It’s a useful exercise to make sure that you understand what is in your trust. Other issues, particularly those related to tax issues, will require consulting with Linda Strohschein. We are hosting a free lunch and learn about the different types of trusts and how to best reach your estate planning goals this Thursday, January 23rd. RSVP today!
Admitting a loved one to a nursing home can be very stressful. In addition to dealing with a sick family member and managing all the details involved with the move, you must decide whether to sign all the papers the nursing home is giving you. Nursing home admission agreements can be complicated and confusing, so what do you do?
It is common knowledge that husbands and wives are entitled to collect Social Security benefits on their spouses’ work records. Less well known is that this benefit applies to divorced spouses as long as the spouse has not remarried. Divorced spouses are even entitled to survivor benefits in certain circumstances.
Once a loved one passes, several tasks come to hand for the family. The majority of these tasks involve expenses and they quickly add up. First and foremost is the task of laying your loved one to rest. The average cost of a funeral is between $8,000 – $12,000. Perhaps the loved one set up a pre-paid funeral arrangement or had a life insurance policy that could cover these expenses and outstanding debts. Probate is the process to collect assets, pay bills and issue distribution to the beneficiaries. Please enjoy this article provided to us from Elder Law Answers on paying debt from an Estate.
Probate occurs when…
Probate will be required when the Decedent leaves assets over $100,000 to be collected that does not name a beneficiary, a joint tenant or co-owner. Probate begins any time following death and will last for a minimum of six months. Probate can extend for many years based on the parties and the issues involved.
While the paperwork is vital, especially when family members disagree, family discussion can be even more important. Advance Directives should be part of a broader discussion, including how do you want to be cared for and by whom, where do you want to live and what do you want out of your final years?
Planning ahead for your own disability is a difficult step to take because no one wants to believe it can happen to them; but it can happen. Take a look at the following article we found on Forbes.com. Know your options and put a plan in place. Strohschein Law Group is hosting a FREE one hour Lunch&Learn workshop – “Life Care Planning – Getting and Paying for Good Care When You Need It” on Tuesday, June 18th starting at Noon. It’s better to prepare for what your options can include before getting in the tangled web of bureaucracy explained below.
Strohschein Law Group is dedicating the longest day of the year, June 21st, to provide awareness and help in the fight to end Alzheimer’s. Our staff will be available by appointment and walk-in to prepare your ~
Durable Powers of Attorney for Healthcare and Property FREE of charge
Friday, June 21st 9:00 a.m. – 5:00 p.m. at our office in St. Charles
To sweeten the deal, we will send you off with a root beer float to enjoy the first day of summer! All we ask is that you leave a donation for the Alzheimer’s Association.
Without warning, Mom’s medical situation takes a significant turn downward and she goes from being independent and on her own, to needing 24/7 care in a very short period of time. The adult children rally to find a short term and long term solution since they don’t know how this will play out in the coming weeks and months ahead.
After the hospital and rehab at a local nursing home, Mom returns home. Initially the children take shifts to address Mom’s immediate care needs. When the children need to go back to work and Mom still cannot be on her own, an in-home caregiver is located and service begins immediately.
While you read this you may think you don’t have an “estate” but if you have any combination of bank accounts, investments, real estate, business interests, life insurance policies, personal property, jewelry and collections of any sort, you will want to protect these things that really do matter. The cost of long term care without a plan could cost you and your loved ones. Simply put, a will isn’t enough!