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Why Guardianship?

Why Guardianship? image

What is a Guardian? A Guardian is a Court appointed person authorized to make legal, medical and financial decisions for a disabled person.

Why would I need to pursue a Guardianship? Guardianship is necessary when an individual becomes incapacitated and there is not a legal Medical and/or Durable Power of Attorney in place that would allow someone to act and make decisions on an individual’s behalf and in their best interest. Typically, a relative or friend to the disabled person Petitions the Court of Chancery in Delaware, or the Circuit Court in Maryland, and requests permission to serve as the...

What is a Miller Trust?

What is a Miller Trust? image

A Miller Trust is an Irrevocable Income Trust that is required when an individual is applying for Delaware’s Long Term Care Medicaid program and the applicant receives more monthly income than the State of Delaware allows. Income is defined as Social Security, pension, rental and annuity payments

The State of Delaware is known as an “income cap state”. This means if an applicant’s monthly gross income exceeds $1,927.00 (2019), the applicant is not eligible for Medicaid without additional planning. The resolution for the applicant’s income eligibility is to create and fund an Irrevocable Qualified Income Trust, also known as a...

Can a Substitution Be Named for a Power of Attorney?

Can a Substitution Be Named for a Power of Attorney? image

“Historically, the purpose of a power of attorney is to select an agent (and ideally, successor agents) to act, in case you need assistance.”

Naming a trusted individual, whether a family member or a friend, to be your power of attorney is a significant decision. That person has the power to make financial decisions on your behalf, when you are unable to do so. It is, therefore, a serious responsibility, says My San Antonio Life in the article “Substitution of Agent and Delegation of Authority.”

Here’s an example of what can go wrong. A man’s father signed a...

Think Your Estate Plan is Done? Think Again!

Think Your Estate Plan is Done? Think Again! image

“You have reviewed multiple drafts of your Will, Trust, Living Will and Financial Power of Attorney, attended multiple meetings with your attorney, discussed the final distribution of your assets, selected your Executor and Trustee and finally executed your estate planning documents. So, you must be done, right?”

Putting your estate plan in place is a big first step in the process. However, it is only the first step for many people, according to this article “So You Think You’re Done with Your Estate Plan…” from the National Law Review. Here’s an excellent checklist of items that are commonly...

Financing Assisted Living by Saving, Planning and Insurance

Financing Assisted Living by Saving, Planning and Insurance image

“In March 2018, the U.S. Census Bureau reported that by 2030, all baby boomers will be over the age of 65, leading to a unique situation in demographics: 20% of U.S. residents will be at retirement age.”

Part of the increase in the number of people who live long enough to be of retirement age, is because life expectancies have increased. The average U.S. life expectancy has increased from 68 years in 1950 to 79 years in 2013, according to the Population Reference Bureau cited in an article from U.S. News & World Report titled “How Should I...