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Think of long-term care as the help that adults need when they have chronic illnesses, disabilities, or other health conditions. the unknowns around aging and health can be overwhelming • having negative experiences while visiting loved ones in long-term care facilities • hearing horror stories from family and friends about working in nursing homes • assumptions that long-term care means you’re likely to be sick and alone The United States Census Bureau says that 70% of people over the age of 65 will require long-term care services at some point in their lives. Preparing today may prevent you from losing your home, savings, and more to long-term care costs.

Simply put, a life estate is a legal arrangement to transfer property upon a person’s death. When you create a life estate in property you usually retain the ability to use the property for your life. The transfer of an interest in property with respect to which there is 1 or more term interests shall be treated as a transfer of an interest in a trust. After talking to her neighbor (instead of an estate planning and elder law attorney), Grandma decides to set up a life estate.

In fact, their sentimental value makes tangible personal property the number one cause of family feuds. A second way for your personal property to be distributed after you pass is by making specific gifts of certain items to your beneficiaries. Within this memo, you may list specific people to receive specific item(s). To accurately reflect your desires, please consult your local AlerStallings attorney to help you prepare a plan that meets your wishes with regards to the transfer of your tangible personal property.

Many couples assume incorrectly that titling the house solely in the name of a healthy spouse will protect the house from a Medicaid estate recovery for benefits paid to a Medicaid beneficiary spouse. Unfortunately, most assets that are titled in the name of the healthy spouse are subject to recovery for the cost of care paid for the Medicaid beneficiary spouse — including a house titled only in the healthy spouse’s name. The good news is that since the state is prohibited from placing a lien on the house while either the Medicaid beneficiary spouse or the healthy spouse is alive, the healthy spouse will be able to sell the house free and clear of a Medicaid lien. The bad news is that Medicaid may assert an estate recovery claim at the death of the healthy spouse to recover expenses paid for the care of the Medicaid beneficiary spouse from the healthy spouse’s estate.