Financial Insecurity
As of December 2019, market volatility is rocking the world and it appears that this may be the norm going into 2020 and many experts fear recession is imminent. Whether a family member is already in long term care (LTC) or merely concerned LTC is on the horizon, a recession can severely impact financial resources and a family’s ability to pay for help. Planning for LTC now can protect families and their precious assets regardless of the financial weather.
2 Available Benefits
Military veterans may be entitled to Aid and Attendance which can provide over $2,000.00 a month of additional income to help pay for LTC. For all others, Medicaid is available to pay for LTC.
Medicaid Rumors
There are many rumors about Oregon Medicaid. While some are seeded in fact, they rarely tell the whole story. For example, while a Medicaid recipient may not have more than $2,000.00 in available resources, with proper planning their healthy spouse can keep significantly more. Also, did you know that even if you have more income than Medicaid’s maximum you may still be able to qualify? And, your home is an exempt asset if you or your spouse continue to live in the home.
Takeaways Family problems can become legal issues when a loved one needs end-of-life care or passes away, leaving an inheritance. A comprehensive estate plan can help your loved ones avoid family fights by addressing potential issues before they...
Takeaways Americans are among the most generous people in the world, but trust in charities is declining amid concerns about transparency and accountability. Charitable remainder trusts (CRTs) allow donors to provide for themselves and their loved...
Takeaways The Internal Revenue Service (IRS) is likely to see a continuing reduction in its workforce under the second Trump administration. Some experts assert that dramatic reductions in IRS staff could potentially lead to delayed tax return...
Estate planning involves various legal instruments, such as wills, trusts, powers of attorney, and healthcare directives. We specialize in estate planning, ensuring that your documents comply with the ever-changing state and federal laws. We can help you navigate intricate legal requirements, minimizing the risk of costly errors and potential disputes.
Every person's financial situation and family dynamics are unique. We will take the time to understand your goals and circumstances, allowing for the creation an estate plan that suits your individual situation.
We can assist you in structuring your estate plan to protect your assets from potential creditors, lawsuits, and taxation. Our experience can also help you employ strategies to minimize tax liabilities.
Probate is the legal process through which a deceased person's assets are distributed. It can be time-consuming and costly. We can help you explore options to minimize or avoid the probate process, allowing your beneficiaries to receive their inheritances more quickly and efficiently.
When estate plans are unclear or disputed, it can lead to conflicts and legal battles. We can help you draft clear and legally sound documents that minimize the chances of disputes among heirs and beneficiaries. In the event that a dispute arises, we can also represent your interests and work toward an amicable resolution.
Estate plans need to be reviewed and updated periodically to reflect changes in your financial situation, family dynamics, and applicable laws. We can provide ongoing support and guidance, ensuring that your estate plan remains current and effective.
Engaging a law firm for estate planning provides peace of mind, knowing that your affairs are in capable hands. It allows you to focus on enjoying your life without the constant worry of what may happen to your assets and loved ones in the future.
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