We are all subject to the aging process and there is no better time than now to plan for your later years. Many people wait because they are busy, but the sooner you plan, the sooner you can get back to life without worries. When you have amassed wealth and need to allocate it to beneficiaries and protect yourself if you need help as you age, we can suggest a plan that will serve you throughout your lifetime.
A Pottawatomie County elder law attorney provides more than wills. Our experienced estate planning attorneys could also suggest trusts that may benefit you and circumvent probate, explain asset preservation, powers of attorney, guardianship, conservatorship, Medicaid rules that provide nursing home care, and advanced directives. We could help you get organized so you can live your best life.
Wills and Trusts
A will is a roadmap for the probate court that names the people you want to inherit your property, money, mementoes, and assets. It also names an executor, the person who will distribute the assets to beneficiaries.
You can add or remove assets and change beneficiaries when you create a revocable trust, which becomes irrevocable at your death. These trusts circumvent probate, so assets are distributed much faster than through a will.
An irrevocable trust becomes the new owner of the assets you deposit, which is beneficial to your tax position. A elder law attorney in Pottawatomie County could sit down with you and review which estate planning tools are best.
Living Will
A living will, known as physician’s directive, is a written document communicating your final wishes when your case is terminal, and you cannot speak on your behalf. The directive focuses on whether you would like to be kept on life support, such as breathing apparatus, and if you wish nutrition and water to be administered or withheld.
The cost of nursing home care can be expensive. Qualifying for Medicaid to assist in paying for nursing home care is quite complex, although Kansas does recognize Institutional Medicaid as a subset with guidelines that are not as strict and help more seniors qualify for nursing home care. Traditionally, Medicaid limits the amount of income both spouses can have to qualify, even if only one spouse requires nursing home care, with legal asset transfers possible.
Institutional Medicaid, also known as the Spousal Impoverishment Law or Division of Assets, does limit assets to $2,000 and will expect a person to pay all but $62 a month for their care, with the reserve for personal needs. However, a spouse who is not applying for Medicaid can hold up to $130,380 in assets. A Pottawatomie County attorney specializing in elder legal proceedings could ensure one spouse can receive expedient nursing home care that does not reduce the non-applicant spouse to a life of poverty.
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Financial General and Healthcare Durable Powers of Attorney
A general durable financial power of attorney names a surrogate, called an attorney, in fact, to make financial decisions for you if you become incapacitated at any time after executing the document. The agent does not have to be an attorney and is usually a trusted loved one or friend. A spouse can only make these decisions if the assets are held jointly.
A healthcare durable power of attorney permits the attorney, in fact, to make medical decisions about a patient who is unable to communicate their wishes because they are physically or mentally incapacitated. Decisions could include whether to have surgery or accept certain treatments, including being sustained on life support. A Pottawatomie County lawyer knowledgeable in elder legal matters could help an executor determine if these matters are necessary.
Devise an Elder Law Plan With a Pottawatomie County Attorney
You may never require every estate and life planning tool available as you age, but our attorneys can listen to your goals and discern what the best plan is for you. Other estate planning tools, like guardianship and conservatorship, to provide advocacy for impaired elderly people, may also be necessary.
We consider everything you might need now and in the future. Our goal is to know you are living your best life with no worries about future care and the succession of your assets.
When you are ready to talk, and it is never too soon, call for a consultation with a Pottawatomie County elder law attorney.
