If your beneficiary is no longer, what happens to your inheritance? You may be wondering whether if you leave property to your brother Jim, but he dies before you, would his kids inherit the property in his place? The answer is, only if your will explicitly states as much.
An elder law attorney works with seniors, taking a holistic approach to the legal issues people commonly face as they age. These include matters of housing, physical and financial health, estate planning, and more. There are as many issues as there are seniors, as life circumstances are different for everyone. An attorney who specializes in the host of the problems senior citizens face can be a wise investment.
While every situation providing care for an aging parent is unique, one truism is that preparation is crucial to success. Whether you need basic information about eldercare resources and services, are looking for a local agency to provide those services, or have worries about legal documents or how to finance your parents’ care needs now or in the future, the time to begin planning is today.
When people, family members, become quite elderly or ill, they also become susceptible to manipulation from those who will defraud or steal. Often, family members do not find out about a change in estate plan until after their loved one has died. Most often, a manipulator will seek to keep last-minute changes of inheritance quiet.
Husbands Usually Don’t Consider Their Wives’ Future When Deciding When to Take Social Security Benefits
The amount of Social Security benefits a surviving spouse receives depends, in part, on when their deceased spouse began claiming benefits. However, husbands usually don’t take survivor’s benefits into account when claiming benefits, according to a recent study, meaning that many widows will needlessly experience a significant drop in income.
If there is a possibility that a loved one might need Medicaid assistance in the foreseeable future, that person should not be giving gifts. This can be sad if that person gets joy out of generosity. But gifts in that situation can turn out to be very, very expensive.
Parents and other family members who want to pass on assets during their lifetimes may be tempted to gift the assets. Although setting up an irrevocable trust lacks the simplicity of giving a gift, it may be a better way to preserve assets for the future.
President Biden has introduced a plan to spend $400 billion over eight years on home and community-based care for the elderly and people with disabilities. The money would go to expand access to care and support higher-paying caregiving jobs.
The U.S. Department of Veterans, through Tricare and the GI Bill, offers numerous basic health care and education benefits to veterans. Even with these programs that help veterans and their families, other little-known services can improve their lives and ease the financial burden of medical care and other expenses. Check your veteran status to see if you qualify for these ten benefits.
For many families, providing long term care for an aging loved one in the home has become an even bigger priority than normal because of the COVID-19 pandemic and its impact on those in senior living communities. In-home care can be costly, which makes the Aid and Attendance Benefit provided by the Department of Veterans Affairs of critical importance to help pay for such care.