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Caring for Aging Parents: What Caregivers Need to Know

Caring for Aging Parents: What Caregivers Need to Know

Caring for Aging Parents

Key Takeaways | Caring for Aging Parents: What Caregivers Need to Know

Have open conversations with aging parents about their wishes and end-of-life care.

Create or update legal plans, including powers of attorney and healthcare directives.

Be aware of the cost of care and explore options such as long-term care insurance, veterans benefits, and Medicaid planning.

Seek help, stay organized, and prioritize self-care as a caregiver.

Episode Notes:

In this episode, attorney Bill Miller discusses the challenges faced by caregivers and provides valuable information on what caregivers need to know. He emphasizes the importance of having open conversations with aging parents about their wishes and end-of-life care.

He also highlights the significance of creating or updating legal plans, including powers of attorney and healthcare directives. He advises caregivers to be aware of the cost of care and explore options such as long-term care insurance, veterans benefits, and Medicaid planning. Additionally, he encourages caregivers to seek help, stay organized, and prioritize self-care.

Notable Moments:

(00:00) Introduction and Disclaimer

(02:19) The Sacrifices of Caregivers

(04:09) Having the Conversation: End-of-Life Wishes

(09:10) Continual Planning for Healthcare

(15:47) Creating or Updating Legal Plans

(23:54) Navigating the Cost of Care

(29:04) Getting Organized: Documents and Information

(35:08) Seeking Help and Self-Care

 

 

 

 

 

 

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Wills vs. Trusts in Estate Planning

Wills vs. Trusts in Estate Planning

Wills Versus Trusts in Estate Planning

Key Takeaways | Wills vs. Trusts in Estate Planning

A will is a legal document that outlines how your probate assets should be distributed after your death, while a trust is a legal agreement that holds assets for the benefit of individuals or purposes.

Wills are simpler and less expensive upfront, but they require court intervention and can be time-consuming.

Trusts avoid probate, provide continuity of asset management, and offer more flexibility and privacy.

Trusts are better for larger or more complex estates and can be effective during your lifetime as well.

A pour-over will can be used in conjunction with a trust to ensure that all assets are distributed according to the trust’s terms.

Trusts can be used for asset protection, planning for incapacity, and seamless management of assets.

Trust administration is typically less expensive and easier than probating a will.

It is important to consider your specific circumstances and goals when deciding between a will and a trust.

Episode Notes:

In this episode, attorney Bill Miller discusses the differences between wills and trusts. He explains that a will is a legal document that outlines how your probate assets should be distributed after your death, while a trust is a legal agreement that holds assets for the benefit of individuals or purposes.

Wills are simpler and less expensive upfront, but they require court intervention and can be time-consuming. Trusts, on the other hand, avoid probate, provide continuity of asset management, and offer more flexibility and privacy. They are better for larger or more complex estates and can be effective during your lifetime as well.

Notable Moments:

(00:00) Introduction and Overview

(07:11) Introduction to Trusts

(09:29) Types of Trusts: Revocable and Irrevocable

(12:08) Parties Involved in a Trust

(14:03) Advantages of Trusts

 

 

 

 

 

 

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Your Child Turning 18 is a Big Deal, Here’s Why

Your Child Turning 18 is a Big Deal, Here’s Why

Your Child Turning 18 is a Big Deal, Here's Why

Turning 18 is a meaningful milestone—not just for teenagers, but for their parents, too. It marks the transition into legal adulthood, which brings with it a whole new set of rights and responsibilities. Your child can now gamble, get married, and even buy a house! And, while this all sounds very exciting, as a parent it’s essential to understand the implications of this transition. You need to make sure that your child is prepared for the many changes that come along with adulthood, and that you have what you need to continue supporting them through this transition.

Does Your Child Have These Essential Legal Documents in Place?

Before singing “Happy Birthday,” it’s important to remember that your child will need certain legal documents in place as soon as they reach the age of majority. These documents are crucial to protecting your child and empowering you to continue supporting and assisting them as they take on the complexities and responsibilities of adulthood.

At 18 years old, your child will gain new legal rights—voting, signing contracts, and making medical decisions—but, as their parent, you will lose access to their medical records, financial information, and other sensitive information.

This is where the 3 essential estate planning documents come into play. By having a healthcare proxy, a HIPAA authorization, and and a durable power of attorney in place, your child can designate trusted individuals—like you, as their parent—to make medical and financial decisions on their behalf, should they become unable to do so themselves. These documents ensure that you can continue to advocate for your child’s best interests, even in challenging circumstances.

Of course, estate planning isn’t just about medical issues; it’s also about financial matters. As young adults transition into college and the workforce, they may need assistance managing their finances, accessing educational records, or dealing with legal matters. Having the right legal documents in place can streamline these processes and prevent unnecessary complications.

Becoming a legal adult is a significant milestone that requires thoughtful planning and consideration. Before they blow out their birthday candles, ensure that your child has the necessary legal documents in place to ensure peace of mind for all. Estate planning may not be the most exciting topic (especially for a teenager), but it’s essential for safeguarding your child’s future and making sure they have the support they need to succeed at every step of the way.

Let Us Help Secure Your Child’s Future

At Miller Estate and Elder Law, we know that there is no one-size-fits-all solution to estate planning. We’re here to guide you through the process of protecting you, your loved ones, and your legacy with care and personalized attention.

To help you get started, we’ve developed a FREE guide that explains each of the essential estate planning documents that anyone over the age of majority should have in place.

Have more questions? Get in touch with us today by filling out the form below.

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Common Pitfalls and Mistakes of Self-Help Estate Planning

Common Pitfalls and Mistakes of Self-Help Estate Planning

Self-help estate planning

Key Takeaways | Common Pitfalls and Mistakes of Self-Help Estate Planning

A power of attorney is a document that gives someone else the authority to make legal and financial decisions for the principal.

Putting children’s names on bank accounts can expose the accounts to their creditors and predators.

Deeding property to children during one’s lifetime can result in capital gains tax and potential loss of assets to creditors.

Relying solely on beneficiary designations can create issues when needing to access assets during one’s lifetime.

Giving away assets to protect them from nursing home expenses can result in Medicaid penalties.

Relying on advice from friends may not be applicable to one’s specific situation and state laws.

Working with qualified professionals who collaborate and understand one’s goals is crucial for effective estate planning.

Not all legal documents are created equally, and it’s important to ensure they have the necessary powers and are up to date.

Episode Notes:

In this episode, attorney Bill Miller discusses common mistakes and pitfalls of self-help estate planning. He shares real-life stories to illustrate the consequences of these mistakes and emphasizes the importance of working with qualified professionals.

The main mistakes discussed include putting children’s names on bank accounts, relying solely on beneficiary designations, relying on advice from friends instead of professionals, and assuming all legal documents are created equally.

Notable Moments:

00:00 Introduction

02:29 Putting Children’s Names on Bank Accounts

04:46 Deeding Property to Children During Your Lifetime

07:28 Relying Solely on Beneficiary Designations

09:26 The Consequences of Giving Away Assets to Protect from Nursing Home Expenses

15:46 Relying on Advice from Friends

24:11 Not All Legal Documents Are Created Equally

26:14 Conclusion

 

 

 

 

 

 

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Guardianships and Conservatorships vs. Powers of Attorney

Guardianships and Conservatorships vs. Powers of Attorney

Guardianships and Conservatorships vs Powers of Attorney

Key Takeaways | Guardianships and Conservatorships vs. Powers of Attorney

A power of attorney is a document that gives someone else the authority to make legal and financial decisions for the principal.

Guardianships and conservatorships require a court proceeding and have court oversight.

Powers of attorney provide flexibility and specificity, while guardianships and conservatorships give broad powers.

Powers of attorney are quicker to establish and less expensive than guardianships and conservatorships.

Spouses should have powers of attorney over each other, and backups should be named in the document.

Guardianships and conservatorships are recommended when there is no one trustworthy to act as power of attorney or when court oversight is desired.

Episode Notes:

In this episode, attorney Bill Miller discusses the differences between guardianships and conservatorships versus a power of attorney. He shares a story about a man who had Alzheimer’s and the difficulties faced by his while trying to sell their property due to his inability to sign legal documents.

A power of attorney is a document that gives someone else the authority to make legal and financial decisions for the principal. On the other hand, a guardianship and conservatorship require a court proceeding and have court oversight.

Notable Moments:

(00:00) Introduction and Disclaimer

(04:01) Explanation of Powers of Attorney

(07:14) Pros and Cons of Powers of Attorney

(13:04) Pros and Cons of Guardianships and Conservatorships

(19:25) Importance of Powers of Attorney in Estate Planning

 

 

 

 

 

 

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