Tag: Elder Law

The importance of trust administration in estate planning

Managing the expectations of beneficiaries is one of the most important aspects of trust administration. Many people having heard that living trusts avoid probate, assume that a trust administration is simple, and that the trust property somehow passes to them automatically, because of this many people are disappointed to learn the process can take months, which is why it is important to address unrealistic expectations early in the process. Trust distribution can occur in several stages. It’s important to obtain appraisals and project tax liabilities with accuracy to be sure all debts are paid. This needs to happen before the beneficiaries receive funds, says Anné Desormier-Cartwright of Elder and Estate Planning Attorneys PA. If a beneficiary challenges a trustees actions, or can test the validity of the trust, the trustee may have to withhold distributions until the dispute is resolved. Elder and Estate Planning Attorneys PA is a law office small enough to provide personal service, but large enough to handle all of your estate and planning needs.

If you need assistance with your VA pension, know THIS

Many older veterans are unaware that they can qualify for financial help in paying for the cost of home care. Most veterans complete their military service and move on with their lives without looking to the VA for help. But VA pension benefits can become important for these veterans later in life. To qualify for VA pension the veteran must be 65 or older, or permanently disabled for reasons not related to military service. In addition, the veteran must have low income and only modest new worth. The veteran must have had 90 days of military service that included at least one day during a period of war. To receive a pension, the veteran’s income must be below the maximum annual pension rate set by the government. Because medical expenses reduce countable income, an aging veteran who needs ongoing long-term care services and supports may now be able to qualify for financial assistance from the VA, says Anné Desormier-Cartwright, of Elder and Estate Planning Attorneys PA. The extra funds can make all the difference in allowing the veteran to get the support needed to remain at home. Elder and Estate Planning Attorneys PA is a law office small enough to provide personal service but large enough to handle all of your state and planning needs.

Protecting Your Loved Ones From Elder Abuse

Elder abuse has become increasingly common especially in the state of Florida. Typically, elder abuse involves a financial exploitation of a vulnerable adult who is subjected to a trusted caregiver who will manipulate them and take their property without their permission. Elderly people are being robbed of assets they worked their entire lives to build. They’re being manipulated by people under a false pretense of trust and they’re quite literally paying for it. If you suspect an elderly friend or relative may be a victim of elder abuse and exploitation be aware that it’s something that can be reported to the court system and help that person have their assets returned to them. Elder and Estate Planning Attorneys PA is a law office small enough to provide personal service but large enough to handle all of your estate and planning needs.

Going Through a “Gray Divorce” Requires Keeping an Eye on Retirement

We know that going through a divorce can be a traumatic experience for anyone at any age. Younger and middle-aged couples often face the unfortunate challenge of splitting up with children involved. Older couples face their own harrowing challenges, particularly if they have been married for a long time and are beyond their prime working years.

Many older adults no longer possess the desire to climb the corporate ladder or compete in the job market, if they are able to work at all. Further, with their shared nest eggs and investments that can be greatly reduced through a separation, it is recommended that older couples keep an eye on their retirement accounts when going through a “Gray” Divorce.

As always, meeting with an experienced attorney should be one of your first steps if you are considering a divorce. When it comes to separating later in life a consultation with an estate planning and elder law attorney is critical so you may discuss the impact on your long-term care options. Let us share a few tips to help you through this process.

1. Seek wise counsel. Obtaining a qualified attorney is a must, but a financial advisor or attorney with estate planning experience can be an added advantage. They can help organize long-term retirement goals, set up estate documents, and provide information and guidance for negotiating a favorable divorce settlement.

2. Obtain documents. Whether you or your spouse was in charge of your legal, financial, insurance and tax documents, it can be critically important to obtain copies for your divorce negotiations and retirement planning. Think of these items as the bedrock for your financial future.

3. Be financially prudent. It is true that there is more to life than money, as evidenced by the love and compassion that once led to your marriage. Money, however, is an inescapable part of life, and the older one gets the more important financial stability becomes.

4. Make sound financial decisions. This is important throughout the course of a “Gray” Divorce proceeding, as well as, with post-divorce decisions about the lifestyle one can realistically afford. A healthy goal would be the funding a comfortable, long-term retirement and building up from there. It may be easier said than done, but it is not impossible.

Knowing that you are financially supported in your latter, non-working years can bring peace of mind during a difficult time. It may also allow you to live out your golden years with a greater sense of enjoyment amid your new family circumstances. Do not wait to contact us with your questions