Probate is the legal process of transferring property and distributing assets through the court system after a person’s death. Often times, the probate process also involves the proving of a legitimate Last Will and Testament, the payment of any creditors, the filing of the deceased’s taxes, and the changing of ownership of real estate and/or personal property.
Creating a Last Will and Testament is one of the most important parts of forming an estate plan. To be sure, a Last Will and Testament allows a person to designate the distribute of their property to loved ones, beneficiaries, and third-parties; it offers peace of mind that estate matters are being handled per the creator’s wishes.
Most people know that creating an estate plan that addresses what will happen to your assets, property, and minor children in the event that you die is very important. However, fewer people address the significance and importance of incapacity planning, despite the fact that incapacity planning is equally as critical. At the office of Patricia Bloom-Mcdonald, Attorney at Law, our incapacity planning lawyer can sit down with you to help you create a comprehensive blueprint for how to navigate the future.
For individuals who are of low income and assets, Medicaid can be an important tool that assists in paying for healthcare and long-term care expenses, such as nursing home or at-home care. However, program rules and eligibility regarding Medicaid, as well as what Medicaid will and will not pay for, can be confusing. Here are four common myths regarding Medicaid long-term care coverage – if you have more questions, reach out to experienced elder planning lawyer Patricia Bloom-McDonald, Attorney at Law.
A reverse mortgage is a non-recourse loan that is available for homeowners who are at least 62-years of age. Homeowners with equity may be able to take a loan on the home’s equity without any obligation to pay it back during their lifetime, as long as they continue to live in the property.