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Have a question? Here are the answers to those we are most often asked.
Yes. Legal guidance ensures:
As noted above, we strongly prefer to involve your accountant early in the process to maximize the tax efficiency of the deal.
The best choice depends on your:
We can help determine the right fit for your situation. We strongly prefer to involve your accountant in the decision.
This question really asks (1) whether the assets in your estate plan get “counted” toward your eligibility for government-paid long-term-care (Medicaid), and (2) if you qualify for and receive Medicaid, whether the government will seek to recover the funds it paid for your care after your death.
Note: contrary to popular belief, no nursing home “takes” your assets; it provides round-the-clock care, housing, and meals, and sends you or your estate an invoice usually not covered by insurance. Like any other service provider, the nursing home expects to be paid and if it is not paid, has the same creditor rights as any other business.
The answer is yes, the assets in your estate plan get “counted” toward your eligibility. The purpose of a living trust is to maximize flexibility with your assets during your life while allowing the distribution of your assets without probate at your death. A living trust is not the type of trust that shelters assets (i.e., removes assets from your control so they are not “counted” as “yours”).
In our experience, most estate planning clients have enough assets and are healthy enough that possible future nursing home admission does not dictate their choices. Most prefer to use their assets on themselves, including to pay for assisted living or in-home health care (neither of which is typically paid by Medicaid).
However, if you are in a position where nursing home admission must drive your choices, there are tools available to plan for Medicaid eligibility. The rules always change, so you should see an attorney who focuses their practice on this area. We have one at Kendricks Bordeau. To learn more, please contact us.
Both outline how assets and responsibilities will be handled, but timing and legal considerations differ.
The timeline depends on whether you have minor children:
All divorces require a court hearing before they are finalized.
Some estates are resolved quickly, while others take significantly longer. The length varies depending on:
Total costs depend on complexity and level of involvement required by the attorney and other law firm staff. Generally, legal fees for a probate are rarely below $5,000.
Probate is billed hourly at the attorney’s regular hourly rate, and if a paralegal is assisting, they bill at their regular hourly rate.
Nothing needs to be done right away; we normally advise clients to wait until after the funeral and burial or cremation. Initial steps include:
Before representation begins, we complete an internal conflict check to ensure ethical compliance. We search our client records to determine whether the firm has a current or past client with an interest in the estate that may pose a conflict of interest.
Even with a real estate agent, an attorney can help:
You may choose to buy or sell real estate yourself, normally called a “for sale by owner” (FSBO) transaction. Our firm often assists with the process by drafting the purchase agreement, advising about property disclosures, assisting with negotiation of the deal, reviewing the title insurance commitment and fixing any issues it reveals, and drafting deeds and bills of sale to transfer the property at the closing.
Examples include:
Common forms include:
Each has different legal and financial implications, on everything from divorce, to creditor issues, to probate, to Medicaid eligibility. Paying an attorney to get your ownership right the first time will save you in the long run. We have seen it (and fixed it) for decades.
We assist with:
We do not assist with:
Every legal situation is unique. If you don’t see your question here, we’re happy to help. Contact our law office today to schedule a consultation and discuss your specific needs.
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