The Elrod Firm

Ask The Pros

Relevant answers to the most common questions about estate planning and elder law.

Long-Term Care Planning

Are We Too Late?

Justin, My mother is in the hospital right now, and her doctors are talking about moving her to rehab in a nursing home soon. Even after rehab, we doubt she’ll ever be able to return home. Is there anything we should be doing right now? Are we too early . . . or late?

See The Answer
Asset Protection

Can A Trust Protect Assets?

Justin, My mom and dad created a trust about twelve years ago. Almost everything they own is titled in the name of that trust. That should mean their assets are safe even if they need long-term care one day, right?

See The Answer
Medicaid Benefits

How Can We Deal With The Income Cap?

Justin, My mother will be moving from assisted living to a nursing home later this month. When I met with the business office at the nursing home, they told me she needed Medicaid coverage to afford the facility costs but her income is over the Medicaid limit. What can I do?

See The Answer
Asset Protection

Why Not Add My Daughter To My Account?

Justin, I want to add my daughter to my bank account so that she can write checks for me. When I visited a branch to do that, the banker I met with didn’t think it was a good idea, but I’m not sure why. Can you help clear this up for me?

See The Answer
Tax Considerations

Why Not Deed The House To The Kids?

Justin, my wife and I want to make sure our home goes to our children when we die. I want to deed it to them now because that seems to be the cheapest option. I also figure that will keep the home safe if one of us ever needs a nursing home. My wife is hesitant. Is there any reason we shouldn’t go ahead with a deed now?

See The Answer
Long-Term Care Planning

Can I Be Forced to Pay my Dad’s Nursing Home Bill?

Justin, My father has lived in a nursing home for about a year and his funds are running low. The facility has talked to me about filing a Medicaid application, but if he isn’t approved for Medicaid, can I be forced to pay his nursing home bill?

See The Answer
Estate Planning

How Do We Get a Foot in the Door?

Justin, My father needs to get his affairs in order, but he really doesn’t like attorneys. Do you have any advice on how to get his foot in the door?

See The Answer
Probate

What Are Letters of Administration?

Justin, My mother created a trust the year before she died. While working to wrap up her affairs, I ran across some stock. When I called the company to have the stock changed to the kids’ names, the company wrote back saying I needed to send them “Letters of Administration.” Can you help with that?

See The Answer
Probate

What is Probate?

Justin, What is probate and why does everybody say I should be so concerned about it?

See The Answer
Asset Protection

How Do Death Beneficiary Forms Work?

Justin, My financial advisor has talked to me about the importance of keeping my accounts out of probate court. He said I can accomplish that using death beneficiary forms his company provides. Are there any details I should know about before going with that plan?

See The Answer

Before you go...

Take some free reading material with you! One of these stories could hold the answers you’ve been looking for. You’ve got nothing to lose by grabbing a free copy.