If a person becomes mentally or physically handicapped and can no longer make rational decisions about their person or their finances, his or her loved ones may consider a guardianship or a conservatorship whereby a guardian would make decisions concerning the physical person of the disabled individual, and conservators make decisions about the finances.
Medicaid is a healthcare program designed to help individuals with limited income and assets afford needed medical care. Importantly, Medicaid covers long-term healthcare services such as nursing home costs and costs for at-home personal healthcare. Because Medicaid is intended to benefit those with limited income and assets, there are strict eligibility requirements based on income and assets. Although Medicaid is a federal creation, it is jointly operated by the federal and state governments. As a result, the specific income and asset eligibility requirements for each state are different and you should consult with a Medicaid planning attorney in your area for specific eligibility advice.
Why do estate planning documents need to be updated when a couple is getting divorced? This simple story illustrates one of the key reasons.
An Arizona couple had been married for several years and during their marriage had built a very successful, multi-million-dollar business together. Perhaps they had focused on building the business rather than their marriage or maybe time simply changes relationships, however, they separated and filed for divorce. The process quickly became bitter and acrimonious.
Long-term caregiving has significant financial consequences for caregivers, particularly for women. Caregivers face the loss of their own income, loss of employer-based benefits, shrinking of savings to pay for caregiving costs and a threat to their retirement income due to fewer contributions to retirement vehicles.
Elder law and estate planning law are terms that are often used interchangeably, with people mistakenly referring to both as the exact same thing. However, while elder law and estate planning law may – and often do – go hand-in-hand, the two areas of law have some noteworthy distinctions. Depending upon your age and the specifics of your life, you may need the services of an elder law attorney, an estate planning attorney, or an attorney who focuses on both areas, such as Patricia Bloom-Mcdonald, Attorney at Law. Consider these differences between estate planning and elder law, and reach out to a qualified professional to learn more: