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November 2016 Archives

Create documents to manage financial affairs while you still can

Though Americans are working and remaining active for longer than ever before, they are also falling prey to serious illnesses that can affect their ability think clearly. Illnesses such as dementia and Alzheimer's cause people's mental and physical health to decline over time and Pittsburgh residents diagnosed with the illness may want to consider making some changes to their financial affairs while they still can.

Implications of filial responsibility for long term care planning

When doing long term care planning, it is important to remember that parents usually want the best for their children.  Parents may spend their lives working and saving to provide their children with the best education and lifestyle that they can manage. In fact, one aspect of parenting is to ensure that children are not burdened with their parents' financial problems. However, parents often neglect to do long term care planning, which can help prevent adult children from carrying their parents' financial burdens for nursing home care.

What is Probate?

Probate of a Will may be necessary if a person dies owning assets in his or her name alone and has a Last Will and Testament, which indicates what is to be done with those assets following death. Probate and estate administration is the opening of the estate by a personal representative, known as the Executor, to collect the decedent's assets, to pay the decedent's debts and to settle the decedent's affairs.

When Life Changes, So Must Your Estate Plan

The importance of comprehensive estate planning cannot be overstated. In addition to passing wealth on to loved ones and ensuring that your assets and personal belongings are distributed according to your wishes, an estate plan can also be used to plan and account for your own long-term care needs.

Simplifying finances as a way to plan for long-term care

When Pittsburgh residents think of long-term care plans, they may take the meaning literally-still in their forties and fifties, it is difficult to contemplate old age and the concept of being unable to take care of one's finances and health. However, what we don't realize is that as we grow older, it becomes harder to make complicated decisions. Therefore, it is best to create a long-term care plan while one is younger and in control of one's facilities, so a coherent and comprehensive plan be formulated.

What is Spend Down?

Spend down of assets, part of long term care planning, is a concern of Pennsylvanians who are considering Medicaid or Medical Assistance as an option to pay for nursing home care for a loved one. One of the biggest worries for Medicaid eligibility has to do with finances. Understanding what spend down is and how it works is an important part of long term care planning for a loved one.

Let us help you with Medicaid or Medical Assistance planing

Medicaid or Medical Assistance planning may help to protect you and your family.  Medicaid is funded by the federal government and Pennsylvania as a need-based program, which means that people who apply must demonstrate their eligibility, both medically and financially. This eligibility process can be an overwhelming task, as the paperwork and necessary documentation can be very confusing. In addition, even understanding the technicalities can be difficult - some individuals might be under the impression that the only way to qualify for Medicaid/Medical Assistance is to spend down all of one's assets. However, this is not the case since certain assets are not counted when determining financial eligibility.

What does the Executor of a Will do?

The role of an Executor of a Will is an important one, so it is important to properly select who will serve as the Executor of a Will. When you are engaging in the estate planning process, you may have questions concerning what the Executor of a Will (or Executrix if the person is a woman) does when determining who to name as the Executor. The Executor of a Will has the responsibility for ensuring that the decedent's last wishes are fulfilled concerning the disposition of his or her property and possessions. The Executor of the Will is entrusted with paying funeral expenses, the debts of the decedent, estate administration costs and Pennsylvania inheritance taxes as well as distributing the remaining property and assets according to the wishes of the decedent.

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