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Nolan Elder Law and Estate Planning, LLC Blog

Friday, February 17, 2017

Protecting Your Assets from Nursing Home Costs


What estate planning tools will help me to preserve my assets if I need to enter a nursing home?

An unfortunate aspect of aging is considering the possibility that you may not be able to live independently forever.  Nursing homes provide quality care for elderly individuals that suffer from a disability, physical illness, or cognitive impairment, such as Alzheimer’s disease, that prevents them from living on their own.  Over 1.3 million Americans are currently residing in nursing home care and close to half of all elderly individuals will require long-term care at some point in their lives.  

Nursing home costs have skyrocketed, and few families in Alabama can afford to pay for long-term care out of pocket.


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Saturday, February 11, 2017

How Can a Special Needs Trust Help My Family?


If you care for a loved one who is challenged on an ongoing basis with a physical or mental disability, you know the hardships that go along with trying to ensure that they remain safe and financially secure. Careful planning must go into determining how and when assets are transferred, particularly in the event that you can no longer care for them. Without careful special needs planning, your loved one may miss out on important government benefits.


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Monday, January 23, 2017

Types of Powers of Attorney in Alabama

Which power of attorney do I need?

A power of attorney (POA) is a legal document that allows you to give someone else the legal right to act on your behalf.  A POA can be general, providing the named person with power to make all decisions for you, or limited, allowing control by someone else for just a specified matter.  Setting up a power of attorney is an important part of your estate plan, but many people are confused as to which power of attorney they need.  There are several types of powers of attorney, including:



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Tuesday, January 17, 2017

A Primer on Advance Medical Directives


How can I plan ahead for my medical care

A well designed estate plan can help you achieve a number of objectives, most of which are geared toward protecting your assets and providing for your loved ones after you pass away. At the same time, it is equally important to plan for the type of medical care you prefer to receive in the event of an accident or illness that renders you unable to make these decisions. In short, it is essential to plan for incapacity by creating advance medical directives, such as a durable power of attorney for healthcare and a living will.

Durable Power of Attorney for Healthcare

Also referred to as a healthcare proxy, allows you to designate a trusted family member or friend to make medical care decisions on your behalf in the event you become incapacitated. This person acts as your agent and works with your doctors so that they provide the type of medical care you prefer.


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Monday, January 9, 2017

"Can I keep my mink coat and jewelry (or tools and guns) if I go to the nursing home?"


Many people worry that they will lose their possessions if they have to move to the nursing home. They fear that the nursing home will take everything, their house included! Let's set the record straight.

 

If you have to move to the nursing home, the nursing home is worried about one thing only. They worry about being paid on time. No nursing home that I am aware of is in the pawn-shop business or the barter business.
Read more . . .


Friday, December 30, 2016

Probate in Alabama Examined


How can I avoid probate in Alabama?

Probate is the court process by which the assets of a deceased loved one are managed and distributed.  Probate can be a time consuming and expensive process, especially when the deceased individual dies without a will.  Generally, probate begins with a petition or application filed in the county in which the deceased person lived. The court will appoint an executor who is charged with keeping the estate property safe during the probate process and preparing a list of all assets.  Executors will need to obtain the assistance of an experienced Read more . . .


Tuesday, December 13, 2016

What Donald Trump’s Tax Plan May Mean for You


Will President-elect Trump’s tax plan benefit me?

Donald Trump is officially President-elect and will be sworn into office in January.  With the upcoming change of power, many individuals are wondering now how their finances may fare under a Trump presidency.  Trump and his rivals often spoke of taxes during the debates, and Trump himself became embroiled in a controversy over his tax practices.  Trump admitted on the campaign trial to taking a $916 million net operating loss that allowed him to not pay taxes for years.  Amidst talks of his own taxes, Trump has promised to cut taxes for the middle class and eliminate loopholes.


Read more . . .


Monday, November 21, 2016

National Estate Planning Awareness Week


Why is it so important for me to have an up-to-date estate plan?

National Estate Planning Awareness Week took place this past October 17-23, 2016.  Congress passed a resolution recognizing every third week in October as National Estate Planning Awareness Week in 2008.  It was prompted by the alarming fact that over 120 million Americans are currently without up-to-date estate plans to protect their assets and families in the event of illness or an untimely death.

Why You Need an Estate Plan

Whether you are young or old, wealthy or not, it is critical that you have a basic estate plan in place to guard your investments, home, and legacy.  The main goal of an estate plan is to minimize your tax exposure and provide financial security to your loved ones.


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Friday, November 18, 2016

Things We Take for Granted....


Today in 1883 time changed forever at High Noon.

On that day, the concept of time zones was implemented. Because of the need for accurate time measurement between cities, and the fact that with railroads now crossing vast expanses of space fairly quickly, keeping accurate track of time became necessary for the first "time" in history. Up until then, each town measured their own local time usually based on "high Noon", when the sun was at it's peak. From this date in 1883 onward though, everything changed.
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Wednesday, November 9, 2016

Did You Know....


Did you know that the National Highway Transportation Safety Commission has data that shows that many more deaths occur during the holidays than the rest of the year combined? From right before Thanksgiving until the Super Bowl, people are traveling more. People are drinking more. People are driving more. People are more distracted. All this means that you stand a statistically greater chance of injury or death if you drive during the holidays.
Read more . . .


Saturday, October 29, 2016

Financial Advisers in Alabama Must Report Suspected Elder Financial Abuse


What constitutes financial abuse in Alabama?

Alabama is one of several states that has passed legislation requiring financial advisers to alert the state of suspected instances of financial abuse of the elderly.  Mandatory elder financial abuse reporting laws went into effect in Alabama, Indiana, and Vermont this past summer, while Louisiana’s similar law will take effect in January.  In addition to mandatory reporting in cases involving individuals over the age of 65, Alabama’s law also allows financial advisers to stop disbursement of funds from client’s accounts and provides advisers with immunity from civil liability.


Read more . . .


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