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Protect Your Farm Ground!
April 22, 2013
If my father needs nursing home care, will he lose his farm ground? The ground has been in our family for generations.
There are few things that families want to protect more than the family farm. However, as the law stands today farm ground is not safe when a loved one needs long-term care. The income producing property rule governs farm ground and it provides that up to $6,000 of property will be exempt but only if that property is producing at least a 6% return on the value of the exempt property. That means that if your father needs long-term care he can only protect $6,000 of his farm ground. For some families a $6,000 exemption will not protect even a single acre. Additionally, with the income production requirement it is possible that CRP ground and timber will not be able to meet the 6% return requirement meaning none of the ground would be exempt. Family farm ground is more than just an asset to our clients. It is part of who they and their families are. Make sure you know how to protect your family, your farm ground and the values you hold. By planning in advance, you can develop a plan that will allow your family to continue using the land just as you always have.
Is There a Genuine Need for Estate Planning?
February 25, 2013
A lot of us have worked very hard over the years to accumulate our assets and maintain financial stability. Most of us are leaving our assets to our family after our departure from this world. However, many people also believe their family will be able to sort out the assets quickly and fairly. This is not always the case. Typically disputes can flare into massive rifts in the family with each person wanting their own share.
Having an attorney help you with estate planning can avoid all of this hassle and bickering. An estate plan will dictate what assets go to whom, and help prevent family disagreements. Some people have the mistaken belief that there is no need for estate planning. This can cause problems later on. Anybody with some assets should have planning for the distribution of said assets after the event of their demise. The assets can include your retirement savings, investments, insurance policies, business interests and real estate.
Estate planning isn’t just about the circumstances after you pass. It can also establish advance medical directives which can be extremely helpful in the event of an accident or condition which may leave you without the ability to manage your own affairs.
There is no need to spend hours up at night considering your options. Estate planning can be very easy with the help of an attorney. With a little help and some good planning, you can make sure your assets are in the order you want them to be when you pass on.
Is There a Genuine Need for Estate Planning?
February 8, 2013
A lot of us have worked very hard over the years to accumulate our assets and maintain financial stability. Most of us are leaving our assets to our family after our departure from this world. However, many people also believe their family will be able to sort out the assets quickly and fairly. This is not always the case. Typically disputes can flare into massive rifts in the family with each person wanting their own share.
Having an attorney help you with estate planning can avoid all of this hassle and bickering. An estate plan will dictate what assets go to whom, and help prevent family disagreements. Some people have the mistaken belief that there is no need for estate planning. This can cause problems later on. Anybody with some assets should have planning for the distribution of said assets after the event of their demise. The assets can include your retirement savings, investments, insurance policies, business interests and real estate.
Estate planning isn’t just about the circumstances after you pass. It can also establish advance medical directives which can be extremely helpful in the event of an accident or condition which may leave you without the ability to manage your own affairs.
There is no need to spend hours up at night considering your options. Estate planning can be very easy with the help of an attorney. With a little help and some good planning, you can make sure your assets are in the order you want them to be when you pass on.
Jones Elder Law is hosting Asset Protectionworkshops January 30th and 31st!
January 30, 2013
This morning’s Asset Protection Workshop by Jones Elder Law has started and so far has been a booming success! This workshop is focused on things such as…
- Senior Estate Planning Steps Necessary Because of the Fiscal Cliff Resolution.
- How to Protect Yourself and Your Loved Ones from Devastating Long term Care Costs.
- Take Control of Your Situation by Learning How to Protect Your Home, Your Family, and Your Farm.
If you missed out on the first workshop today don’t worry! We have a second one going on at Holiday Inn, 3800 Homer Adams Pkwy in Alton from 6:00-7:30 p.m.
If you can’t make the second workshop don’t worry! We also have two tomorrow January 31st at 10:00-11:30 a.m. or 6:00-7:30 p.m. at Holiday Inn, 313 Salem Place in Fairview Heights.
Your attendance at this workshop is Free, but seating is limited. TO RESERVE A SPOT, CALL 618-258-8466. These workshops fill up quickly! Call Jones Elder Law and make your reservation now!
Understanding the Effect a BeneficiaryDesignation May Have on your Estate Planning
October 26, 2012
A beneficiary of designation is a separate contractual provision that will control what will happen to the asset that the beneficiary designation covers. So for example, the beneficiary designation on a life insurance policy provides that upon the insured’s passing the proceeds of the insurance policy will be paid out to the designated beneficiary. You may also have beneficiary designations on other assets such as 401(k) plans, Annuities, and Individual Retirement Accounts. One benefit the beneficiary designation has is that it can avoid the probate process provided the beneficiary named is living. What many people fail o realize is that such a designation is separate and distinct from your Will or Trust. In other words, the beneficiary designation trumps whatever your Will or trust may say. It is not uncommon for someone to inadvertently disinherit a loved one because they do not have them listed on a beneficiary designation but do have them listed as a beneficiary under their Will. Proper planning always involves making sure that your beneficiay designations accurately work in conjunction with you Will and or Trust and that both carry out your wishes.
National Estate Planning Awareness Week!
October 16, 2012
Jones Elder Law would like to acknowledge the fact that the third week of October (15-21) is National Estate Planning Awareness Week! This week is dedicated to helping people become more aware of the benefits for Estate Planning. An estate plan can save you thousands of dollars. Estate planning can also encourage family members to meet certain criteria for their inheritance, and it can protect your assets from lawsuits, divorce, and creditors! For more on Estate Planning contact Jones Elder Law today!
What To Do After a Death in the Family
The passing of a loved one is a stressful and confusing time. Families are dealing with decisions they may make once or twice in their entire lifetime. Jones Elder Law frequently assists our clients in dealing with the stressful event of a death in the family. A major mistake that families often make is trying to complete too many tasks to quickly. By all means if your loved one passes, feel free to call us for guidance but understand that everything does not have to be done right away. For your guidance we have set out a potential list of tasks, which are necessary, and possible timelines.
Initial Steps
Contact family and friends.
Contact funeral home.
Locate a copy of estate planning documents.
Contact Jones Elder Law.
Review the insurance policy of the individual.
If the deceased person was a veteran, call your local Veterans Association.
Within the first 3 months
Meet with Jones Elder Law.
File the will.
Open Probate Matters (If necessary)
Identify assets and accounts of the deceased.
Check safe deposit box or home safe.
Contact the Office of Social Security.
Review any employer benefits of deceased.
Cancel credit cards.
Cancel anything that is no longer necessary. ( Cell phone plans, gym membership etc.)
In the following months
Identify assets and accounts of the deceased.
Change title to assets. The underlying document will need to be examined.
Deal with distributions to beneficiaries. Again you will need to examine the underlying document.
Settle the estate.
Hire an accountant.
After the estate is settled
Update your estate plan.
Review beneficiary designations for your retirement accounts and life insurance policies.
Determine if your accounts have pay on death(POD) or transfer on death(TOD) designations
Review your own financial situation, such as short term and long term cash needs.
Review your situation regarding life insurance, medical insurance, and other types.
Reassess your investment portfolio to account for additional assets and other changes.
The Benefit of a Comprehensive Power ofAttorney
October 4, 2012
The benefits of a highly detailed, comprehensive power of attorney are numerous. Unfortunately, many powers of attorney are more general in nature and can cause more problems than they solve, especially for our senior population. A proper starting point is to emphasize that the proper use of a power of attorney (”POA”) as an estate planning and elder law document depends on the reliability and honesty of the appointed agent. A POA provides the ability to choose who will make decisions for you (rather than a court) and avoids the necessity of guardianship. A comprehensive POA is best because as people age, their needs change and their power of attorney should reflect that. Seniors have concerns about long term care, applying for government benefits to pay for care, as well as choosing the proper care providers. Without allowing the POA to perform these tasks and more, precious time and money may be wasted. Further, a comprehensive POA may include all of the powers required to do effective asset protection planning. If the power of attorney does not include a specific power, it can greatly dampen the agent’s ability to complete the planning and could result in thousands of dollars lost. While some powers of attorney seem long, it is necessary to include all of the powers necessary to carry out our proper planning. Finally, it can protect the agent from claims of financial abuse. Comprehensive POA’s often allow the agent to make substantial gifts to self or others to carry out asset protection planning objectives. Without the power of attorney authorizing this, the agent (often a family member) could be at risk for financial abuse allegations. These are just a few of the reasons to not only have a Power of Attorney, but to make sure it is a comprehensive document that includes all your concerns. For more information about the benefits of a comprehensive POA, contact and elder law attorney about your specific situation.
Protecting Your Home In This Economy
April 22, 2011
When someone is in a nursing home and receiving Medicaid, their primary residence is exempt. Therefore, the government generally will not force you to sell your home. However, in order for it to be exempt there must be a spouse or disabled child in the home, or the person in the nursing home must have expressed their intent to return home.
Due to estate recovery, if the government paid for nursing home care, it has the right to recover that money. Recovery takes place in probate, where the biggest asset is usually … your home. So even though your home was exempt during your life, it may be taken after your death.
With a little advanced preparation and planning there are strategies that can keep you in your home for your lifetime and pass it to your loved ones outside of probate upon your passing.
Planning for the High Cost of Raising YourChild AND Your Family
May 28, 2010
Older Posts »How much does it cost to raise a child from birth to age 18? Online calculators now estimate the cost at about $250,000 (varying depending on where you live around the country), but any parent will tell you that it costs much more than that to raise a family. This is because children don’t grow up in a vacuum. Raising a child includes the cost of food, clothing, diapers, child care, and other necessities… Raising a family includes all of the above plus college education, insurance, retirement savings for mom and dad, and let’s not forget a little bit of estate planning.
Does estate planning really rank up there with college savings and retirement? If you have a growing family the answer is an absolute yes. Financial experts such as the one quoted in this article in the Boston Globe will agree; your estate plan is a kind of family insurance, and is just as important as your homeowners or life insurance policy.
Raising a family and creating your estate plan both require the kind of split thinking that allows you to look at the long-term future while still keeping yourself firmly grounded in the necessities of the here and now. Just as parents must consider both onesies and universities, roller skates and retirement—so must your estate planning take into consideration what your family would need if you were to disappear today, as well as planning for the possibility that you could be alive and well and spending your money long past the age of 85 or 90.
If you have a growing family—or are a young couple about to jump into the joys of parenthood—don’t let the demands of the here and now blind you to the needs of the future. Schedule time every few months or so to sit down with your partner and re-evaluate your current financial situation as well as your future financial portfolio and your estate plan. Make sure they continue to reflect your long-term needs and desires.
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P: IL 618-258-8466 or MO 314-812-4820 | F: 888-838-1793
www.joneselderlaw.com
Serving all of Madison County & St. Clair County