They have kept investments separate throughout the marriage, but no formal pre-marital agreement. Second marriage for both. My Step-father has Alzheimer's and is in a care facility in Michigan. Mom's health deteriorated to the point where she coul...
You're going to want to see a CERTIFIED elder law attorney. Depending on current health and where they are on the elder care journey, an asset protection trust could be set up. The alternative is you could do a Medicaid crisis plan to protect the assets if in a nursing home, instead of just assisted living. Also, VA Benefits could be brought in at up to $2,120 per month, tax free. We have a bunch of information on our website if you want to check it, including case studies for this very topic. MichiganEstatePlanning.com.See question
He left me an amount if I buy a house or condo. Which I just did. If I didn't I could only get half. I think his family wants to take some of it to pay for his estate. The money was in a trust and his sister is in charge of.
You are going to need to speak to an estate planning attorney. There a lot of moving parts.
When someone passes away there are four ways that assets would get out of their name. First, joint ownership. So if you were joint on any accounts with your boyfriend, that account would go to you. Second, beneficiary designations. So if you were named as the beneficiary of an account from your boyfriend, then the money goes to you. Third, would be through a trust. So if your boyfriend left you money or assets in a trust and that money goes to you. Fourth would be through probate, which is a catchall for any assets that did not pass through one of the other mechanisms. A last will and testament only gives instructions to the probate court how to administer in the estate.
What needs to happen is that you need to find how the assets are transferred. Typically, the trustee or personal representative needs to pay the cost of the estate before they look at making any distributions. Again I would seek out estate planning or probate attorney.See question
Went to the bank my name on the savings hers on the checking they told me I don't have to give half of the savings. As the executor I have to though as the will states right??? Or am I right to survivor on the savings and give half the checking as...
There are four ways assets pass with someone passes away.
1) Beneficiary Designation
2) Joint Ownership
A will only controls assets going through probate, if they pass through one of the other three routes, technically the will does not control.See question
We did a ladybird deed on my parents house to avoid paying the money back to medicaid / Medicare after there passing. Is this still the law in michigan
If you sold the house after his death, the proceeds should be protected assuming the lady bird deed was set up properly where it was in your father's name, during his life, then when he passes it goes to you (or any other beneficiaries). Currently, estate recovery only is an issue for assets going through probate.See question
Mother is now in long-term care facility and will be applying for Medicaid soon. While living with my sibling for the previous 4 years, she transferred her monthly earnings (SS and VA pension) to my sibling for services as a caregiver. There was...
Yes, you're going to run into a problem because those will most likely be counted as divestments. DHHS has very strict rules around personal care contracts.See question
My husband and I have been taking care of our elderly neighbor for years. She had no children but some nieces and nephews which seldom check on her. Her brother was her beneficiary and passed away several months ago. We bought her farm at a discou...
You're going to want to get an elder law attorney ASAP. You may be facing some issues because of the sale of the home for a discounted rate. Generally, that is a big "no no."
Whether you face criminal charges or not could be questionable. I know that if I were you, I'd hire an attorney as soon as possible before letting the family dictate the next steps in the process.See question
Need help clarifying the question of an elderly parent having a secondary home and it being used to pay her bills in nursing home. State is not letting it go to her son, instead they are holding it for a 5 year period.
A primary residence is exempt during your life time from Medicaid, however a second home would be countable. There are legal strategies to protect assets so you don't have to spend down to the $2000 asset limit.See question
My sister and I are named as owners of our late parents' home on a ladybird deed that we secured several months before my mother passed away (my father had preceded her in death). Their homeowners' insurance remains their names. No one lives in th...
You'd have to reference the policy agreement, but it may be void because it's an unoccupied home. You might want to get a new policy or sell the home.See question
I moved in with my grandmother after my grandfather passed away because she wanted me to and she wants me to be her caregiver but my family don't want me to be because they want the money instead, I have no problem doing it for my gran and I would...
It sounds like you're taking care of your grandma. If she doesn't she should appoint you as power of attorney for both medical as well as financial. Also, if she is going to be paying you, she should have a personal care contract in place so as to not disqualify her from Medicaid if she needs it. Also, was your grandfather a Veteran? Your grandma could be receiving $1149 per month to pay for home care (even to pay you). A lot of issues here, you will want to contact a Certified Elder Law Attorney (CELA) soon before your sister takes any action if what you've stated is in Grandma's best interest.See question
I have MS and have private insurance. My spouse is employed. I'm 61, my spouse is 62. My spouse has life insurance, 401k we'd like to protect. We still have a mortgage.
You may want to look at an asset protection trust to shelter assets. You'll want to consult with an elder law attorney in KS, ideally a Certified Elder Law Attorney. One issue will be the 401k. If you put them into the trust, you'd have to pay income tax. Really, your best bet will be to consult with an elder law attorney.See question