Rule-of-Light: Common Mistakes | News, sports, activities | Media Pyro


With good intentions, many people make mistakes when they prepare their own plans for aging and death. If they knew how, they could achieve the same and better results. Let’s look at some of these common situations:

Case 1. Mrs. Shaad, a recent widower, wants to make sure that someone he trusts can help him manage his finances when he needs help. So, he asked his bank teller what to do. Her banker told her to put one of her children’s names in her bank accounts, put that child in charge of the accounts and give that child access to Mrs. Shaad to pay his bills, etc. the banker’s advice and added his loyal daughter, Christine, (one of 3 children) to all his bank accounts. To do that the bank re-registered all of Mrs. Shaad because of them “Mrs. Shaad or Christine, co-owners” since the bank cannot get into trouble for giving the wrong person access to the money if all the people involved are joint owners of the accounts.

The banker’s solution solved Mrs. Shaad, but created these new concerns:

a. If Christine is a fraud, she can steal all her mother’s money.

b. If Christine and her spouse need financial assistance for their own nursing home care, Medicaid will count Mrs. Shaad, now owned by Christine, is owned by Christine.

c. If Christine runs into financial trouble, Christine’s debts will be paid from Mrs. Mrs.’s life savings. Shaad.

d. As Christine was in charge of the bank accounts, Mrs. Shaad, all the money in those accounts goes to Christine, even though Mrs. Shaad’s Will is everything to all three of his children.

A better solution: Mrs.’s concerns are better addressed. Shaad by signing the Power of Attorney designates Christine as financial assistant (referred to as “The Right Lawyer” or “Director”) and show Christine’s status as Mrs.’s assistant. Shaad. The Elderly Attorney can set up a Power of Attorney in which Christine is named as her first assistant and also names a supporting assistant, giving the assistants all the authority they need to ensure that Mrs. . Shaad.

Case 2. Mrs. Shaad wants to make sure that his home goes to his children when he dies, so he asks his lawyer to write a will to send him home to his children, and to keep a book for him. “livestock” in stock. He signed the deed and recorded it at the local courthouse.

The new deed kept the children of Mrs. Shaad as the owner of the property, under the authority of Mrs. Shaad to stay. “Queen of the Hill”or “The Squatter Dog” was there for the rest of his life. Her children became heirs, but their right to inherit the property was suspended until Mrs. Shaad. The children and Mrs. Shaad the leaders until the death of Mrs. Shaad. The new deed resolved Mrs. Shaad’s concern that the children would inherit the property upon her death. Instead, he created these new problems:

a. Once the deed is in effect, each child will own the children’s shares. If that child gets into financial trouble, his creditors can collect his debts from Mrs. Shaad.

b. The value of each child’s share belongs to that child. If the child needs financial assistance for nursing care, the value of the child’s share in Mrs. “too rich” for Medicaid.

c. If a child dies, the child’s portion will remain in Mrs. Shaad to the child’s home, it will be received by the child’s beneficiaries. Therefore, Mrs. Shaad to share the ownership of his home with sons-in-law, daughter-in-law or grandchildren he did not consider himself the owner of his home during the lifetime of Mrs. Shaad. Grandchildren may be minors, and the court must agree to administer the child’s portion. The creditors of the sons-in-law and daughters-in-law try to collect their debts from the estate of Mrs. Shaad.

d. Medicaid, the federal program that helps pay for nursing home care, has a rule that is lifted when Medicaid helps a nursing home resident pay for his or her care if the Nursing home resident in the last 5 years before applying for Medicaid. Because of the work of Mrs. Shaad gave his children a lot of influence in the ownership of his home. For example, if Shaad was 65 years old when he signed the deed, he would give his children approximately 68% of the property’s value; a great gift that will last a long time Mrs. Shaad Medicaid financial assistance.

The concern of Mrs. Shaad for his home will be better decided by the signature of Mrs. Shaad a “Switch on Death” that at her death the Transfer on Death, previously recorded, but not valid until Mrs.’s death. the child’s share to whomever Mrs. Shaad to be received. Since a Transfer of Death document is not valid until the death of Mrs. Shaad, the Deed of Death makes sure that his children will get home when he dies, but it doesn’t create any new problems caused by his deed. used.

You spend money getting legal advice on the best ways to (a) appoint helpers to help when you need help, (b) protect your assets and other life savings from loss, and (c) get your invested capital in the hands of your caregivers when you die. An Elder Law Attorney deals with these issues.


Gerald W. Townsend is an Elder Law Attorney and partner in the Parkersburg law firm of Fluharty & Townsend, where he focuses on estate and disability planning and Medicaid nursing home planning to restore life savings. and home from nursing home fees. He can be reached at [email protected].

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