Like most people, you probably prefer not to think about the possibility that you will end up in a nursing home someday down the road. While understandable, it is not wise to ignore the possibility. This is one of those situations where “burying your head in the sand” could cost you, and your loved ones, a small fortune. Instead of putting your nest egg at risk, talk to your Missouri elder law attorney about adding a nursing home planning component to your overall estate plan. By doing so, you … [Read more...] about Can Nursing Home Planning Help Save My Nest Egg?
National Life Insurance Month Is a Great Time to Review Your Estate Plan
Life insurance is a common addition to a comprehensive estate plan given the numerous different estate planning goals that can be achieved with the help of a life insurance policy. September is “National Life Insurance Month” in the United States, making it a great time to review your life insurance policies and discuss how they fit into your estate plan with your Missouri estate planning attorney. The Role of Life Insurance in Your Estate Plan The basic concept behind life insurance is to … [Read more...] about National Life Insurance Month Is a Great Time to Review Your Estate Plan
What Is the Difference between the Various Types of IRAs?
It is never too soon to start thinking about retirement – at least not the financial aspect of retirement. In fact, the sooner you start planning for your “Golden Years,” the more financially secure you will be when the time comes to enjoy those years. One increasingly popular retirement planning tool is an IRA. Before you rush to open an IRA though, you should learn as much as possible about the various types of IRAs and how each one might fit into your overall retirement plan. You should also … [Read more...] about What Is the Difference between the Various Types of IRAs?
Can a Missouri Medicaid Attorney Explain the Spousal Impoverishment Rules?
As you get older, the likelihood that you (or your spouse) will need long-term care increases dramatically. The cost of that care, if you do need it, will not be cheap nor will it likely be covered by your basic health insurance coverage. Medicare won’t help cover your long-term care expenses either, leaving Medicaid as the only available source of assistance for many seniors who need long-term care. To qualify for Medicaid though, you cannot have income that exceeds the (very low) program limit … [Read more...] about Can a Missouri Medicaid Attorney Explain the Spousal Impoverishment Rules?
St. Louis Long-Term Care Insurance Explained
At some point in your life you may consider adding long-term care insurance to your overall estate plan as a way to prepare for the likelihood that you, or your spouse, may need long-term care in the future. While long-term care insurance can be a wise addition to your plan, it is essential to understand how the benefits work and what exclusions apply before committing to a policy. As with all decisions related to your estate plan, consulting with your Missouri elder law attorney is always the … [Read more...] about St. Louis Long-Term Care Insurance Explained
5 Wills and Trusts Questions You Should Know the Answers to before You Create Your Estate Plan
Hopefully, you are aware of the need to have a well thought out and properly drafted estate plan in place. Not only can your estate plan ensure that your estate assets are distributed according to your wishes when you are gone, but it can help protect and grow those assets while you are here. Given everything an estate plan can do, it may be surprising to learn that over half of all Americans do not have a plan in place. One of the most common reasons people give for not starting on their estate … [Read more...] about 5 Wills and Trusts Questions You Should Know the Answers to before You Create Your Estate Plan
Why You Should Never Sign a Power of Attorney Without Having an Attorney Review It
Has someone you know asked you to execute a power of attorney naming them as your Agent? If so, do not sign the power of attorney without having an experienced Missouri estate planning attorney review it first. Although a power of attorney, or POA, is a commonly used legal tool, it can also be a powerful tool that should only be executed if drafted, or at least reviewed, by an estate planning attorney. What Is a Power of Attorney? At its most basic, a POA is a legal agreement that allows you … [Read more...] about Why You Should Never Sign a Power of Attorney Without Having an Attorney Review It
How Can I Protect My Assets When I Apply for Medicaid in St. Louis?
At some point in your life, most likely when you are older, you may need to qualify for Medicaid benefits in order to cover the high cost of long-term care. If you have never needed Medicaid benefits before, you may not know what qualifying entails. This is one of those cases where a lack of knowledge can truly hurt you because it may result in putting your assets at risk. The best way to protect your assets when applying for Medicaid in St. Louis is to include Medicaid planning in your overall … [Read more...] about How Can I Protect My Assets When I Apply for Medicaid in St. Louis?
Illinois Bill Would Ban Anonymous Complaints against Nursing Homes
Making the decision to put a parent in a nursing home is often heart-wrenching. Once the decision has been made though, you will face the difficult task of finding the right nursing home for your parent. Given some of the horror stories you have likely heard or read about, you may be reluctant to trust any facility with your parent’s care. Your concern is certainly justified given the number of complaints and violations nursing homes get each year across the United States. If a bill introduced … [Read more...] about Illinois Bill Would Ban Anonymous Complaints against Nursing Homes
Will a Dynasty Trust Work as a St. Louis Asset Protection Strategy?
Like many people, you likely hope to be able to pass down your estate to your children and/or grandchildren when you are gone. To do that, you need to protect your estate assets now, while you are here. Whether you realize it or not, there are likely a number of possible threats to those assets – some are obvious while others are not. Moreover, there may be threats to your assets lurking around the corner in the future that you cannot anticipate now, making it even more important to incorporate … [Read more...] about Will a Dynasty Trust Work as a St. Louis Asset Protection Strategy?
