Hill & Watchko LLC Hill & Watchko, LLC2024-01-14T18:30:33Zhttps://www.estatelawga.com/feed/atom/WordPress/wp-content/uploads/sites/1203761/2019/09/cropped-site-identity-32x32.jpgOn Behalf of Hill & Watchko, LLChttps://www.estatelawga.com/?p=489882024-01-14T18:30:33Z2024-01-14T18:30:33ZThe need to qualify quickly
People generally do not apply for Medicaid until their costs reach an untenable level. At that point, they may have very few resources left in their own names. They may assume that they can qualify for benefits as soon as they apply. Unfortunately, Medicaid looks at five years’ worth of financial records, including transfers to family members and trusts. Any large or inappropriate transfers during that lookback period may trigger a penalty that can delay someone's actual eligibility for Medicaid coverage. Advance planning helps eliminate the likelihood of a penalty that would delay someone's access to Medicaid coverage.
The desire to protect a legacy
People can potentially qualify for Georgia Medicaid while still retaining valuable property. Specifically, the home where they live should not affect their eligibility for benefits. However, it may be at risk after they die. Advance planning helps protect someone's most valuable property, including the home where they live, from claims in probate court after their death. The state can request reimbursement for every cent distributed for someone's care. Medicaid planning can protect assets from estate recovery efforts that would leave their loved ones with very little inheritance after they die.
Peace of mind about the future
Not everyone needs Medicaid benefits, but most people worry about possible future financial challenges. Someone who takes the time to protect key assets and increase their chances of getting Medicaid coverage if they ever need that support may feel more confident and comfortable during their golden years.
In these ways, addressing elder law needs early can improve someone's sense of comfort and stability later in life.]]>On Behalf of Hill & Watchko LLChttps://www.estatelawga.com/?p=489872023-11-07T18:52:11Z2023-11-07T18:52:11ZTrust creation
To establish a revocable living trust, you, as the grantor, create the trust document. This document outlines your wishes regarding the management and distribution of your assets. You then transfer ownership of your assets into the trust's name, designating yourself as the initial trustee.
Management
As the initial trustee of the revocable living trust, you retain full control over your assets. You can buy, sell or manage them as you see fit. This flexibility allows you to make changes or adjustments to the trust as your circumstances evolve.
Successor trustee
In your trust document, you designate a successor trustee to manage the trust in the event of your incapacity or passing. This person will take over the management and distribution of the trust's assets according to your wishes.
Benefits
One of the primary advantages of a revocable living trust is its ability to avoid the probate process. This means that your beneficiaries can receive their inheritances more quickly and with fewer expenses.
Unlike wills, which become public records upon entering probate, the contents of a revocable living trust remain private. A revocable living trust also provides a high degree of flexibility. You can modify or revoke the trust at any time as long as you are mentally competent.
A revocable living trust is a versatile and efficient estate planning tool. By understanding how a revocable living trust works, you can make informed decisions about your estate plan.]]>On Behalf of Hill & Watchko, LLChttps://www.estatelawga.com/?p=489842023-10-21T15:38:40Z2023-10-21T15:38:40ZFiling the petition
A family member or another interested party such as the will's executor starts the probate process. They file a petition in the superior court where the deceased person lived at the time of their death.
Notifying heirs and beneficiaries
Upon receipt of the petition, the court will issue a citation that serves as a notice to all heirs and beneficiaries mentioned in the will. It informs them of the probate proceedings and their right to contest the will if they wish.
Validating the will
If the deceased person had a valid will, the court will verify its authenticity. This typically involves confirming the deceased's signature and the presence of witnesses.
Only about 33% of Americans have a will. Without a will, the court will distribute the person's remaining assets according to Georgia's intestate succession laws.
Appointing an executor
The executor, also known as a personal representative, oversees the probate process. This person will gather and inventory the deceased's assets, pay debts, taxes and expenses and distribute the remaining assets to beneficiaries. The court will appoint an executor if the deceased individual did not name someone for this role.
Handling debts and taxes
During probate, the executor must identify and pay the deceased person's outstanding debts and taxes. These may include credit card bills, medical expenses and federal and state income taxes. The executor must settle all obligations before distributing assets to heirs and beneficiaries.
Distributing assets
After paying all debts and taxes, the executor distributes the remaining assets to the beneficiaries according to the terms of the will or intestate succession laws. If disputes or challenges to the will arise, the court may need to resolve these issues before closing the estate.
Upon asset distribution, the executor can petition the court to close the estate. If the court approves the request, all aspects of the probate process have been properly addressed, and the estate is officially closed.]]>On Behalf of Hill & Watchko, LLChttps://www.estatelawga.com/?p=489822023-10-13T00:43:06Z2023-10-13T00:43:06ZUnderstand the beneficiary's needs
The first step is to gain a comprehensive understanding of the beneficiary's specific needs. This encompasses considering their medical, educational and emotional requirements. Engage with healthcare professionals and educators to construct a detailed profile of their unique challenges and strengths.
Explore available support services
Explore support services available to your beneficiary with special needs. Various resources and programs can aid individuals with special needs, for example, therapy, support groups and educational programs tailored to their requirements. Conduct thorough research and reach out to relevant organizations and agencies to pinpoint suitable options.
Plan financially for long-term care
Financial planning ensures the well-being of a beneficiary with special needs. Construct a detailed budget that accounts for medical expenses, therapy costs and other essential services. Investigate government assistance programs and benefits that may be accessible to them.
Establish a care team
Constructing a reliable care team is key. This team may consist of healthcare professionals, educators, therapists and family members. Ensure that each member of the team is aware of the beneficiary's specific needs and possesses the necessary skills and knowledge to provide the best possible care.
Create a comprehensive care plan
A comprehensive care plan should outline the beneficiary's daily routines, medical requirements and long-term goals. Create a detailed plan that is easily accessible to all members of the care team.
Review and adjust regularly
As the needs of the beneficiary may evolve, it is important to conduct regular reviews of the care plan. Make adjustments to accommodate any changes in their condition or circumstances.
Advocate and communicate
Advocacy plays a key role in ensuring that future caretakers meet your beneficiary's needs. This involves actively seeking out and securing the necessary services and support. Engage in open and transparent communication with all members of the care team to address any concerns or make necessary adjustments promptly.
Arranging care for a beneficiary with special needs demands careful planning, a thorough understanding of their requirements and a dedicated team of caregivers. By following these steps and maintaining a proactive approach, you can help create a supportive environment that allows the beneficiary to thrive and lead a fulfilling life.]]>On Behalf of Hill & Watchko, LLChttps://www.estatelawga.com/?p=489812023-09-29T19:51:12Z2023-09-29T19:51:12Zabuse of power.
To the extent necessary
Guardians must perform their duties only to the extent necessary to provide for their wards’ needs and protect their properties. If there are options, guardians must choose the least restrictive choice to ensure the ward still keeps their rights and dignity despite having someone else decide for them.
Within the powers under the guardianship order
When a court appoints a guardian, it outlines their specific responsibilities and the limits thereof. For example, guardians can only purchase property on behalf of their wards if the order states that their power over property management is only limited to purchases and not sales.
In the best interest of the person under guardianship
If a guardian faces uncertainty during their decision-making process, they should mainly consider options that would be in the best interest and for the benefit of the person under their guardianship.
What if a guardian deems a particular choice as the best option for their ward but the order explicitly disallows it? In this situation, the guardian can file a petition in court explaining why it is the best option and that the court should grant it.
Ensuring your loved one’s care and protection
If you are considering guardianship for your loved one, it is reasonable to worry whether the appointed guardian will act within their duty and do what is best for their ward. Fortunately, the law limits guardians’ authority and provides remedies in case of a breach of duty.]]>On Behalf of Hill & Watchko, LLChttps://www.estatelawga.com/?p=489792023-09-26T11:31:32Z2023-09-26T11:31:32Zcreate a healthcare directive to better ensure that the care they receive appropriately aligns with their personal wishes.
Having an advance directive on record is beneficial, but it could eventually become outdated. The following are some of the reasons that those with an existing healthcare directive may want to review and update their paperwork.
Their health situation has changed
One of the most common reasons that people give for updating an advance directive is that their health circumstances have shifted dramatically. Someone without any chronic health conditions may feel very differently about the kind of interventions they would like to undergo in a medical emergency when compared with someone who has a progressive or degenerative condition.
Their personal situation has changed
There are countless scenarios in which someone might recognize that their existing advance directive no longer protects them adequately. Maybe the person that they chose to serve as their healthcare proxy has died or experienced significant cognitive decline. They may no longer be capable of filling that role. A falling out between the two parties could also necessitate the replacement of the proxy previously listed in someone's paperwork. Those who change their religion or family status may also find that their preferences for treatment change. Having new children may lead people to desire more extensive medical intervention to be available for those children, while losing a spouse or other close relationship might change someone's feelings about different forms of care as well.
They’ve moved to a new state
Every state has slightly different roles for advance healthcare directives, which means that paperwork drafted in one state may not offer effective protection in another. Those pre-existing paperwork who moved to Georgia during their golden years may find that their existing advance directives require revisions or that they will need to draft entirely new documents that appropriately comply with Georgia state law.
Both putting together the right paperwork and recognizing when it may be time to review and update estate planning documents can help to protect those concerned about their health care and support should a medical emergency arise.]]>On Behalf of Hill & Watchko, LLChttps://www.estatelawga.com/?p=489782023-09-05T11:11:48Z2023-09-05T11:11:48ZPeople issues executors may encounter
No matter which environment we are in, we cannot control the people we get to interact with. Accordingly, executors cannot control who they deal with during estate administration. Some heirs and beneficiaries may be calm and patient, while others may be overly demanding. Specific issues the executor may encounter include the following situations:
Constant and unreasonable requests for updates
Attempting to take control of the administration
Harassing the executor
Threatening to sue without just cause or under false accusation
Anticipating problematic behavior such as those mentioned above can help executors keep their composure in the event that they do have to deal with them.
The priority is to keep the administration going
While it is challenging for an executor to deal with difficult heirs and beneficiaries, they must not deviate from their duties and continue to perform their obligations according to the testator’s will and the applicable laws.
Executors must remain patient and keep communications calm and appropriate. They can gently remind the involved parties that if they allow the executor to perform their duties unhindered, the process will generally be quicker and they will receive their shares of the estate faster.
If it becomes too much, obtaining advice from an estate administration and probate professional can help executors regain calm and control and guide them on how to manage the situation.]]>On Behalf of Hill & Watchko, LLChttps://www.estatelawga.com/?p=489742023-08-15T16:53:39Z2023-08-15T16:53:39ZIndividuals can now create their own first-party SNT
Fortunately, lawmakers revised the special needs trust law in 2016 to allow mentally and legally capable individuals with special needs to create their own special needs trust. By doing so, the individual, who is also the beneficiary, funds the trust with their own assets. Individuals usually use this type of SNT if:
They directly receive an inheritance, life insurance proceeds or a gift.
They obtain personal injury or any legal settlement for their disability.
They owned assets before their disability that would make them otherwise ineligible for government assistance benefits.
All assets in this trust will only be for the beneficiary’s sole benefit.
What are the limitations of this type of SNT?
Before an individual can make a first-party SNT, they must meet the following criteria:
They must meet the government’s definition of being “disabled.”
They must be under 65 years old when they created and funded the trust.
Moreover, individual first-party SNTs must include a clause naming the state as a remainder beneficiary upon the beneficiary's death. This means the remaining assets in the trust will be used to repay the total lifetime medical assistance benefits from the government.
Preparing for a self-settled SNT
This type of trust can be tricky since it involves specific requirements and limitations. Any mistake in its creation can cause serious consequences for the beneficiary. It is essential to ensure one’s eligibility and carefully prepare the requirements to ensure the smooth creation of the special needs trust.]]>On Behalf of Hill & Watchko, LLChttps://www.estatelawga.com/?p=489722023-07-25T13:27:18Z2023-07-25T13:27:18ZCovering nursing home costs
Even a shared room in a nursing home will cost more than $6,000 every month on average as of 2023 in Georgia. Although some older adults may only require a year or two of nursing home support, it can be very difficult to cover those costs with personal resources. Planning to qualify for Medicaid is often an important part of the long-term care planning process.
Contemplating future incapacity
The idea that one would require not just medical support but also assistance with the management of their daily life is hard to accept. However, the consequences of aging often include health issues like dementia that will diminish someone's ability to provide for their own needs in their golden years. Durable powers of attorney can help ensure that an older adult has control over who handles their financial and medical matters.
Clarifying preferences concerning medical care
Every individual has their own personal sense of ethics and preferences related to what kind of medical treatment they would receive. Putting together an advance directive that outlines one's preferences in detail is an important step for those who feel strongly about issues like pain management or life support.
Those who take the time to address long-term care needs while they still have the legal capacity to do so can then approach their golden years with the peace of mind that comes from knowing they already have taken the necessary steps to protect themselves. As a result, having a plan for long-term care needs can be as valuable as having a plan for one's finances and legacy.]]>On Behalf of Hill & Watchko, LLChttps://www.estatelawga.com/?p=489582023-07-21T19:07:45Z2023-07-21T19:07:45ZWhat is your end goal?
We all have different priorities in life, depending on our unique circumstances. But there are priorities more common among individuals when choosing their estate planning tools. This includes but is not limited to, the following goals:
To protect your assets and loved ones when you die
To continue making financial and legal decisions if you fall ill or become disabled
To express your care preferences if you suffer a severe medical condition
To retain government benefits while receiving supplemental funds
From here, you will know if you need a will, a trust, a power of attorney, a health care directive, a special needs trust or other estate planning tools. For instance, those who want to ensure proper management of their finances and legal affairs in the event they become incapable of doing so themselves can establish a power of attorney.
If you are unsure which one covers your goals and priorities, you may consult an estate planning expert to ensure you are on the right track.
The right mindset for protection
Just because you are preparing for the unexpected does not mean you are anticipating it. If you have the opportunity to protect yourself from the adverse results of unforeseen events, such as severe illness, disability and death, you should take it. This opportunity can take the form of estate planning.]]>