Estate & Long Term Care Planning
Wills/Living Wills, Power of Attorney, & Estate Administration
Estate & Long Term Care Planning
Do you take pride in the manner in which you care and provide for your family? Do not neglect the most important aspect of that responsibility: What happens to the family if you die or if you or another loved one requires long term care in a nursing home of other similar facility? The lack of planning for your future and that of your loved ones can have severe consequences. If you die without a Will, your estate could be distributed according to state law, rather than according to your wishes or the needs of your family members. If you or a loved one requires extended care due to age or disability, either at home or in a facility, you may exhaust all that you have saved over a lifetime to provide that care. At Audley Law Offices, our estate and long term care planning attorneys are experienced in assisting clients with creating estate and long term care plans that protect your assets, provide for your loved ones, and achieve charitable or philanthropic goals as desired.
Are you unable to visit Audley Law's office? Audley Law offers in home consultations. Contact us to set up your in home consultation by calling (412)532-0089.
Are you attempting to resolve the legal matters of a recently deceased loved-one? Let Audley Law work with you to efficiently address will contents, estate disputes, and other general probate litigation matters.
LONG-TERM CARE PLANNING
Are you concerned about providing care for yourself or a loved in the future who may need assistance or nursing home care? The time for planning for that is long before the need arises. Let Audley Law assist you in developing a plan that will preserve as much of your or your loved one's assets while making sure they have care they need.
At Audley Law our team will work with you to ensure you understand all estate and long term care planning resources available and minimize the extent of the probate process and preserve your assets. Our estate planning and long term care checklist includes:
Frequently asked questions
What is Estate & LONG TERM CARE Planning?
Estate Planning is the process of accumulating and disposing of an estate (property, stocks, monetary and other assets) in a manner that enables the estate owner to realize his or her goals as much as possible. These goals may include:
Long Term Care Planning is the process of preparing for the possibility that you or a loved one will need care, either at home or in a nursing facility. The goal is to create a plan that will preserve as many assets as possible while allowing for eligibility for government programs that assist in the cost, such as medical assistance. Some of the planning vehicles include
Many factors impact estate and long term care planning, including but not limited to the size of the estate and types of assets, and the age and circumstances of intended beneficiaries. Importantly, good estate and long term care planning also considers how to best provide for the estate owner’s needs and physical well being during his or her lifetime.
Who needs an Estate AND/OR LONG
TERM CARE Plan?
Everyone needs at least a basic estate plan, which includes, minimally, a Last Will and Testament (Will) that clearly establishes who receives your assets upon your death, and who will administer this Will (or executor) and make sure the assets are distributed in accordance with your wishes. The Will is also important for designating who will care for any minor children (under age 18) should both parents die. The larger the estate the more consideration and planning must be given to its oversight. In all cases you will want to reduce or altogether avoid the amount of estate and death taxes to which your assets will be subjected.
Without a Will there is the chance that our assets may be distributed to someone you do not want to share in your estate. Long Term Care plans are also a necessity for anyone with assets to protect. Waiting until the need arises leaves you with little options. It is also something you should consider if you have parents approaching retirement. Pennsylvania law provides that children of indigent, elderly residents of nursing homes can be held responsible for the cost of that care.
What is the difference between
Power of Attorney and a Living Will?
A Power of Attorney (POA) is a legally enforceable document by which you can designate and authorize another person or persons to act on your behalf in the event of your disability or incapacity. The authority you confer through designating a POA may be specific (limited to certain designated transactions like selling a piece of property) or general (applicable to any and all decisions that you would otherwise have to make or consent to on your own). You can control the time period during which the POA is considered to be in effect by electing to make the instrument either durable or springing. A durable POA becomes effective immediately upon your execution of the POA and remains in effect until changed or terminated by you. A springing POA becomes effective when you become unable to handle your affairs.
A Living Will, also called a Durable Healthcare Power of Attorney, is a legal document in which you state, in advance of medical treatment, the type and extent, if any, of medical care that you wish to receive in the event that you become terminally ill or irreversibly brain damaged. It also allows you to appoint a person who can make these decisions when you cannot
Can I lose my home if my spouse
requires nursing home care?
Without appropriate planning, that is a possibility. 70% of those in skilled nursing facilities have some or all of the expense of their care paid by medical assistance. With appropriate and timely planning, it is possible to preserve the home from consideration by medical assistance when they determine eligibility. Medical assistance eligibility rules are complex. They will look back five years to see if you transferred any assets, including a home, in that time period. There are also specific rules regarding homes that are owned by married couples that will exclude the home from consideration under the right circumstances and allow the home to be preserved. The attorneys at Audley Law have extensive experience in such matters.
for a free Estate and Long Term Care Planning Consultation.