Your Child is Turning 18 – What Does it Mean (Part 2)
Last week we were discussing an issue which many parents are unaware of, the fact that they no longer have the legal right to make financial and medical decisions on their child’s behalf once he/she turns 18. A power of attorney and health care directive can be a good solution.
Your Child is Turning 18 – What Does it Mean?
The law, in most instances (with the notable exception of consuming alcohol), views an adult as one who reaches age 18. As any parent knows, most 18 year olds are not mature enough to make important decisions without the guidance of a parent or other adult. Yet, what most don’t realize
If I Get Denied Medicaid, Then I’ll Come to You – Part 2
We were discussing Diane’s 90 year old mother, who had just entered a nursing home from the hospital. Diane called because she was anticipating the need for Medicaid and was concerned that the assets in a trust that had been established for her benefit would be countable under New Jersey’s
“If I get denied Medicaid then I’ll come see you”
Diane’s 90 year old mother had just entered a nursing home from the hospital. She was still on Medicare but that coverage would stop in 2 weeks. Diane called because she knew she would need Medicaid. “Mom has only about $30,000 in assets”, Diane told me. “But she has a trust
The Problem of the Do it Yourself Will (Part 2)
Last week we were discussing Mary’s call to me about her Uncle Joe’s unsuccessful attempt to execute a will he obtained on the internet. The will was not admitted to probate and Joe had no previous will. So what happens in that case? Without a will Uncle Joe’s estate passes according
The Problem of the Do it Yourself Will
“I can do the will myself. It’s pretty simple and I can get the form online.” I’ve heard that comment more than a few times in my career. Recently, however, I received a call from someone whose family member did just that and created a huge problem. Mary called concerning her
Should a Loved One with Alzheimer’s Continue to Drive?
It’s a troubling question, given the value we put on independence and the love and the dependence we have on motor vehicles. Taking the car keys away can often seem like a death sentence but must be balanced against the safety of other drivers on the road. I’ve had more conversations
Estate Planning Lessons from a Mob Boss (Part 2)
Last week we were discussing Soprano’s actor and New Jersey native James Gandolfini, more specifically his will and estate plan which has been the subject of much comment . Some experts have said he created an estate tax mess for his family. Is that really true? The answer is maybe, maybe
Estate Planning Lessons from a Mob Boss
Estate planning is not a favorite subject for most. Who wants to think about what happens if I die? But, when the rich and famous die, such as Soprano’s actor, James Gandolfini did earlier this summer, it becomes a hot topic, at least for a short while. Gandolfini’s estate is estimated
Lost Assets and Medicaid (Part 2)
Last week we were discussing George’s problem. He was rapidly spending down Mom’s assets and preparing to apply for Medicaid when he discovered that she and Dad owned some stock. He could not, however, locate the physical stock certificates. What to do? We asked George if he could find an account