Special Needs Planning?

Many among us are unaware that an estate plan can include provisions for family members with special needs.

When families have concerns about the particular needs of disabled individuals, estate planning documents can be tailored to meet those needs, while still preserving an individual’s eligibility for government benefits, if that is an issue.

This includes the preparation of special needs trusts.

Family Caregivers - The Backbone of Long Term Care

It is a myth that most of the elderly are cared for by nursing homes or health care institutions, In fact, over the past several years it has been determined that over 80% of those who need long term care receive that care from unpaid caregivers.    That being the case, what can you do to make caregiving easier down the road?  

As a caregiver, the key word is plan:

1. Determine a starting point with respect to financial matters and care options
2. Learn about estate planning with respect to necessary documents and guardianship issues
3. Have a plan to take care of your self!
   
   

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Why So Many People Update Their Estate Plans Every Five Years

A common question from many of our clients involves identifying the right timeframe for updating an estate plan.
 
Generally speaking, there are three reasons whey plans should be updated on an approximate five-year cycle:

1. Changes in law, including tax laws
2. Changes in family situation
3. Changes in financial position

In some cases updates should be made more frequently, such as when changes in family situation occur including births, marriages, deaths, and so on. But generally speaking a five-year updating cycle is a good target.

Elder Law Fundamentals

When it comes to elder law, people are most often concerned about long term care planning for themselves as they age or for their aging parents. 

Many fear losing all their assets to a nursing home, and others need assistance with navigating through the complicated legal waters of Medicaid. 
 
Other fundamental components of elder law include:

• Protecting the at-home spouse’s assets and income
• Representation at elderly services or in court
• Long term care planning
• Addressing concerns about the high cost of nursing home care
• Reviewing long term care insurance plans
• Medicaid planning
• Assistance with the completion of the Medicaid application 
• Helping loved ones stay at home with home care assistance
• Caregiver help
• Planning for disabled individuals

3 Ways to Avoid Probate

There are a number of different ways of holding assets that will avoid probate.

The simplest is probably just joint ownership, such as a piece of real estate held as joint tenants or a bank account held jointly. This type of assets will pass automatically to the other joint owner when the first owner dies – but keep in mind, there will still be a probate at the second death.

Another way to avoid probate is by assets which have 'designated beneficiaries', such as an insurance policy or a retirement plan (such as an IRA). These assets will pass to those beneficiaries when the owner of the asset dies.

Still another way to avoid probate is to hold assets in a revocable trust.

Estate Plan Updates?

People often ask about the frequency with which their estate plans should be reviewed or updated.

It is best to review an estate plan at least every five years so that documents can be updated to incorporate any changes in circumstances as well as the ever-changing law.

There are a number of situations that may indicate a need for new or amended estate planning documents, including:

• Changes in health
• Changes in marital status
• Births and deaths
• Changes of mind with respect to a beneficiary, agent, executor, trustee or guardian
• Property acquisition or relocation to another state
• Changes in business interest or wealth

Addiitional Questions About Your Estate Plan

In our previous post we shared three important questions about estate plans that people often don't consider.

Here are some additional questions, all of which are relevant to estate planning and can be addressed in your estate plan:

• What happens if you all die in plane crash, where will your assets go?
• What can you do to protect assets for your disabled child?
• Can your son who you haven’t spoken to in years contest your Will?
• Who will take care of your dog after you die?
• Where should you keep your estate planning documents?
• When do you want life support to be pulled?