How Do I State Life Support Preferences from Alan L Augulis A living will is going to address the matter of life support. Other medical decisions can present themselves. You could empower someone to make health care decisions on your behalf through the execution of a durable power of attorney for health care or health care proxy. Learn more about how do i State life support preferences in this presentation … [Read more...] about How Do I State Life Support Preferences
When you plan your estate, you facilitate future asset transfers to those that you love. There are numerous different ways that you can provide resources for your family members. You should explore all of your options, because assumptions can lead to costly mistakes. For example, many people decide that they will use a last will to facilitate future asset transfers. You simply state your wishes regarding the slices of a pie, and all of your loved ones will be provided for appropriately. This … [Read more...] about Can Medicaid Recover Assets in a Special Needs Trust?
Your estate is the property that you will be leaving behind after you die. To provide a very general definition, estate planning is the process of arranging for the distribution of this property. In this blog post we will look at the anatomy of a basic estate plan. Transferring Assets You have to utilize some type of legally binding document or documents to state your final wishes regarding the distribution of your assets. You should be aware of the fact that you have a number of different … [Read more...] about Estate Planning Demystified
The Medicaid program is very important in an elder law context because the program will pay for nursing homes. Most seniors will require living assistance at some point in time, so the connection is quite relevant. If you are confused because you will qualify for Medicare coverage at the age of 65, this is understandable, but the truth is that Medicare does not work with nursing homes. If you require help with your activities of daily living, you would be receiving custodial care. Medicare will … [Read more...] about Nursing Homes: Costs Are High & Medicare Won’t Help
The government programs that are utilized by senior citizens can be somewhat confusing. With this in mind, we would like to examine the differences between Medicaid and Medicare, and we will provide some updated figures. Age of Eligibility One of the differences between Medicaid and Medicare is the fact that Medicare is a program that is available to senior citizens. There are no age requirements when it comes to Medicaid eligibility. In fact, many children are enrolled in the Medicaid health … [Read more...] about A Look at New Jersey Medicaid and Medicare Parameters
When you are planning your estate, you must determine whether or not you have any estate tax liability. To do this you could prepare a statement of net worth. This is simply a balance sheet that you utilize to inventory your assets and your debts. When you do the math, you can see where you stand with regard to estate taxes. New Jersey State Estate Tax In New Jersey we have a state-level estate tax. We are in rarefied company on this front, because there are just 13 other states in the union … [Read more...] about Are You Exposed to the New Jersey Estate Tax?
If you are under the impression that estate planning is a matter of document creation, you should take a broader perspective. When a last will is created, you are simply leaving behind a set of instructions. In order for your wishes to become reality, someone must follow these instructions after you pass away. This person would be called the executor or executrix if you utilize a last will as your vehicle of asset transfer. An executor is a male estate administrator, and an executrix is a … [Read more...] about A Probate Attorney Can Provide Guidance
Asset protection is very important for many people. Anyone can be the target of a lawsuit, and we do live in a litigious society. However, people who are involved in certain fields are inherently more vulnerable than others. These would include physicians who are subject to malpractice suits, and landlords who can be sued by injured tenants. You want to protect assets for your own sake, but asset protection can also be important when you are planning your estate. Revocable Living Trust People … [Read more...] about Are Assets in a Living Trust Shielded From Legal Judgments?
A legal guardianship can be granted when an adult becomes unable to handle his or her own affairs. To prevent a legal guardianship, you could use a certain type of power of attorney. Before we narrow our our focus on this dynamic, we should provide some general information about powers of attorney. Empowering a Representative There are circumstances that can exist that would call for the appointment of a representative to act on behalf of another person in a legally binding manner. The document … [Read more...] about Legal Guardianship and Powers of Attorney
The process of New Jersey estate planning can involve some added complexities when there is a considerable amount of wealth involved. For high net worth individuals, estate planning is better described as legacy wealth planning. Let's take a look at this type of planning and examine some of the components of a legacy wealth plan. Estate Tax Efficiency Estate tax efficiency is going to be a primary concern for high net worth families. Accumulating wealth is difficult, but retaining this wealth … [Read more...] about New Jersey Estate Planning: Your Wealth And Your Legacy