Concerns about the skyrocketing costs of nursing home care are supported. Some reports indicate nursing home care in Wisconsin costs has risen above the national average. For quality care, many cost $12,000 per month or more. Medicaid may foot the bill, but without proper planning, an individual is typically required to spend his or her life savings before Medicaid steps in.
There are several ways you and your parents can protect their assets and protect them from losing their life...
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Author Archives: "ELCWI Support"
13 Oct
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Why Your Estate Plan Should Include More than a Will
A Last Will and Testament is a critical legal document that allows you to accomplish a number of important goals. You can name your beneficiaries and specify the assets you want them to receive, name a guardian for your minor children, and choose the person you want to settle your estate (known as the Executor).In short, a Will helps ensure your wishes are carried out after you pass away. However, in the event you become incapacitated in your lifetime...
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01 Sep
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Why Is a Power of Attorney So Important?
A power of attorney is a legal document that names an agent to make financial or medical decisions. This form is used when the individual known as the “principal” is unable to make decisions for one reason or another, or, cannot be present to sign legal documents during financial transactions.
Everyone should have designated an agent for medical and financial decisions. If you haven’t named an agent, it’s time to draft the documents with an elder law attorney experienced in...
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30 Aug
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Is Probate Necessary?
Many people have questions about the probate process. For example, is probate necessary, and if so, what is the process of probate? Do you need a probate attorney, and how long will the proceedings take?
Whether probate is necessary depends upon how an individual’s assets are held at his or her time of death. Certain types of assets are subject to probate, while other assets are exempt. During the probate process, a personal representative also known as the executor –...
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26 Apr
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Overview of Guardianship Lawyers as a Resource for Transitioning Families
Family law is an important one! Indeed, it is just very different from other legal practices.
Elder law and guardianships can be stressful and have many emotions within it. After all, it involves family, and that’s indeed very personal!
Having an experienced Elder Law/Guardianship attorney can alleviate a lot of the stress on families navigating the court process.
Conservatorship Elder Law
It is really important to hire the right guardianship lawyer.
Finding Suitable Elder Law Attorney
Found yourself stuck in a similar problem and seeking a reliable and professional guardianship...
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19 Apr
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Marital Property Agreements, Prenuptial and Postnuptial Agreements
Marital property agreements, also known as prenuptial or post-nuptial agreements, are an effective way of defining how property should be distributed in the event of a divorce. They are also an effective estate planning tool. A marital property agreement is a flexible written document exclusively between spouses setting out each spouse’s rights and obligations with respect to both spouses’ property regardless of when it was acquired. Typically, Wisconsin law treats income and possessions acquired by a couple after their...
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03 Mar
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How Funeral Trusts Help Persons Qualify for Medicaid
Irrevocable Funeral Trusts (IFTs), or differently phrased, Irrevocable Funeral Expense Trusts, allow persons to pay for their funeral and burial costs, also known as final expenses, in advance of their death. They are legal agreements that not only allow peace of mind knowing that funeral funds are available when needed, but they are also an invaluable Medicaid planning tool. Essentially, IFTs provide a way for Medicaid applicants to lower their countable assets and meet Medicaid’s asset limit for qualification...
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25 Jan
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The Importance of Having a Knowledgeable Probate Attorney to Assist with Estate Administration
A probate attorney can help the family members of the deceased person resolve any debts and distribute the assets.
The probate attorney, also known as the estate attorney, aids the estate executors to manage the probate process. It is important to have a probate attorney assist you with knowing your rights when it comes to creditors or any of the deceased’s final bills or expenses.
It is also important to have a probate attorney assist you
with saving on taxes. A...
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11 Jan
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Here’s what happens with Social Security payments when someone dies
KEY POINTS
In most cases, funeral homes notify the government that a person
has passed away.If the person was receiving Social Security benefits, a payment
is not due for the month of their death.Survivor benefits may be available, depending on several
factors.
When a loved one receiving Social Security benefits passes away, you may wonder how the government knows to stop sending that monthly money.
Or, maybe there’s a surviving spouse or dependent who relied on
that income and wonders whether some sort of payment...
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05 Jan
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How can you precede an estate plan with the help of the real estate attorney?
What can a real estate attorney do for you?
The series of tasks that a real estate lawyer would perform varies depending on the situation and the agreement between the attorney and the client. Some real estate clients have a small budget and want a lawyer to provide a quite simple and fast read of the documents to make sure that there is nothing outrageous in the documents. Any real estate attorney can further deliver the following services for clients:
Drafting...
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