Living probate is the guardianship process that will take place if you become incapacitated and you do not have a legal document called a power of attorney.  Your loved ones will have to go to court in order to manage your healthcare and to gain access to your money.  Living probate is the court proceeding designed to protect the mentally disabled.  What happens during the guardianship proceeding?  It begins with the filing of a Petition.  The Petition states the facts and circumstances of your situation.  Family member’s names, addresses and phone numbers are included, as well as details of your assets, such as your home, your bank accounts, your retirement accounts and your sources of income.  Attached to the Petition are two letters from your physicians stating that you are unable to manage your financial affairs and make your own health care decisions.

After the Petition is filed with the Circuit Court, a show cause order is issued.  An attorney is appointed to represent the alleged disabled person.  The Petitioner mails a copy of the Petition and letters from the doctors to all interested parties – usually your family members, the local Department of Social Services and the Social Security Administrator.  The court appointed attorney then files an answer to the Petition and presents the court with a report.  The attorney will talk to the interested parties and meet with the alleged disabled person.  The interested parties have 20 days to contest the proceeding.  The last step is a mandatory court hearing.  Often the court appointed attorney waives the alleged disabled person’s appearance in court.  The hearing is usually 10-15 minutes long.  The court appointed attorney will give their report to the Judge and if there are no issues and no one contests the proceeding, the Judge will grant the Order for Guardianship of the person and property.

SinclairProsser Law, LLC is a member of the American Academy of Estate Planning Attorneys.

What is Living Probate? Attorney Nicole Livingston

SinclairProsser Law, LLC is a member of the American Academy of Estate Planning Attorneys.

Don’t forget to tune in today to WNAV Radio on 1430 AM or 99.9 FM @ 3:50pm to listen to Your Estate Matters with Attorney Nicole Livingston.  The topic is What is Living Probate?

SinclairProsser Law, LLC is a member of the American Academy of Estate Planning Attorneys.

How to pay for long-term care is a question that keeps individuals up at night.  For certain families, there may be several options, for others, only one.

Long-term care involves medical and non-medical care to people who have a chronic illness or disability. Most long-term care is to assist people with activities of daily living, such as dressing, bathing, and using the bathroom. Long-term care can be provided at home, in the community, in assisted living or in nursing homes. It is important to remember that you may need long-term care at any age.

Out of pocket is the most common way to pay for long-term care.  This means that your income and assets are at risk.  This option does allow the person of considerable means to choose a nicer nursing home or location.  If you spend all of your assets, you can now apply for Medicaid if you are otherwise eligible.

In order to qualify for Medicaid, which is another way to pay for long-term care, if you are single, all of the income goes to pay the nursing home, while you have to spend your assets down to a minimum level, which is currently $2500.00.  If you are married, the spouse not in a nursing home, called the community spouse, can keep their income and perhaps some of the nursing home spouse’s.  There is also a certain amount of money that the community spouse can keep, which is a little over $113,000.  There are Medicaid planning strategies that may work to preserve some of the assets, but this should be implemented long before the nursing home level of care need arises.

Veteran’s Aid & Attendance and Housebound benefits may help offset some of the costs of long-term care.  This benefit is for a wartime veteran or his/her surviving spouse.  There are asset and income limits, but the income can be offset by unreimbursed medical expenses, such as Rx’s, copays, home care or assisted living facility or nursing home costs.  The restrictions on transfer of assets to qualify for the benefit are also less strict that qualifying for Medicaid.  For a married wartime veteran, the pension could be $2000.00 per month.

Long-term care insurance is a great option if you are qualified.  This may be something to look into when you are young and the premiums are lower.  There are also insurance policies that you can convert to include long-term care benefits.  This benefit will have a daily benefit, which hopefully would be over $300 per day, because nursing home costs are $8-10k per month and assisted living facilities are $4-6k.  Some long-term care policies also cover home care costs.

The most important thing you can do is meet with an Estate Planning and Elder law attorney to discuss your options.  There may be a way to alleviate some of your fears so you can get a good night’s sleep.

SinclairProsser Law, LLC is a member of the American Academy of Estate Planning Attorneys.

Instead of the IRS, Probate Court or a Nursing Home. Attend a FREE SEMINAR to Find Out How a Proper Estate Plan Can Benefit Your Family…

…Seating is limited so follow the link to reserve yours today!

http://www.sinclairprosserlaw.com/local/estate-planning-seminars.aspx

SinclairProsser Law, LLC is a member of the American Academy of Estate Planning Attorneys.

Options for Paying for Long Term Care by Attorney Paula M. Mattson-Sarli

SinclairProsser Law, LLC is a member of the American Academy of Estate Planning Attorneys.

Don’t forget to tune in today to WNAV Radio on 1430 AM or 99.9 FM @ 3:50pm to listen to Your Estate Matters with Attorney Paula M. Mattson-Sarli.  The topic is “Options to Pay for Long Term Care”.

SinclairProsser Law, LLC is a member of the American Academy of Estate Planning Attorneys.

Over the 22 years of practicing law I have met with many people and have reviewed their financial affairs. Although I am not a financial advisor and I do not sell insurance, I believe insurance and financial planning play an important role in protecting you and your family.

There are many types of insurance and I do not have enough time to provide a comprehensive overview of the ins and outs of insurance, but let me talk briefly about several types of insurance in estate planning.

I see life insurance in just about every estate I work with. Life insurance has many applications including funeral planning, or debt planning for paying off a mortgage or car loan.  Life insurance can also provide liquid funds for the surviving family.

Long term care insurance is another insurance product I frequently address in estate planning.  I highly recommend everyone consider how they anticipate paying for long term care costs.  Long term care insurance is one option.  Whether you will be cared for at home, in an assisted living or in a nursing home, planning for how the care will be paid for is important.    Long term care insurance can go a long way in preserving your estate.

Liability insurance is another insurance product I regularly recommend to my clients.  Many people tell me they want to protect themselves from law suits.  However it really is not appropriate for most people to do sophisticated asset protection planning with vehicles such as “off shore trusts”.  If this is a concern for you, then a meeting with your insurance agent would be beneficial.  At that meeting you will want to review the insurance you have in place for your home and your automobiles.   You will also want to consider an umbrella policy, or a personal liability policy, to insure you in areas where your homeowners and auto insurance does not.

SinclairProsser Law, LLC is a member of the American Academy of Estate Planning Attorneys.

Insurance Can Play an Important Role in Estate Planning – Attorney Colleen Sinclair Prosser

SinclairProsser Law, LLC is a member of the American Academy of Estate Planning Attorneys.

Our own estate planning attorney, Nicole T. Livingston, presented a 2 credit Continuing Education Seminar for Maryland Life/Health Insurance agents, CFPs and CPAs.  The course addressed Medicaid and Veterans Planning for Long Term Care While Protecting Assets.  The book 47 Secret Veterans’ Benefits for Seniors by Victoria L. Collier, JD was provided to each participant as a valuable resource.

SinclairProsser Law, LLC is a member of the American Academy of Estate Planning Attorneys.