618-258-8466

Stephen Jones and Associate, LCC

Protecting Your Home In This Economy

April 22, 2011

Filed under: Asset Protection, Elder Law, Estate Planning, Uncategorized — admin @ 7:33 pm

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.

DID YOU KNOW A VETERAN IS ENTITLED TOMILITARY FUNERAL HONORS?

December 28, 2009

Filed under: Uncategorized — admin @ 8:13 am

The Department of Defense provides military funeral honors at the burials of veterans, however you have to request this honor. Military funeral honors include the presence of an honors detail to fold and present the U.S. flag to the next of kin and play “Taps.” Funeral home directors request funeral honors from the Department of Defense. Other honors for deceased Veterans may include: Headstones and Markers; Presidential Memorial Certificate, Reimbursement of Burial Expenses and/or Burial in a VA National Cemetery.

Estate Planning Lessons Learned in theHoliday Bustle

December 14, 2009

Filed under: Uncategorized — admin @ 5:26 pm

Most of us look forward to these winter holidays as a time to spend with family, enjoy the spirit of giving, and even relax a few days away from the stress of our jobs. Every year we hear about how stressful the holidays are, and yet we look forward to them anyway. Why is it that estate planning—another activity rife with benefits that admittedly comes with a little stress—is often avoided at all costs? In truth, the things we do to make our holiday planning more enjoyable and less stressful can be applied to estate planning as well:

1. Don’t wait until the last minute. Not doing our shopping (or planning) ahead of time often means we won’t get what we want. The same can be true of estate planning. Some areas of planning (specifically planning for Medicaid, retirement, and long-term care) must begin at least a few years before you think you’ll need it.

2. You can’t please everybody. Just as blended families have to come to terms with the fact that they won’t please every in-law every year, you have to accept that you may not be able to please all of your children or heirs in your estate plan. In the end, an estate plan is about your assets and your wishes.

3. Planning ahead makes execution easier. Everyone knows that braving the stores at the height of the holiday season is much easier if you’ve thought ahead and already know what you’re getting. Estate planning also benefits from a little bit of forethought, and the whole process runs smoothly if you go into your attorney’s office already having made a list of assets, goals, and people you trust.

4. Expect to get what you pay for. Paying $5 for the tree in the corner of the lot doesn’t mean you’ve gotten a deal; more often it means you’ve gotten a tree that will lose all its needles in the next 2 days. Don’t make the mistake of getting a “deal” on an estate plan that won’t withstand the test of time.

    5. Don’t forget the extras. That radio controlled car looks nice under the tree, but it’s not much fun if you’ve forgotten the batteries to make it go. Your estate plan may also require some “extras” to make it work: funding, memorandum of intent, letters of notification to fiduciaries, etc.

    With a little planning your holidays—and your estate—can be easy and stress free. Contact our office to get started on your estate plan before the year is over.

    www.blogprofs.com

    In This Season of Thanksgiving…

    November 25, 2009

    Filed under: Uncategorized — admin @ 11:19 am

    The days are getting shorter, the weather cooler, and the skeletal arms of trees reach for the skies as their colorful apparel rests on the ground. All of these signs point to just one thing… No, not the estate tax repeal (although that does loom close); I’m referring, of course, to the upcoming holiday season—a time to slow down, spend time with family, and appreciate the blessings in our lives.

    During this time of celebration and Thanksgiving, our office would like to offer our sincere thanks to you, our clients and readers, for the time you have spent with us, the trust you have put in us, and the role you have let us play in your lives. We hope we may continue to serve you in the coming year.

    Happy Thanksgiving to all of our readers, and may you enjoy a wonderful holiday season.



    #2 Terminal Drive | Suite 15 | East Alton, IL 62024
    28 Bronze Pointe | Suite A-2 | Swansea, IL 62226
    (Swansea Office By Appointment Only)

    P: 618-258-8466 | F: 888-838-1793
    www.joneselderlaw.com

    Serving all of Madison County & St. Clair County