June 2012 Archives

Why Estate Planning is Important

June 28, 2012

I just read a great article as to why estate planning is important. Some important points from the article:

1. Estate planning must be done while still competent. If one is not competent, they cannot execute legal documents such as a Last Will and Testament; Trusts; and Powers of Attorney. If an individual is incompetent, then the only way to manage one's legal affairs and make legal decisions is through the Probate Court (Conservator for finances, Guardianship for for health care and custodial decisions, and to handle one's estate at death).;

2. Have a conversation with your mom or dad about estate planning. As them if they have an estate plan. If they do not, suggest making an appointment with an experienced Elder Law attorney.;

Once they meet with an experienced Elder Law attorney, the individual's personal circumstances can be evaluated (financial, family, etc), recommendations can be made, and the appropriate documents (Wills, Trusts, Powers of Attorneys, Deeds, etc), can be prepared.

As the article mentions, prior to the documents being executed, it is important to discuss the particulars with your appointed Successor Trustee, Personal Representative, Power of Attorney, etc. Make sure they are aware that you would like to appoint them to act on your behalf when you are unable to do so and that they are up to the task. Better yet, have them discuss with your attorney what their rights and responsibilities are when serving as a Trustee or a Power of Attorney.

If you or someone you love does not have an Estate Plan, contact the experienced Michigan Estate Planning and Elder Law attorney's at Barsch & Joswick, PLLC today for a free consultation.

Are You on the Hook for Mom's Nursing-Home Bill?

June 24, 2012

Twenty nine states have "financial support" laws that can be used to go after patient's adult children for unpaid long-term care bills. As this article discusses, nursing homes in these twenty nine states have started to use these laws as a way to obtain reimbursement from families for their loved ones bills.

As of now, Michigan does not have a similar law. However, in light of the still perilous financial condition of the state, I would not be surprised to hear talk in Lansing of Michigan adopting a similar statute to the financial support laws that are in effect in those twenty nine other states.

While Michigan does not have a financial support law, Michigan does have what is know as Estate Recovery. Estate Recovery allows the state to file a claim against the estate of any individual who received Medicaid benefits while in a long term care facility.

The best defense against such laws is the meet with the experienced Michigan Elder Law attorney's at Barsch & Joswick, PLLC. As elder law attorneys, we can provide you with the expertise necessary to navigate the ever changing laws, ensure that you won't be left paying your loved one's bills, and ensure that your loved one's assets will be protected. To find out more, call today for a free consultation.

Emergency Competency Hearings & Conservatorships

June 20, 2012

Last month there was an emergency competency hearing in Tennessee for John Witherspoon. Does that name sound familiar? John Witherspoon is the father of Oscar winning actress Reese Witherspoon.

Mary Witherspoon, John Witherspoon's wife of 42 years, recently read in her local paper that John had married Tricianne Taylor. Mary is seeking to have the marriage annulled as she is still legally married to John, and Reese and her brother asked the judge to place their father under a conservatorship as he is not in the right state of mind and may be suffering from the early stages of dementia.

A court order placing John under a conservatorship is necessary in situations such as this to protect John's finances and to prevent him from having a relationship with his "new" wife.

If you have a loved one who is exhibiting signs of mental incapacity and you fear they may be taken advantage of by others and aren't sure what to do, call the experienced Michigan Estate Planning and Elder Law attorneys at Barsch & Joswick, PLLC today for a free consultation.

Why Boomers Shouldn't Count on an Inheritence

June 15, 2012

I recently came across an interesting and informative article that I thought would be of interest to our readers. Many baby boomers are likely to receive less money from their parents than thought. Additionally, they may have to help their parents financially. One of the main reasons for this is people are living longer, thereby increasing the odds they will need long term skilled care in the future. At the average cost of $7,000.00 per month, it is easy to understand how quick money can go.

However, there are strategies that can be implemented to protect and preserve a loved ones assets should they require long term skilled care. It is crucial that your parent's have a comprehensive estate plan, which will allow you to implement the strategies necessary to protect and preserve their assets. As experienced Michigan Elder Law attorneys, we can assist families in drafting their estate plan, and ultimately implementing the strategies to protect and preserve their assests. This will ensure that mom and dad's assets pass to the next generation, which is why they worked so hard and saved over the years.

To find out more, call the experienced Michigan Estate Planning and Elder Law attorneys at Barsch & Joswick, PLLC today for a free consultation.

A New Look at Living Wills

June 13, 2012

I recently read a great article on Living Wills. The main thrust of the article deals with how most Living Wills are vague and most people are unable to articulate their end of life wishes.

As an experienced Michigan Estate Planning and Elder Law attorney, I can confidently say that the reason Living Wills are vague is because it is impossible to outline every potential medical condition that an individual may face. That's why it is important to make sure that your Living Will has the proper language allowing your Patient Advocate to withhold or withdraw life-sustaining treatment, even if you are not suffering from one of the conditions that are described in your Living Will.

Additionally, and I cannot stress this enough, it is of paramount importance that you discuss with your Patient Advocate your Living Will and your wishes when it comes to end of life decisions. No matter how clear cut the language is in your Living Will, making an end of life decision, whether as a spouse or a child, is never an easy decision to make. It is much easier for a Patient Advocate to make this decision if they have discussed your wishes with you and have heard it from "the horses mouth".

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