In most cases, you will not be required to sell your home so that you can qualify for Medicaid to pay for your nursing home care. However, your state might file a claim against your home to recoup some of the costs that it paid for your care through a process called estate recovery. Before…
Senior citizens have to meet the eligibility requirements for Medicaid to qualify. They must need care and have limited assets and income. The specific limits that your loved one might have will depend on his or her state and marital status. If your loved one otherwise qualifies for Medicaid other than his or her assets…
Wills and trusts are two different types of estate-planning tools that are sometimes confused. While both of these documents can be used to transfer assets, they function in very different manners. There are also several different types of trusts that can be created. What you choose to include in your estate planning may depend on…
If you die with or without a will, your estate will be probated in order to transfer the legal title to your property to your will beneficiaries or your heirs. The probate process is handled by a specialized court called the probate court, which deals with the debts and assets of people who have died.…
Everyone should consider drafting a power of attorney in case they become incapacitated and are no longer able to make important decisions for themselves. A power of attorney is a document that grants authority to an agent to act on behalf of the principal. Having a POA is a good idea to protect yourself if…
If you are starting the process of planning how to handle your estate, you may have heard of a power of attorney. This is a very important document that should be a part of your estate plan. The professionals at Elder Care Direction can help you to understand the different types of powers of attorney…
If you are preparing to start the estate planning process, you might wonder what a trust account is. The professionals at Elder Care Direction are available to guide you so that you have a better understanding of the different types of trusts that may benefit to you and your family. Trust accounts are legal documents…
If you are chosen to serve as an executor of someone else’s estate, you will have several duties such as paying bills, taking an inventory of the assets, and distributing the proceeds to the beneficiaries. In order to do all of these things, you will first have to be given the power to act by…
Either a living trust or a family trust can be used to accomplish the goals that you have for your estate. One type may be better for you over the other type, depending on your particular needs. The team at Elder Care Direction can help you to understand the differences between family trusts and living…
It is important for you to understand the options that you will have for long-term care if you need it in the future. While you might not want to think about your potential care needs, the Department of Health and Human Services reports that nearly 70 percent of today’s 65-year-old people will need some type…