I need to know what is the best power of attorney document that I could have. My mother has ALZ and I had her sign one I got off the internet while she could still sign. I also have one for my Dad, he is healthy and 85. I recently called her medic...
An elder law attorney would tell you to have a common law power of attorney created for your father while he still has capacity. You want a power of attorney that authorizes any actions on his behalf.
Typical reasons a company does not accept a POA is that it doesn't comply with state law, it is too old, too new, or doesn't provide the powers needed for the action you want to take. Also, you should have a health care directive created that complies with HIPAA laws to make certain you can get medical information. A power of attorney can receive authority over financial matters, but only a Health Care Agent can make medical decisions and receive authority under HIPAA to get medical information.
House is in my name only. Not sure how to take care of expenses like taxes, etc. Do I leave money in a trust to take care of that?
Taxes are typically paid out of the estate. Your will or trust can both allow someone a "life estate" in your house. I recommend using a trust.See question
how long do i wait for the trust money? my mother has past away 2 weeks ago
The time it takes for you to get trust money will be dependent on the trust provisions. Most trusts allow a reasonable amount of time for the Trustees to make distributions. Reasonable amounts of time are typically 1 week to 2 years in many cases. Also, if the trust restricts distributions for a time, you may have to wait longer.See question
the person needs to to dispose of extra savings to get aide for a spouses resthome costs.
So long as the elderly person does not commit fraud when answering the application question, "have you or your spouse disposed of any property for less than fair market value?" then the gifting is OK.
The proper way to gift to make sure the elderly person does not recieve a penalty that they cannot cover with other assets is the real trick. There are many good ways/legal ways, to protect assets to apply for medicaid benefits.
Also, just so you know, medicare is not asset tested, and does not require a spend down. Please visit with a qualified Elder Law Attorney.
My elderly mother and myself jointly own a couple CD's. Can we split them up equally and change to single ownership? Or will the total amount of both CD's still be calculated as part of her assets if she has a Home Care Needs Assessment done?
The correct answer to your questions depend on a couple of things. Mainly, how did you come to own the CD's jointly. If you can prove that you both contributed to these CD's then you may divide them up in the same percentage. Otherwise, there are gifting rules involved and it would likely affect the Medical Assistance application results. I highly recommend you consult with a qualified Elder Law Attorney about how to do this in the best way. Best wishes.See question
changing beneficiary on will.
I want to add one other choice. You can make sure the assets are transferred by another means. Meaning the assets upon death will skip the Will (and the probate). You could use a Trust, a Beneficiary Designation, Joint ownership or Payable On Death (P.O.D.)See question
If a CD is jointly owned by mother and daughter, and the elderly mothers assets are reviewed for qualifying for state assistance does the entire CD balance get counted in her assets or only 50%?
the entire amount of the CD is counted against her available assets, unless proof can be shown that the joint owner contributed to the value of the CD. Contact an Elder Law attorney for ways to protect assets from the required spend down heading your way.See question
Is there a legal way I can protect my home from being attached by Medica/Nuring Home, if I was incapacitated, and didn't have the finances for care? I understand Living Trust does not safeguard from Medicare/nursing home. I want my son, (has MS)...
There are many good options in MN for protecting a home from N.H. I'd like to specifically point out that MN doesn't allow any trust (revocable or irrevocable) to protect a home as suggested by other answers. MN also doesn't allow a home to be considered an unavailable asset unless you or a spouse are living there at the time of application (unlike some states that allow an exempt homestead). These laws are different from state to state. I recommend consulting with an Elder Law attorney as soon as possible to give yourself the most options. Best wishes.See question
I am a trustee for my sister's special needs trust, funded from our father's estate. I heard that you don't have to file income taxes unless the trust makes more than a certain amount of interest. Is that true, and if so, what is the amount of i...
This is a better question for an expert in income tax. Ask you accountant. However, the last time I checked the income limit was $600 a year. Under that and no return would be necessary. This number may be out of date. best wishes.See question
My mother passed last year. She had a will and had my brother listed as power of attorney. 2 weeks after her death, my brother got a letter from an atty stating that he was no longer power of atty. My step father refuses to read the will. My mothe...
First, the bad news: all powers of attorney are extinguished and unusable upon the death of the creator of the Power of Attorney, so nothing would change that your brother was not the POA.
Next the worse news: You may not be entitled to anything under your mother's will if the assets did not go through the will. for example, it could have been owned jointly with the step-father or it could be beneficiary or Payable On Death to him.
That said, visiting with an attorney and starting a probate proceeding is a way to compel someone to bring forth a will and pass any probatable assets according to what it says.See question