{"id":58,"date":"2024-05-31T13:31:36","date_gmt":"2024-05-31T13:31:36","guid":{"rendered":"https:\/\/angelagriffith.wpenginepowered.com\/?page_id=58"},"modified":"2024-07-21T22:12:22","modified_gmt":"2024-07-21T22:12:22","slug":"estate-planning","status":"publish","type":"page","link":"https:\/\/angelagriffithlaw.com\/?page_id=58","title":{"rendered":"Estate Planning"},"content":{"rendered":"\t\t
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Estate Planning & Administration<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Estate Planning<\/h2>

While nobody wants to think about death or disability, establishing an estate plan is one of the most important steps you can take to protect yourself and your loved ones.\u00a0 Proper\u00a0estate planning\u00a0not only puts you in charge of your finances, it can also spare your loved ones of the expense, delay and frustration associated with managing your affairs when you pass away or become disabled. Learn more about avoiding probate, providing for incapacity and\/or minor children, planning for death taxes, and making charitable bequests below.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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A Deeper Look at Estate Planning<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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PROVIDING FOR INCAPACITY:<\/u><\/em><\/strong><\/p>

If you become incapacitated, you won\u2019t be able to manage your own financial affairs.\u00a0 Many are under the mistaken impression that their spouse or adult children can automatically take over for them in case they become incapacitated.\u00a0 The truth is that in order for others to be able to manage your finances, they must petition a court to become your Conservator.\u00a0 This process can be lengthy, costly and stressful.\u00a0 Even if the court appoints the person you would have chosen, they may have to come back to the court every year and show how they are spending and investing each and every penny.\u00a0 If you want your family to be able to immediately take over for you, you must designate a person or persons that you trust in a Durable Financial Power of Attorney so that they will have the authority to withdraw money from your accounts, pay bills, take distributions from your IRAs, sell stocks, and refinance your home.<\/p>

In addition to planning for the financial aspect of your affairs during incapacity, you should establish, as part of your estate planning, a plan for your medical care.\u00a0 The law allows you to appoint someone you trust \u2013 for example, a family member or close friend to make decisions on your behalf about medical treatment options if you lose the ability to decide for yourself.\u00a0 You can do this by using a Durable Power of Attorney for Health Care where you designate the person to make such decisions.\u00a0 In addition to a power of attorney for health care, you should also have an Advance Medical Directive which informs others of your preferred medical treatments such as the use of extraordinary measures should you be in a coma\u00a0or terminally ill.<\/p>

AVOIDING PROBATE:<\/u><\/em><\/strong><\/p>

If you leave your estate to your loved ones using a will, everything you own will pass through probate.\u00a0 The process is expensive, time-consuming and open to the public.\u00a0 The probate court is in control of the process until the estate has been settled and distributed.\u00a0 If you are married and have children, you want to make certain that your surviving family has immediate access to cash to pay for living expenses while your estate is being settled.\u00a0 It is not unusual for the probate courts to freeze assets for weeks or even months while trying to determine the proper disposition of the estate. Your surviving spouse may be forced to apply to the probate court for needed cash to pay current living expenses. You can imagine how stressful this process can be. With proper estate planning, your assets can pass on to your loved ones without undergoing probate, in a manner that is quick, inexpensive and private.<\/p>

PROVIDING FOR MINOR CHILDREN:<\/u><\/em><\/strong><\/p>

It is important that as part of your estate planning you address issues regarding the upbringing of your children.\u00a0 If your children are young, you may want to consider implementing a plan that will allow your surviving spouse to devote more attention to your children, without the burden of work obligations.\u00a0 You may also want to provide for professional assistance for your spouse if you believe they lack the experience or ability to handle financial and legal matters.\u00a0 You should also discuss with your attorney the possibility of both you and your spouse dying simultaneously, or within a short duration of time.\u00a0 A contingency plan should provide for persons you\u2019d like to manage your assets as well as the guardian you\u2019d like to nominate for the upbringing of your children.\u00a0 The person, or trustee in charge of the finances need not be the same person as the guardian.\u00a0 In fact, in many situations, you may want to purposely designate different persons to maintain a system of checks and balances.\u00a0 Otherwise, the decision as to who will manage your finances and raise your children will be left to the Court.<\/p>

PLANNING FOR DEATH TAXES:<\/u><\/em><\/strong><\/p>

Whether there will be any federal estate tax to pay depends on the size of your estate and how your estate plan works.\u00a0 Many states have their own separate estate and inheritance taxes that you need to be aware of.\u00a0\u00a0 There are many well-established strategies that can be implemented to reduce or eliminate death taxes, but you must start the estate planning process early in order to implement many of these plans.<\/p>

CHARITABLE BEQUESTS \u2013 PLANNED GIVING:<\/u><\/em><\/strong><\/p>

Do you want to benefit a charitable organization or cause?\u00a0 Your estate plan can provide for such organizations in a variety of ways, either during your lifetime or at your death.\u00a0 Depending on your estate planning, your estate plan may also let you receive a stream of income for life, earn higher investment yield, or reduce your capital gains or estate taxes.<\/p>

A well-crafted estate plan should provide for your loved ones in an effective and efficient manner by avoiding guardianship during your lifetime, probate at death, estate taxes and unnecessary delays.\u00a0 You should consult qualified estate planning attorneys, such as Angela Griffith, to review your family and financial situation, your goals and explain the various options available to you.\u00a0\u00a0 Once your estate planning is completed, you will have peace of mind knowing that you have provided for yourself and your family in case the worst happens.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t

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Probate & Estate Administration<\/h2>

When a loved one passes away, his or her estate often goes through a court-managed process called probate or estate administration where the assets of the deceased are managed and distributed. If your loved-one owned his or her assets through a well drafted and properly funded living trust, it is likely that no court-managed administration is necessary, though the successor trustee needs to administer the distribution of the deceased\u2019s assets.\u00a0 The length of time needed to complete the probate of an estate depends on the size and complexity of the estate and the local rules and schedule of the probate court.<\/p>

Every probate estate is unique, but most involve the following steps:<\/u><\/p>

  • Filing of a petition with the proper probate court.<\/li>
  • Notice to heirs under the Will or to statutory heirs (if no Will exists).<\/li>
  • Petition to appoint Executor (in the case of a Will) or Administrator for the estate.<\/li>
  • Inventory and appraisal of estate assets by Executor\/Administrator.<\/li>
  • Payment of estate debt to rightful creditors.<\/li>
  • Sale of estate assets.<\/li>
  • Payment of estate taxes, if applicable.<\/li>
  • Final distribution of assets to heirs.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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    Frequently Asked Probate Questions<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    Does probate administer all property of the deceased?<\/strong><\/em><\/p>

    Probate is primarily a process through which title is transferred from the name of the deceased to the names of the beneficiaries.<\/p>

    Certain types of assets are what is called \u201cnon-probate assets\u201d do not go through probate. These include:<\/p>

    • Property in which you own title as \u201cjoint tenants with right of survivorship.\u201d\u00a0 Such property passes to the co-owners by operation of law and do not go through probate.<\/li>
    • Retirement accounts such as IRA and 401(k) accounts where there are designated beneficiaries.<\/li>
    • Life insurance policies where there are designated beneficiaries.<\/li>
    • Bank accounts with \u201cpay on death\u201d (POD) designations or \u201cin trust for\u201d designations.<\/li>
    • Property owned by a living trust. Legal title to such property passes to successor trustees without having to go through probate.<\/li><\/ul>

      Does an Executor Get Paid?<\/strong><\/em><\/p>

      Executors are reimbursed for all legitimate out-of-pocket expenses incurred in the process of management and distribution of the deceased estate.\u00a0 In addition, you may be entitled to statutory fees, which vary from location to location and on the size of the probate estate.\u00a0 The Executor has to fulfill his or her fiduciary duties on behalf of the estate with the highest degree of integrity and can be held liable for mismanagement of estate assets in his or her care. It is advised that the Executor retain an attorney and an accountant to advise and assist him with his or her duties.<\/p>

      How much does probate cost?\u00a0 How long does it take?<\/strong><\/em><\/p>

      The cost and duration of probate can vary substantially depending on a number of factors such as the value and complexity of the estate, the existence of a Will and the location of real property owned by the estate. Will contests or disputes with alleged creditors over the debts of the estate can also add significant cost and delay. Common expenses of an estate include Executors fees, Attorneys’ fees, accounting fees, court fees, appraisal costs, and surety bonds. These typically add up to 2% to 7% of the total estate value. Most estates are settled though probate in about 9 to 18 months, assuming there is no litigation involved.<\/p>

      Angela Griffith advises families as to how to settle the estate themselves, or if they prefer, she can do all or some of the work on their behalf.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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      Trust Administration<\/h2>

      Trust Administration\u00a0is the management and distribution of assets held in a trust created for the benefit of named beneficiaries.<\/p>

      Angela Griffith can advise Trustees how to properly carry out their duties or, when requested, our firm will serve as Trustee. When she serves as Trustee, she works with a team of professionals including financial advisors, accountants and others as needed. Angela Griffith works closely with the beneficiaries or their families to determine how best to provide for the beneficiaries’ needs.
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      Medicaid & Asset Protection<\/h2>

      Medicaid eligibility is determined by a complex set of state and federal regulations regarding an individual\u2019s income and assets.\u00a0 Since non-skilled nursing home care is covered by Medicaid and not by private health insurance or by Medicare, Medicaid eligibility is very important for people who do not have the money to pay the huge monthly cost of a nursing home care out of pocket.\u00a0 Angela Griffith provides advice on how to become eligible for Medicaid\u00a0while preserving income and assets, especially where there is a spouse or disabled child still living at home.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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      Medicaid Frequently Asked Questions<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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      What is the
      difference between Medicare and Medicaid?<\/span><\/i><\/b><\/h3>

      Medicare is health insurance for people age 65 or older, or under age 65 who receive Social Security Disability benefits <\/span>for 24 months. Individuals qualify for Medicare at 65 by working a required number of quarters for social security coverage.\u00a0 Medicare provides hospital and medical insurance and now under Part D, prescription drug coverage. Medicaid is a combination federal-state program of medical assistance to eligible financial needy persons.<\/span><\/p>

      Do Medicare and
      Medicaid Cover Nursing Home Long-Term Care Expenses?<\/span><\/i><\/b><\/i><\/h3>

      Medicare provides coverage for skilled nursing care in a nursing home.\u00a0 Skilled nursing care is limited to 100 days and during this period only the first 20 days are fully covered.\u00a0\u00a0 Medicaid does cover nursing home care provided the applicant meets the eligibility requirements for Medicaid coverage.<\/span><\/p>

      Do eligibility
      requirements under Medicaid for long-term care differ between an unmarried
      person and the spouse of a married couple?<\/span><\/i><\/b><\/i><\/h3>

      Yes, there are significant differences in Medicaid rules when an unmarried person requires Medicaid long-term care coverage versus when one spouse of a married couple requires Medicaid long-term care coverage.<\/span><\/p>

      Does my spouse have
      to give up the family home if I require nursing home care coverage under
      Medicaid?<\/span><\/i><\/b><\/i><\/h3>

      No, the home that your spouse lives in while you receive nursing home care remains an exempt asset. \u00a0It does not have to be sold.<\/span><\/p>

      Are there other
      situations in which the family home can be preserved?<\/span><\/i><\/b><\/i><\/h3>

      Yes, there are ways under Medicaid regulations that make saving the home possible. It is best to seek the help of the attorneys such as Angela Griffith regarding a particular situation.<\/span><\/p>

      Are there ways my
      spouse can retain any of my income if I require nursing home care coverage
      under Medicaid?<\/span><\/i><\/b><\/i><\/h3>

      Yes, the spouse who remains in the community is allowed an income allowance from the institutionalized spouse.\u00a0 The law compares the community spouse\u2019s own income to an income allowance.\u00a0 To the extent the community spouse\u2019s own income is below the income allowance, the community spouse is allowed to supplement his\/her income from the institutionalized spouse\u2019s income.<\/span><\/p>

      Is the community
      spouse allowed to keep other family savings besides the family home?<\/span><\/i><\/b><\/i><\/h3>

      Yes, there is a formula under the law that allows the community spouse to retain family assets.\u00a0\u00a0 Its best to consult with Angela Griffith to determine how much the community spouse can retain and how the amount is determined.<\/span><\/p>

      Can I give my assets
      away and then get onto Medicaid for long-term care coverage?<\/span><\/i><\/b><\/i><\/h3>

      The important thing to know is that Medicaid penalizes the applicant who gives away assets within five years of applying for Medicaid
      Benefits.\u00a0 The penalty is the delay in which the applicant can actually obtain Medicaid coverage.\u00a0 This is a harsh penalty particularly
      if you have no other source of assets to privately pay for long-term care while the penalty period is running.\u00a0 Again, it\u2019s best to consult with Angela Griffith who understands how the penalty works and can best plan for your situation.<\/span><\/p>

      Where do I apply for
      Medicaid long-term care coverage?<\/span><\/i><\/b><\/i><\/h3>

      You apply for Medicaid coverage by filing a medicaid application form with the Department of Human Services run by the local city or county government.\u00a0 You do not apply with the Social Security Administration.\u00a0 You apply to the city or county office where you last resided immediately prior to entering a nursing home.\u00a0 For example, if you lived in Arlington County before entering a Fairfax County nursing home, you apply for Medicaid with the Arlington County Department of Human Services.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

      Estate Planning & Administration Estate Planning While nobody wants to think about death or disability, establishing an estate plan is […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"site-sidebar-layout":"no-sidebar","site-content-layout":"","ast-site-content-layout":"full-width-container","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"disabled","ast-breadcrumbs-content":"","ast-featured-img":"disabled","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"class_list":["post-58","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/angelagriffithlaw.com\/index.php?rest_route=\/wp\/v2\/pages\/58","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/angelagriffithlaw.com\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/angelagriffithlaw.com\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/angelagriffithlaw.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/angelagriffithlaw.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=58"}],"version-history":[{"count":0,"href":"https:\/\/angelagriffithlaw.com\/index.php?rest_route=\/wp\/v2\/pages\/58\/revisions"}],"wp:attachment":[{"href":"https:\/\/angelagriffithlaw.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=58"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}