For estate planning and elder law Nell Law Office provides a wide variety of services. They include last will and testaments, trust funds, power of attorney, asset protection and Medicaid planning.
Last Will and Testament
According to The People’s Law Dictionary a last will and testament is defined as:
a written document which leaves the estate of the person who signed the will to named persons or entities (beneficiaries, legatees, divisees) including portions or percentages of the estate, specific gifts, creation of trusts for management and future distribution of all or a portion of the estate (a testamentary trust). A will usually names an executor (and possibly substitute executors) to manage the estate, states the authority and obligations of the executor in the management and distribution of the estate, sometimes gives funeral and/or burial instructions, nominates guardians of minor children and spells out other terms.
Wills are very important step in estate planning for asset management as well as ensuring your money and property are distributed as you see fit. Contact Us for more information on how we can help.
Families primarily will start Medicaid planning to help ensure acceptance into the Medicaid program. Reason being that acceptance is not always a guarantee for these reasons:
- Long term care is very costly and families want to ensure their loved one gets the care they require which they could not otherwise pay for.
- The application and review process is lengthy. Working with a Medicaid planner usually accelerates the process.
- Medicaid eligibility is extremely complex and even simple errors can result in a omission which can be devastating to the health and happiness of not only the individual but their family as well.
- To ensure that the healthy spouse, who lives at home, will have the financial resources.
- To preserve a family’s limited assets to ensure the next generation can live in a home or afford an education.
For more information about Medicaid planning please Contact Us.