Caring for Aging Parents: What Caregivers Need to Know

Caring for Aging Parents: What Caregivers Need to Know

by | Jul 24, 2024 | Podcast

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

by | Jul 12, 2024 | Podcast

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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Common Pitfalls and Mistakes of Self-Help Estate Planning

Common Pitfalls and Mistakes of Self-Help Estate Planning

by | Jul 5, 2024 | Podcast

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

by | Jun 19, 2024 | Podcast

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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The 3 Steps You Need to Take Right Away to Protect You and Your Family When You Get a Dementia Diagnosis

The 3 Steps You Need to Take Right Away to Protect You and Your Family When You Get a Dementia Diagnosis

by | May 28, 2024 | Podcast

Dementia Diagnosis

Key Takeaways | The 3 Steps You Need to Take Right Away to Protect You and Your Family When You Get a Dementia Diagnosis 

Ensure that your legal documents, such as a durable financial power of attorney and an advance directive for healthcare, are in order to protect you and your family in the event of a dementia diagnosis.

Make sure that all of your professionals—including financial advisors, doctors, and attorneys—are aware of the dementia diagnosis and are working together to meet your specific needs.

Explore the different care options available, such as in-home care, assisted living, and nursing homes; and consider how to pay for them through private pay, veterans benefits, long-term care insurance, or Medicaid.

Consider seeking the assistance of a long-term care navigation service to provide ongoing support and guidance throughout the dementia care journey.

Episode Notes:

In this episode, attorney Bill Miller discusses the three steps to take immediately when there’s a dementia diagnosis to protect you and your family. He emphasizes the importance of having the right legal documents in place, such as a durable financial power of attorney and an advance directive for healthcare. He also highlights the need for professionals—including financial advisors, doctors, and attorneys—to be on the same page and understand the specific needs of individuals with dementia.

Additionally, he explores the various care options available and how to pay for them, including in-home care, assisted living, and nursing homes. Finally, he introduces the long-term care navigation service offered by his firm to support families on their dementia care journey.

Notable Moments:

(00:00) Introduction and Disclaimer

(13:50) Step 2: Coordinating Professionals for a Comprehensive Dementia Care Plan

(26:33) Conclusion and Importance of Seeking Legal Assistance

 

 

 

 

 

 

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What Is a Special Needs Trust?

What Is a Special Needs Trust?

by | May 11, 2024 | Podcast

Special Needs Trust

Key Takeaways | What Is a Special Needs Trust?

Special needs trusts are designed to protect the benefits of someone who is disabled and on Supplemental Security Income or Medicaid.

There are two types of special needs trusts: first-party and third-party.

First-party special needs trusts are for individuals who receive an inheritance or settlement, and want to maintain their benefits.

Third-party special needs trusts are set up by someone else, such as a family member, to provide additional funds for the disabled person.

The Alabama family trust is a pooled special needs trust that can be used for both first-party and third-party situations.

Episode Notes:

In this episode, attorney Bill Miller discusses special needs trusts—also known as supplemental needs trusts—which are designed to protect the benefits of someone who is disabled and on Supplemental Security Income or Medicaid. He explains the two types of special needs trusts: first-party and third-party. First-party special needs trusts are for individuals who receive an inheritance or settlement, and want to maintain their benefits.

Third-party special needs trusts are set up by someone else, such as a family member, to provide additional funds for the disabled person. Bill Miller also mentions the Alabama family trust, a pooled special needs trust that can be used for both first-party and third-party situations.

Notable Moments:

(00:00) Introduction to Special Needs Trusts

(08:15) First-Party Special Needs Trusts

 

 

 

 

 

 

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bill@millerestateandelderlaw.com