Those who put off doing any estate planning before entering a care facility, may find themselves asking what estate planning can a nursing home resident do? It can be difficult trying to understand the estate settlement process. It’s a system so arcane and frustrating that it can take months to complete. Family members must deal with probate, taxes, assets and debts — all while navigating their grief.
McKnight’s Senior Living’s recent article entitled “5 estate-planning steps your residents should know” says “it doesn’t have to be that hard, especially if the estate owner helps organize the estate before the time comes. While you already might know some steps, the list of things to consider will prove useful. Handling those steps in life is the kindest thing a person, especially a resident of a care facility, can do for his or her family. That’s because these steps are far more difficult for an executor to complete, if they have not been thoughtfully planned.
So, when asking the question: "What Estate Planning Can a Nursing Home Resident Do?" know that there are ways to avoid probate, to include those mentioned earlier in this post, such as placing assets in a trust. The key here is to speak to a certified and experienced estate planning attorney about probate avoidance tactics, if you want to explore options to greatly simplify the estate settlement process later on! If you or a loved one are concerned about issues with situations like this, and in estate planning and elder law concerns including Asset Protection/Medicaid Planning and questions regarding long-term care and the nursing home, reach out to us! Book a call with us on our website: www.VAElderLaw.com to get started. We have offices in Bassett, Danville and Lynchburg to serve you.
Reference: McKnight’s Senior Living (Sep. 29, 2022) “5 estate-planning steps your residents should know”
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