these documents will make things much easier for your family should tragedy strike.

Guardianship for Children

When it comes to estate planning for young parents, one of the most important decisions is who will look after your kids if something should happen to you. Leaving your kids’ future in the hands of a trusted individual is essential to your peace of mind. The law allows you to name a guardian who will look after your kids as part of your will. If you do not specify a guardian, you leave the decision up to the court and you will have no input into who they pick. Some important considerations when it comes to selecting a guardian include the person’s financial situation, their level of responsibility, and how close they live to you.

Contact Miller Estate and Elder Law

If you have any questions about estate planning for young parents or any aspect of the estate planning process, do not hesitate to contact the experienced attorneys at Miller Estate and Elder Law. Give us a call today at (256) 251-2137 or fill out the form below and start protecting your family’s future.

For more information, please check out our e-book, 10 Legal Strategies Every Parent Should Know.