Dad is now in assisted living and his house is in life estate then to me when he dies. I cant afford to keep the house sitting with no one in it. It was put in life estate 10 years ago to me and i have paid the mortgage on it since then. Can he...
Well, I disagree with the other answers. The whole situation needs to be looked at by an experienced elder law attorney. Dad needs to qualify from an income test, asset test, and medical test before he can get Medicaid assistance. The answer is not a yes or no answer. But, if all those three tests are met and the "other facts" are correct, Dad CAN deed over his life estate without penalty. Again, not a yes or no answer, however.See question
he has recently been placed in a nursing home. his adult kids, have power of attorney to care for him. his finances will need to be secured and managed for nursing home bills and taxes. his wife is not able to do this, nor is she trustworthy. this...
The other attorneys above have done a nice job of answering the question. You may consider a guardianship (some sates call it a conservatorship), even if you have a durable power of attorney. If the wife is not trustworthy, you may need to be able to ensure that you are the one making the decisions, both financial and medical. The guardianship revokes (or suspends) the power of attorney and any health care directives your dad may have executed.
Ordinarily, you want to avoid the court supervised guardianship if the power of attorney is working as designed.See question
my mother is 81 and father is 85. recently he asked me to help him take care of my mother fulltime. it is getting very hard for him to continue by himself. my mother has a hard time walking without help and recently hurt her hip and broke her a...
The VA is a goldmine of undiscovered money to take care of someone who needs help and has low assets. The program is commonly called "Aid and Attendance". It is available to a vet or his surviving spouse. If one or both of your parents served in the military during wartime, even if they never left the states, they can receive up to $1949 per month, tax free. If both are vets they could receive up to $2540 per month. Go see your county Veteran's office or a Veteran's Service Organization, such as Veterans of Foreign Wars or American Legion. They can assist with the planning and application for Aid and Attendance.See question
trust fund? I would like to name my children as the beneficiaries of 2 of my life insurance policies. If they are underaged I would like for the monies to be paid directly to them once they reach a certain age.
I assume that you are asking how you can make your life insurance policy that names underaged children (under the age that you want them to receive the money outright) the beneficiary of the policy. Well, to answer the question generally without knowing your specific situation, probably the most used vehicle is a revocable living trust. You create it and then name it as a beneficiary, not naming your children as the direct beneficiary. They would be the beneficiary of the trust with the payout terms as you specify in the trust.
You would want to hire a lawyer who has practical experience. Not a newbie fresh from a university. Consider Board Certified in Elder Law or Estate Planning, but your question is not so unusual to require someone with more than about 5 years of actual experience in the field. You may want to consider guardianship nominations if your kids are under 18.See question