A brief background on Miller Trusts, also called Qualifying Income Trusts (QITs)
Words and phrases such as estates, nursing homes, mental incapacity, long-term care costs, trusts, and probate administrations do not exactly inspire feelings of wonder and excitement in most folks. Planning for these potential events can often seem a little scary and confusing.
At Darpel Elder Law, we hope to guide, teach, and see you through these legal mazes. To learn more about particular legal topics, please explore our blog.
There are a few matters you should keep in mind before deciding to age in place.
Many nursing homes struggled financially even before the COVID-19 pandemic; a common question that seniors would ask elder law attorneys was how to tell if a nursing home was understaffed since understaffing is a main contributor to nursing care errors and preventable adverse outcomes in nursing home patients. The problem is even worse now; nursing homes in sparsely populated areas struggle to replace workers who have quit, exhausted by the stressful work, long hours, and low pay. Working as a home health aide where your patients are a long drive away from each other is a similarly thankless job. Now that the emergency funding that nursing homes received has dried up, many nursing homes are closing, especially those where most patients paid for their care through Medicaid. Some counties are left with no nursing homes at all, and residents are forced to move to other nursing homes hours away from their families.
How to plan for pets who might survive you!
The word “dementia” comes from a Latin phrase meaning “out of mind.”
Certain types of assets can pass directly to the beneficiaries without going through a probate administration.
Everyone has a “senior moment” now and then.
What Happens When Someone Dies Without a Will? Understanding Kentucky’s Laws of Intestate Succession
Failure to plan a will can frequently be a huge mistake. Kentucky’s laws grant tremendous deference to a person’s decisions made in a will, but none to wishes not included in a will.
Planning for Medicaid, nursing home care, and the distribution of one’s estate are complicated and challenging concepts. When it comes to Medicaid, one thing many people do not know is that the Commonwealth of Kentucky has the authority to collect the costs of Medicaid benefits from a person’s estate when they pass away.
Probate is the process of settling and administering estates, guardianships, and other matters. When a probate court in Kentucky is asked to settle the estate of a deceased person (decedent) this involves closing out the decedent’s financial affairs, organizing assets, paying creditors, and interpreting the will. When there is no will in place, a probate court will be required to follow Kentucky’s laws of intestate succession.
Estate planning is one of the more complex tasks we will encounter in our lives – even if we do not believe we have many assets to manage.
Whether you are in the midst of estate planning or have barely begun to consider it, it is always a good time to discuss these options
There are numerous services offering legal services that promise to be cheap and effective. Be careful. Often, you get what you pay for.
If you have a family member with a disability, you have probably wondered how to protect their financial assets while also helping them remain eligible for important benefit programs such as Medicaid and Supplemental Social Security Income (SSI).
One strategy to limit or avoid the need for probate is to establish a Revocable Living Trust and transfer assets to the trust. A Revocable Living Trust is an agreement allowing you to manage assets during your lifetime, and distribute assets to beneficiaries automatically upon death. The trustee – either yourself or another person – will manage, invest, or withdraw from the trust during your lifetime as appropriate. The trust will also designate a successor trustee (if needed) after the original trustee’s death, and identify beneficiaries.
It is easy to confuse the Living Will and a Health Care Power of Attorney, or lump them together as something to be figured out later. However, if you are starting to consider an estate plan for yourself or a loved one, the time to think about these two separate devices is now.
Preparing for the possibility of long-term care for yourself or a loved one is a daunting task. First and foremost is the cost, which depends on the type and duration of care you need, the provider you use, and where you live. Currently, the cost of long-term care in a skilled-care facility in Northern Kentucky can range between $9,000 to $12,000 monthly. A home health aide, meanwhile, can cost at least $4,000 per month, depending on the type of care provided. The level of care and living arrangements can affect your costs greatly, and there are various types of long-term care available.
Sadly, a conservatorship or guardianship is sometimes used to exploit or control someone who’s vulnerable.
Don't let Medicaid estate recovery take more than what they're entitled to.
Does Your Kentucky Estate Plan Need a Letter of Competency? Many Kentucky seniors understand the importance of drafting a last will and testament. Just as important is making the necessary updates and changes to your will, and destroying previous copies to avoid a dispute over the true and corr...
The Medicaid Lookback period is often misunderstood. It can also be used to your advantage!
Gifting and Medicaid eligibility can be confusing.
Some of the early symptoms include memory loss, confusion, agitation, restlessness, difficulty sleeping, irritability, repetition of phrases or sentences, and rapid mood swings.
A Resource Assessments will ultimately determine a married couple's specific asset levels to achieve Medicaid eligibility.
Probate is usually necessary only when a person dies having had sole ownership of an asset without a beneficiary designation.