Long-term care costs climbed again in 2021, with rates for home health aides and homemakers seeing the sharpest rises, according to Genworth’s annual Cost of Care Survey. The coronavirus pandemic continues to contribute to cost increases. In the past year, Genworth reports that the national median annual cost of home health aides shot up 12.50% to $61,776, and the median annual rate for the Read More
When Should You Update Your Estate Plan?
Estate planning is not a one-and-done event. Once you've created an estate plan, it is important to keep it up to date. You will need to revisit your plan after certain key life events, including marriage, the birth of children, divorce or the death of a spouse, and a significant increase or decrease in assets. Here's why. Marriage Whether it is your first or a later marriage, you Read More
Moving to a New State? Be Sure to Update Your Estate Plan
While legally you may not need all-new estate planning documents if you move to a different state, you should have your documents reviewed by a local attorney in your new home. The Constitution of the United States requires that states give “full faith and credit” to the laws of other states. This means that your will, trust, durable power of attorney, and health care proxy executed in one state Read More
How to Create an Estate Plan That Includes Your Pet
Pets are members of the family, so it is important to consider how to provide for them in your estate plan just as you would the human family members. While we may think of pets as part of our family, the law considers them to be property. This means that you cannot leave anything in your will directly to a pet. The following are some steps to take to make sure your pet is protected: Caretaker. Pick Read More
Younger Adults Now More Likely to Have a Will, According to Survey
A new survey has found that motivated in part by the coronavirus pandemic, younger adults are now more likely to have a will than middle-aged adults. Nevertheless, the overall percentage of Americans with a will has dropped over the past several years. Caring.com’s 2021 estate planning survey found that for the first time since the survey began in 2015, 18- to 34-year-olds are more likely to have a will Read More
What It Means to Need ‘Nursing Home Level of Care’ for Medicaid Eligibility
When applying for Medicaid’s long-term care coverage, in addition to the strict income and asset limits, you must demonstrate that you need a level care typically provided in a nursing home. Whether you are applying for nursing home coverage or through a Medicaid waiver program for coverage at home, you must meet the level-of-care requirement set by the state. Each state has its own criteria for Read More
Who Makes Health Care Decisions If You Can't?
Being able to make health care decisions for ourselves is so important to us, but what happens if you become incapacitated and are unable to voice your opinion? If you don’t have a health care proxy or guardian in place, state law chooses who can make those decisions. In an emergency, medical providers can take measures to keep us alive, but once the emergency has passed, the medical providers will look Read More
Britney Spears Case Puts Renewed Focus on Guardianships and Less Restrictive Alternatives
Britney Spears’s legal fight to gain control of her personal and financial affairs has brought the discussion of guardianship front and center. While a full guardianship may be necessary for many individuals who are incapable of managing their own affairs due to dementia or intellectual, developmental or mental health disabilities, the Spears case underlines the option of more limited alternatives. Every Read More
The Difference Between Elder Law and Estate Planning
Elder law and estate planning serve two different--but equally vital--functions. The main difference is that elder law is focused on preserving your assets during your lifetime, while estate planning concentrates on what happens to your assets after you die. Elder law planning is concerned with ensuring that seniors live long, healthy, and financially secure lives. It usually involves anticipating future Read More
Be Careful Not to Name Minors as Your Beneficiaries
Most people want to pass their assets to their children or grandchildren, but naming a minor as a beneficiary can have unintended consequences. It is important to make a plan that doesn’t involve leaving assets directly to a minor. There are two main problems with naming a minor as the beneficiary of your estate plan, life insurance policy, or retirement account. The first is that a large sum of money Read More