by Bill Miller | Sep 21, 2018 | Estate Planning, Probate
Your Last Will and Testament is one of the most important documents you will ever sign. Within that document, you will name someone to act as your estate’s executor or personal representative. Your personal representatives will make decisions and take actions that affect your loved ones. Knowing what to look for in a personal representative may make your decision a little easier.
A Personal Representative Is a Fiduciary
Fiduciaries are people or entities who are trusted to handle property for someone else’s benefit. Banks are sometimes called fiduciaries.
Responsibilities of an executor or personal representative include:
- Gathering and protecting estate assets,
- Managing estate assets, and
- Distributing property according to the terms of the Will or the laws of the State of Alabama.
Because of the importance and sensitivity of these tasks, it is important to consider individuals carefully before deciding on an executor.
A Personal Representative Is Prudent
Someone who is prudent acts with care and thought for the future. Alabama state law notes that a personal representative may take a wide range of actions on the decedent’s property, including:
Voting on stocks, executing and filing deeds, receiving and retaining assets, insure estate assets, borrow money, deal with contracts and creditors, pay taxes, and so on.
A Personal Representative Is Diligent and Detail-Oriented.
Gathering and maintaining assets requires someone who is hardworking and who sweats the details. Even small estates need someone who will find all the assets, no matter where located. And the family of the decedent needs someone who can protect and maintain assets of every type. Insurance may need to be purchased, licenses and registrations obtained, and investments monitored.
A Personal Representative is Loyal
As fiduciaries, personal representatives owe a standard of care to the estate, to you, and to your family. Look for someone who is willing and able to honor the preferences set forth in your Will.
Personal Representatives Are Patient and Diplomatic
Disagreements and disputes among family and heirs may turn into a family feud during probate. It’s not easy, but a personal representative must have the patience of a saint sometimes when dealing with distressed heirs and family members. If this sounds like your family, choose a personal representative with conflict resolutions skills.
Talk to an Experienced Alabama Estate Planning Attorney.
The attorneys at Miller Estate and Elder Law help clients like you make thoughtful decisions about their estate plans. For a free consultation, contact us at 256-251-2137 or use our convenient Contact Form. Although we’re located in Anniston, we also help clients in the Birmingham, Gadsden, Hoover, Talladega, Vestavia Hills, and surrounding areas.
by Bill Miller | Sep 19, 2018 | Medicaid, Medicaid Planning, Medicaid Qualification
Laura breathed a sigh of relief when her father, Gene, became eligible for Medicaid. He did not have any savings or a long-term care insurance policy. She wasn’t sure how long she could keep paying nursing home bills. However, Laura learned that her job was not over when it came to Gene’s Medicaid. Every month, she needed to make sure to keep his income within Medicaid’s resource limits.
What are Medicaid’s resource limits?
Applicants must meet certain requirements, or resource limits, before becoming eligible for Medicaid. For example, an applicant cannot receive monthly income exceeding a set amount. In 2018, the income level is $2,025 although that may be adjusted annually for inflation.
Medicaid recipients must not have more than $2,000 in resources on the first day of the month. “Resources” may be:
- Cash,
- Bank Accounts,
- Cash value of life insurance, and
- investment income.
Every month, Laura worries that her dad’s Social Security check will be deposited in his bank account before the first of the month. This might put his resources over the limit. Also, he has some small investments that pay quarterly dividends. These may also cause problems with his Medicaid eligibility.
What steps can I take to stay within Medicaid’s resource limits?
First, learn what those limits are, because not every asset counts toward resource limits. We’ve listed some of the assets that are considered resources. The following assets are generally not included as resources:
- Household goods and personal effects,
- Burial plans,
- One car if used by the recipient’s family member, and
- Certain real property.
Please note that resource limits differ for married Medicaid recipients.
In Gene’s case, he is single. He has a checking account, a car, his Social Security benefits, and a small retirement account. Gene does not own any real property or any cash value life insurance policies. Laura is using his car now that he is no longer able to drive.
Every month, Laura watches Gene’s bank account. She knows that an unexpected quarterly dividend or interest payment could jeopardize Gene’s Medicaid benefits. As the first of the month approaches, she can pay the nursing home in advance or other bills to reduce his checking account balance.
Another option is for Laura to have an attorney set up a Qualified Income Trust, also known as a Miller Trust. Gene’s excess income, anything over the resource limit, could be deposited directly into his Miller Trust. The trustee could then use the funds for Gene’s nursing home bills and personal items.
Don’t Lose Your Medicaid Benefits.
The attorneys at Miller Estate and Elder Law use their experience and skills to assist their clients with Medicaid questions and concerns. For a free consultation, contact us at 256-251-2137 or use our convenient Contact Form to let us know you are ready to get started. You can also check out the free resources on our website. Although we’re located in Anniston, we also help clients in the Birmingham, Gadsden, Hoover, Talladega, Vestavia Hills, and surrounding areas.
by Bill Miller | Sep 17, 2018 | Veterans Benefits
The simple answer to the question is, “Yes, the spouse of a veteran may be eligible for VA benefits.” However, the Veterans Administration offers many programs for veterans. Spouses and dependents may be eligible for one program, but not another. All this can be confusing. In fact, people may not even know they are eligible and, so, do not bother applying. The Veterans Administration is a good source of information about program eligibility.
What benefits does the Veterans Administration offer veterans?
Most people think of medical benefits when they think about VA benefits. However, the VA offers other services, including home loan assistance, educational programs, life insurance, disability payments, pensions, assistance with vocational training and educational expenses.
Benefits Available to Spouses
Some benefits offered to servicemembers are also offered to spouses and, in some cases, dependents.
- Life Insurance under the Servicemembers’ Group Life Insurance. Spouses may be automatically available for some benefits.
- Disability Compensation. Monthly benefits are provided to eligible surviving spouses and children.
- Employment Services. Career advice and training may be available.
- Certain VA Education Assistance Programs. Spouses and dependents may be eligible for educational assistance but should speak with a VA representative before enrolling.
- Health Care. Spouses may be eligible for some health benefits.
- Home Loans and Housing Assistance. Surviving spouses of veterans may be eligible for home loan guaranty programs through the VA.
- Memorial Benefits. Spouses, dependents, and survivors of veterans may ask for burial services.
- Pension. Veterans may be eligible to receive a pension. Surviving spouses and dependent children may receive monthly pension benefits. Net worth and income requirements must be met, however.
- Aid & Attendance. Veterans who are eligible for a monthly pension may also receive assistance if they are housebound or need someone to help with daily personal activities. A surviving spouse may be eligible for either Aid & Attendance or Housebound benefits.
Learn More About Your Options.
The attorneys at Miller Estate and Elder Law assist their clients understand the system better as they apply for VA benefits. For a free consultation, contact us at 256-251-2137 or use our convenient Contact Form. Although we’re located in Anniston, we also help clients in the Birmingham, Gadsden, Hoover, Talladega, Vestavia Hills, and surrounding areas.
by Bill Miller | Sep 14, 2018 | Business
The list of things a small business owner needs can be very long. Legal issues should be high on that list, though. Making mistakes on important legal decisions or failing to get the right advice can be devastating to a company. Let’s look at four legal needs of small business owners.
Choosing the Correct Business Structure
The most common business structures are sole proprietorships, corporations, partnerships, and limited liability companies. Each type of business entity has its own advantages and disadvantages that small business owners should carefully review. Choosing the wrong business structure makes a difference in:
- How the company will be formed,
- Who will manage the company,
- How taxes will be paid, and
- How much personal liability the owners are taking on.
For example, a couple named Harvey and Julia decide to open a small RV park. Because there are two owners with equal shares in the company, they will not be operating as a sole proprietorship. They are not interested in the formal structure of a corporation and dislike the double taxation. Harvey and Julia decide to form a limited liability company to take advantage of the tax structure and the protection from liability.
Negotiating and Signing Strong Contracts
Many companies rely on contracts to keep their teams afloat. Business owners should resist the urge to write those contracts themselves. A badly written or incomplete contract can be costly.
Two friends, Dave and Mike, run a small coffee shop near the local college. They have signed contracts with suppliers, their landlord, and a small marketing company. However, they care more about the quality of their lattes and the quality of their contracts. Because they failed to read the contracts carefully and have their attorney review them, they fell into some bad business relationships that cost them dearly.
Using Strong Non-Compete and Non-Disclosure Agreements
Even small companies may need protection from competitors and from misuse of confidential proprietary information. Two ways to do this are the non-compete agreement and the non-disclosure agreement
Julian S. was a key employee whose employer required him to sign a non-compete. This agreement may prevent him from leaving to work for a close competitor or from opening a similar business.
A non-disclosure agreement may prevent employees from stealing or misusing confidential information. Potential investors may be asked to sign a non-disclosure to prevent them from using or divulging data learned during investment discussions.
Complying with Government Regulations
It sometimes seems there are as many government regulations as stars in the sky. Complying with those rules and regs is difficult, but necessary.
Ronald M. ran a small print shop in Anniston. In addition to labor and employment laws, licensing and regulation, he also had to follow rules regarding the toxic chemicals he and his workers used every day. Violations of those rules and regulations could lead to big penalties and fines.
Consult with an Alabama Business Attorney.
The attorneys at Miller Estate and Elder Law make it their business to put their client’s needs first. Contact Miller Estate and Elder Law at 256-251-2137 to schedule an appointment or fill out our convenient Contact Form. We help clients in Anniston, Talladega, Birmingham, Gadsden and surrounding communities.
by Bill Miller | Sep 12, 2018 | Uncategorized
Generation X? Millennials? The Silent Generation? We’re fond of naming groups of people born during certain years. The largest group may be the Baby Boomers, who account for about 20% of the U. S. population. Born between 1946 and 1964, Boomers are reaching retirement age in record numbers. And, as boomers age, the possibility they will need some form of long-term care increases.
How many baby boomers will need long-term care?
According to some studies, about 70% of people over the age of 65 will need 24/7 care, either at home or in a nursing home. At this time, the baby boomer generation is somewhere between the ages of 54 and 72.
There are about 78 million baby boomers living in the U.S. right now, many over the age of 65. Baby boomers can expect to live a few years longer than their parents and grandparents. All this adds up to millions of people who may potentially need long-term care and for a longer period of time than previous generations.
When should a baby boomer start long-term care planning?
It is critical to start long-term care planning long before you need it. Ideally, baby boomers age 65 and older should already have a plan in place. However, people without long-term care planning are not without options.
One reason to start planning early is because of Medicaid. As the largest payer of nursing home costs, it is likely that baby boomers will need to be eligible for Medicaid benefits.
Is it ever too late to do long-term care planning?
Starting early is the best option. However, people of any generation can look into long-term care planning.
Many will need assistance paying for long-term care. Medicaid provides that assistance for those who qualify. But during the applicant process, Medicaid reviews the applicant’s records during the 60 month period prior to the application date. Planning ahead in this situation means avoiding certain kinds of property transfers and possibly establishing a trust. Since we cannot know when we will be incapacitated, if ever, then it is important to get this type of planning done as early as possible.
Learn More About Medicaid Eligibility.
The attorneys at Miller Estate and Elder Law know how to help you with long-term care planning. For a free consultation, contact us at 256-251-2137 or use our convenient Contact Form. We also offer free workshops and guides with more information about topics that matter to you. Although we’re located in Anniston, we also help clients in the Birmingham, Gadsden, Hoover, Talladega, Vestavia Hills, and surrounding areas.
