A well drafted and comprehensive estate plan typically incorporates a number of strategies into the plan and makes use of various different tools and techniques in an effort to accomplish the numerous estate planning goals the plan creator may have. One common estate planning goal is probate avoidance because assets that are required to pass through the probate process are often held up an unavailable for weeks, even months, after the decedent’s death. One strategy that can help with probate … [Read more...] about What Is a POD or TOD Account?
At some point in your life you may be faced with the difficult decision to pursue guardianship/conservatorship in South Carolina over a family member or loved one. Like most people, you may struggle with the decision; however, failing to pursue guardianship and/or conservatorship may result in serious injury or victimization of your loved one. A better understanding of what guardianship and/or conservatorship is in South Carolina may be beneficial to your decision making process. Although the … [Read more...] about What Is Guardianship/Conservatorship in South Carolina?
The United States Census Bureau issued a report back in 2010 that contained some data that is very relevant to those who are interested in elder law, retirement planning, and estate planning. Your anticipated longevity is going to be a very important piece of information to work with when you are attempting to come up with a budget for your retirement years. And of course, if you have specific ideas regarding what you would like to be able to do for your loved ones after you pass away this is … [Read more...] about Take Increasing Longevity Into Account When Planning Ahead
You should be aware of the fact that most people who are fortunate enough to celebrate their 65th birthdays are going to need help with their day-to-day needs at some point in time. This does not always mean that nursing home care will be necessary, but the United States Department of Health and Human Services tells us that you have a 40% chance of residing in a nursing home someday if you live to be 65. So it is indeed very possible that each of us will spend some time in a nursing home … [Read more...] about Medicaid Limits Updated for the New Year
As your parents get older you must try your best to work together as a family. It can be difficult for some senior citizens to accept the reality of reduced capabilities setting in, but be this as it may it is up to the children to take the appropriate actions. When you look at the statistics you see that the majority of senior citizens require some form of living assistance eventually. Some people receive in-home care, and more often than not this care is provided by family members and/or … [Read more...] about Role Reversal: Taking Care of Aging Parents
Why should you plan ahead for retirement? After all, you are going to be receiving Social Security when you reach the age of eligibility. And, when it comes to health care expenses you have no worries because you will be eligible to participate in the Medicare program. While some people do embrace this point of view doing so can result in some rather negative consequences. The truth is that Social Security is not enough to live on comfortably in most cases. The actual average will … [Read more...] about Seniors Will Pay More for Medicare in 2013
We are all aware of the benefits that go along with a healthy lifestyle. As they say, an apple a day keeps the doctor away and when you feel good you really enjoy an enhanced quality of life. Entering into your retirement years on a positive note feeling good physically is fantastic, and it is certainly a goal that we should all strive to attain. The above having been said, it is wise to be pragmatic when looking ahead toward the twilight years that will follow your active retirement … [Read more...] about Great Health, Long Life … Long-Term Care
Sometimes you can get some insight from a relevant court case that you read about, and with this in mind we would like to share a ruling that recently took place in the state of Connecticut that is of interest to people within the elder law community. South Carolina elder law attorneys will always tell you to engage legal advice before entering into contracts that could have serious financial implications. The case that we are referring to (Cook Willow Health Center v. Judy Andrien) revolves … [Read more...] about Consult With Lawyer Before Signing Nursing Home Contract
There was a court case resolved in the state of Kentucky recently that is interesting to people who are in the field of elder law. This case underscores the reason why it is a good idea to discuss matters with a legal professional before you take actions that you may regret later on. Back in 1992 Jeanne Crutchfield obtained long-term care insurance in anticipation of the possibility of the need for living assistance at some point in the future. Unfortunately Ms. Crutchfield was diagnosed with … [Read more...] about Senior Citizen Loses Long-Term Care Insurance Suit
There is an upper resource limit of $2000 that you must stay within if you want to become eligible for Medicaid as a way to pay for long-term care. This figure may seem so small that there is no reason to even consider the possibility of eligibility. In fact, about two thirds of the people who are residing in nursing homes and assisted living communities do rely on Medicaid to pay for their care. This is because all of your assets do not count toward this $2000 limit. Your home, your vehicle, … [Read more...] about Senate to Consider Veterans A & A Look-Back Period