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Estate Planning

Believe it or not, you have an estate. Your estate is comprised of everything you own— your car, home, other real estate, checking and savings accounts, investments, life insurance, furniture... more
Believe it or not, you have an estate. Your estate is comprised of everything you own— your car, home, other real estate, checking and savings accounts, investments, life insurance, furniture, personal possessions. No matter how large or how modest, everyone has an estate and something in common—you can’t take it with you when you die. When that happens, you probably want to control how those things are given to the people or organizations you care most about. To ensure your wishes are carried out, you need to provide instructions stating whom you want to receive something of yours, what you want them to receive, and when they are to receive it. You will, of course, want this to happen with the least amount paid in taxes, legal fees, and court costs. That is estate planning—making a plan in advance and naming whom you want to receive the things you own after you die. However, good estate planning is much more than that. It should also: * Include instructions for passing your values (religion, education, hard work, etc.) in addition to your valuables * Include instructions for your care if you become disabled before you die. * Name a guardian and an inheritance manager for minor children. * Provide for family members with special needs without disrupting government benefits. * Provide for loved ones who might be irresponsible with money or who may need future protection from creditors or divorce. * Include life insurance to provide for your family at your death, disability income insurance to replace your income if you cannot work due to illness or injury, and long-term care insurance to help pay for your care in case of an extended illness or injury. * Provide for the transfer of your business at your retirement, disability, or death. * Minimize taxes, court costs, and unnecessary legal fees. * Be an ongoing process, not a one-time event. Your plan should be reviewed and updated as your family and financial situations (and laws) change over your lifetime.
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Questions and Answers

Vanessa Terzian
Vanessa Terzian
Estate Planning Attorney

An Elder Care Attorney can guide families through this process. The process begins with a review of any Estate Planning Documents your grandfather may have (and if they don’t have any it is time to make sure they do). Estate planning documents would include Powers of attorney, medical directive, a... more

We at Care Giving Answers strive to provide helpful and...  (more)We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and loved ones. The material provided through our site is made available for informational purposes only. In no way should users of our site rely or act upon any information provided herein without seeking appropriate professional advice (medical, legal or financial). Users should independently verify the accuracy, completeness and relevance for their specific purposes. The information provided through our site is not intended to constitute professional advice and in no way forms or constitutes a professional-client relationship of any kind.
Scot Cheben
Scot Cheben
Senior Advisor

The steps you can take right now are to get as much education about this dreaded disease and also mentally prepare yourself. I can help with the first part, but preparing yourself mentally is always a tough one. I'll give you some advice on this as well. I would start with the Alzheimer's... more

We at Care Giving Answers strive to provide helpful and...  (more)We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and loved ones. The material provided through our site is made available for informational purposes only. In no way should users of our site rely or act upon any information provided herein without seeking appropriate professional advice (medical, legal or financial). Users should independently verify the accuracy, completeness and relevance for their specific purposes. The information provided through our site is not intended to constitute professional advice and in no way forms or constitutes a professional-client relationship of any kind.
Vanessa Terzian
Vanessa Terzian
Estate Planning Attorney

As you know, Medicaid is a joint federal and state program that helps with medical costs for some people with limited income and resources. Medicaid also offers benefits not normally covered by Medicare, like nursing home care and personal care services. Each state has different rules about... more

We at Care Giving Answers strive to provide helpful and...  (more)We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and loved ones. The material provided through our site is made available for informational purposes only. In no way should users of our site rely or act upon any information provided herein without seeking appropriate professional advice (medical, legal or financial). Users should independently verify the accuracy, completeness and relevance for their specific purposes. The information provided through our site is not intended to constitute professional advice and in no way forms or constitutes a professional-client relationship of any kind.
Vanessa Terzian
Vanessa Terzian
Estate Planning Attorney

This is a great opportunity to be proactive. There are two essential documents anyone should have that relate to legal and medical issues if one becomes incapacitated:power of attorney for finance: this document names a person or persons to make financial decisions for you in the event you are... more

We at Care Giving Answers strive to provide helpful and...  (more)We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and loved ones. The material provided through our site is made available for informational purposes only. In no way should users of our site rely or act upon any information provided herein without seeking appropriate professional advice (medical, legal or financial). Users should independently verify the accuracy, completeness and relevance for their specific purposes. The information provided through our site is not intended to constitute professional advice and in no way forms or constitutes a professional-client relationship of any kind.
Vanessa Terzian
Vanessa Terzian
Estate Planning Attorney

I am so sorry to hear about your grandmother, but from a legal standpoint, you would want to find out if your grandma has a Advance Health Care Directive (AHCD), which is a legal document that names an agent to make medical decisions on her behalf. You would want to discuss her wishes regarding... more

We at Care Giving Answers strive to provide helpful and...  (more)We at Care Giving Answers strive to provide helpful and relevant information to senior citizens and their families and loved ones. The material provided through our site is made available for informational purposes only. In no way should users of our site rely or act upon any information provided herein without seeking appropriate professional advice (medical, legal or financial). Users should independently verify the accuracy, completeness and relevance for their specific purposes. The information provided through our site is not intended to constitute professional advice and in no way forms or constitutes a professional-client relationship of any kind.