Wills

Approximately 55% of American adults do not have a Will

• 57% said they “just haven’t gotten around to making one”
• 22% felt that making a will wasn’t urgent
• 17% didn’t think they needed a will
• 14% don’t have a will because they don’t want to think about death

What is a Trust?

• A Trust is a contract or agreement between a Grantor and Trustee to hold assets (money, real property, objects, etc.) for the benefit of a beneficiary
• Testamentary Trusts, which are inside your will and go into effect when you die
• Living Trusts, which take effect during your lifetime
• Many different types of Trusts depending on your needs and goals
• Privacy

Download the Wills vs. Trusts 2020 Power Point Slides

Learn More about Harry Miller

What is Elder Law?

• Choosing someone to help you make health care decisions
• Getting help managing your finances
• Choosing someone to manage your affairs if you become incapacitated
• Putting an estate plan into place
• Planning ahead for your long term care needs

Everybody Needs Long Term Care

• The number of seniors needing long term care is growing as Baby Boomers turn age 65
• There are currently 44.7 million people in America age 65 and older, representing 14.1% of the US population, and that number is expected to double by 2060
• Currently an estimated 12 million people need long term care, and that is estimated to grow to 27 million people by 2050
• The lifetime probability of becoming disabled is 68% for people age 65 or older

How Do I Plan for Long Term Care?

• Where do you want to receive services?
• Who will provide your care?
• How will you pay for your care?

Long Term Care Costs

Home Care

• unpaid home care – spouse, children, family, friends
• paid home health aides – average cost $24 per hour, costs vary depending on number of hours you need

Assisted Living

• costs can range from $4,000 per month to $7,000 per month, depending on the level of assistance you need

Nursing Home

• average cost is $15,000 per month

Download the Elder Law and Estate Planning Basics presentation PDF files

Your Coronavirus Checklist and Estate Planning Guide. Why you need a checklist? Do you have a list of bank accounts and bill so you can pay them while your loved one is in the hospital? Do you have a plan in place to take care of you or your loved ones in a crisis? Who will make decisions?

Learn more about Jane-Marie Schaffer

Have you protected your home and investments, prepared for the cost of a nursing home, avoided unnecessary taxes, considered long-term care options? We will discuss current documents needed and how to protect you hard earned assets against Medicaid.

View more from Attorney David Kubikian.