Federal law requires each state to attempt to recover long-term care benefits from Medicaid recipient’s estates after their death. This is known as Medicaid estate recovery. If a Medicaid recipient had failed to protect their house, it may need to be sold to settle the claim. Who Does the Medicaid Estate Recovery Program (MERP) Affect? […]
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Estate administration is the process of managing and distributing a person’s property (the “estate”) after death. If the person had a will, the will goes through probate, which is the process by which the deceased person’s property is passed to his or her heirs and legatees (people named in the will). The entire process, supervised
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Many people believe that if they have a will, their estate planning is complete, but there is much more to a solid estate plan. A good plan should be designed to avoid probate, save on estate taxes, protect assets if you have to move into a nursing home, and appoint someone to act for you
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Many people think that estate plans are for someone else, not them. They may rationalize that they are too young or don’t have enough money to reap the tax benefits of a plan. But as the following list makes clear, estate planning is for everyone, regardless of age or net worth. Loss of capacity. What
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Creating a well developed estate plan is the best way for a person to plan for a time during their lifetime, where they cannot manage their assets, and also to plan for the disposition of assets at death. Each person’s needs and wishes regarding their estate during both life and after death can be carried
Common Estate Planning Mistakes and What You Can Do Read More »
The Illinois Medical Assistance Program (“Medicaid”) is the health care program for individuals who do not have another form of insurance or whose insurance does not cover what they need. Medicaid covers medical costs that include doctor visits, prescriptions, and medical equipment. Medicaid also covers the costs of long-term care for many Illinois residents, including,
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My Loved One Has Passed…Now What? Your loved one just died – now what? Unfortunately, many people will have to ask themselves this question at least once in their lives. After you have time to grieve the loss, you will need to take several practical steps to administer your loved one’s estate. Your first step
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Why Not Use A Power Of Attorney From The Internet? A durable power of attorney is one of the most important estate planning documents you can have. It allows you to appoint someone to act for you (your “agent” or “attorney-in-fact”) if you become incapacitated. Without a power of attorney, your loved ones would not
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Role of Being The Agent Of A Loved One’s Power Of Attorney For Property Your mother (or another loved one) just gave you her Power of Attorney for Property document, and it names you as her agent. What responsibilities do you have? Well, to begin with, you don’t necessarily have to accept the job as
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Palliative Care And Supportive Care…Improving Quality Of Life Living with a serious illness can create physical challenges like pain, symptoms or side effects from medication… and even emotional concerns like anxiety or depression…that can affect your quality of life. Palliative care is specialized medical care for people with serious illnesses, offering expert pain and symptom
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