Estate planning for the elderly

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Estate planning for the elderly

A common issue that pops up with family members after someone dies is "do we need to go through probate? To start the process, you should have a list of the assets in front of you and go through a "filter" process of the following questions. Is there a named beneficiary for the assets?


For example, life insurance and annuities typically have a beneficiary. Go straight to the claims process and pass probate.

Planning for Seniors: Long-Term Care and Medicaid -

If the answer is yes to some, but not all, we move to the next question. If the beneficiary is the "estate", then that doesn't count but doesn't necessarily mean you have to go through probate. Is there a surviving joint owner?

Next question is whether there is a surviving joint owner on the remaining account s. While this can create some problemsif the rest of the accounts have a joint owner, you can skip probate. If you still have assets that don't have a named beneficiary or a joint owner, then you move to the next question.

Is there a funded revocable trust? If the decedent established a living revocable trust and properly titled the remaining assetsthen you can avoid probate and just have the trust administration to deal with those assets.

You can end the analysis here. If so, you can use an affidavit to transfer all of those assets. Is there real estate involved for the remaining assets? If there is real estate involved, whether it is a small home or if it is a sprawling farmland, probate is your new best friend.

However, if it has been more than 5 years since the decedent passed, you have another option that I don't feel like getting into right now.

If you get to the end of the process and it appears that you need to go through the probate process, the world does not end. There are some other issues Medicaid estate recovery and small estate vs regular estate that need to be determined.

Also, just because you don't have to go through probate doesn't mean that you may not have some other issues to deal with for the estate. Also, if you had a power of attorney, it is now worthless. Stop using it immediately.A Planning Guide for Families.

TA BLE O F CONTENT S Introduction IV Step 1: Prepare to Talk 3 Step 2: Form Y our Team 7 Step 3: Assess Needs 8 Step 4: Mak e a Plan 2 7 Step 5: Ta k e Action 2 8 Lack of planning doesn Õt mean ther e is a lack of commitment. On the contr ar y, often families avoid discussions about the futur e.

About This is a Web site where senior citizens, their families, attorneys, social workers, and financial planners, can access information about elder law, Medicare, Medicaid, Medicaid planning, guardianship, estate planning, trusts and the rights of the elderly and disabled.

Estate planning for the elderly

Learn about the fundamentals of estate planning, will and testament, advance medical directives, and probate. Plan your estate while you are alive and well, if you become incapacitated, and after your death. A power of attorney is one of the most important estate planning documents, but when one sibling is named in a power of attorney, there is the potential for disputes with other siblings.

No matter which side you are on, it is important to know your . The Law Office of Kay Richter practices in the areas of Estate Planning, Trusts, Wills, Elder Law and Long Term Care Planning. Serving Tucson and southern Arizona. Alabama Family Trust is a non-profit, (c) 3, pooled trust company administering special needs trusts for the disabled throughout the United States.

Begley Law Group – New Jersey Elder law and estate planning