We develop comprehensive plans that incorporate the legal, financial, and health care needs of our clients.
Life estates are often used by attorneys to pass real estate to the next generation outside of the probate process. However, keep in mind that there are potential problems and risks to understand before creating a life estate. Even attorneys are often unaware of the issues surrounding life estate deeds. Continue reading to determine whether a life estate might be right for you.
Q: My loved one was just diagnosed with Alzheimer’s and I am overwhelmed with all that we are facing now. Where do we even begin?
A: This is everyone’s worst nightmare! But, do not fret; we have a solution for you.
When we talk about trusts, we talk about having a plan- what is going to happen in your life- out of the blue or after aging takes place? Do I have things set up so that my family is not overwhelmed by the details? Make sure your family is taken care of with a gameplan ahead of time. The legal document should correspond to your plan.
Concern: My spouse is sick and is starting to need a lot of care. We can’t afford the cost of my spouse’s care forever, and I’m worried that one day soon we will run out of money. I’ve heard that I either need to become impoverished or divorce my spouse in order to get Medicaid to pay for care. Do we have any other options?
Concern: I am a mother, daughter, full time employee, wife, and more. I am pulled in a million different directions trying to take care of my own family, and now my parents are having health issues and need care of their own. It’s a constant worry for me and I know I need help figuring out how best to manage it, but where do I start?
Concern: My mom got her Will on the Internet. Is she really protected?
Concern: I have a will, but I’ve heard that I might really need a trust. How do I figure out what is best for me?
Concern: My family member is not competent, but I need to help them with their finances. What are my options?
Concern: I know I need to create or update my estate planning documents, but I don’t know who to choose as my agent or agents.
Concern: I’m worried my parents might not be able to afford to pay for the care they need. What should I do?
It is important to address heirs property before generations go by and more heirs are added to the list of parties to the eventual lawsuit.
Aretha Franklin passed away last year from pancreatic cancer. Today, three handwritten wills were discovered in her Michigan home. Under South Carolina law, Aretha Franklin’s handwritten wills would likely not be valid since they were not signed with two witnesses. However, a personal property distribution in this format likely would be held valid.
When you can’t find an original will after someone’s death, it can cause many issues and problems for family members and loved ones.
