SHAMALOV LAW PLLC
Estate Planning & Elder Law
Estate planning is not just about what happens to your belongings after you die. Estate planning is about:
Proper estate planning is not a one-time, sign-a-will transaction, it is a process that not only involves you, our client; it can influence many generations, because it allows you to care for your loved ones as if you were still there providing your love, your wisdom, and your resources.
Medical costs are rising, government benefits are declining. Without proper Medicaid planning, growing old could mean spending your life-savings on prescription drugs, home-care or nursing homes.
Proper Medicaid planning will secure Medicaid while preserving your life earnings and assets to pass to your spouse, children or other beneficiaries.
Incapacity may be triggered by any number of circumstances, such as, illness, age, injury or even substance abuse. The problem with incapacity is that it can unpredictably sneak up on you. When that happens your assets can be left in limbo, and your health decisions can be unknown.
Proper incapacity planning is your opportunity to put into place the mechanisms needed to keep your assets out of limbo and to appoint a trusted individual to make health care decisions for you.
Incapacity is a legal and medical term that at a point in our lives when we either mentally or physically are unable to care for ourselves or to manage our affairs. There may come a time where you will face caring for a loved one who cannot care for him or herself. Often, your next best step is obtaining a guardianship for that person, especially if he or she does not have an appropriate power of attorney or health care proxy.
Families that have a family member with a disability must plan for the future very carefully. Two things must be considered when planning for the future- that is how assets are left after your death and who will take care of the disabled family member after your death.
A proper special needs planning will determine who would be a suitable trustee to manage trust assets and to supervise your family member's finances. It will also ensure that the family member will qualify and continue to qualify for government benefits such as Medicaid and Supplemental Security Income (SSI).
Losing a loved one can be overwhelming enough. Dealing with the legal responsibility of handling the loved ones estate often times is a demanding endeavor. There are numerous legal procedures involved with the administration and division of the property of an estate.
We help our clients through this grieving process and handle the intricacies associated with a loved ones estate.