The Elrod Firm

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Answers to the most commonly asked questions about The Elrod Firm

Asset Protection

It’s Too Late to Plan. Now What?

Justin, I have talked to my mother for years about signing a will and power of attorney documents, but she was never interested in thinking about those types of things. Just last week, she received a diagnosis of dementia from her doctor. I assume it’s too late to plan her estate now—what do we do?

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Guardianship

What Can I Do as Power of Attorney?

Justin, My father named me as his power of attorney several years ago. He has always managed his own business, but recently he hasn’t taken care of things like he used to—he stopped paying his bills and seems to be ignoring his doctor’s advice. What can I do as his POA?

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Long-Term Care Planning

Is there a difference between Medicare and Medicaid?

Justin, My mother’s physician is recommending that she go to a nursing home because of her declining mental health. My friend went through a similar experience last year with her father. He broke his hip and had to move into a nursing home. Medicare benefits paid for her father’s nursing home stay and it did not cost him a thing. Do we need to look into Medicaid planning or will Medicare cover her expenses?

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Estate Planning

How can I change my deed?

Justin, Five years ago, I used a life estate deed to sign my home over to my three children to keep it out of probate court. About a year ago, my son died. I think it’s time to redo my deed to remove my son’s name—what will be involved?

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Long-Term Care Planning

Is there a Veterans Benefit to help pay for Assisted Living?

Justin, my father is about to be released from the hospital and will be going to inpatient rehab later this week. Because of his dementia I feel like he will need assisted living when his rehab is over. He is a veteran, and I read that he may be entitled to some sort of financial benefit to help. Is this true?

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Asset Protection

What if I do nothing?

Justin, I’ve read several articles and even heard a couple of presentations on the importance of estate planning, but I really don’t have that much. I own my home and a car and by the end of each month have around $15,000 in the bank. I really don’t want to go to the trouble and expense of doing an estate plan. What happens if I do nothing?

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Tax Considerations

How Should I Deed My House To My Children?

Justin, I’m thinking of deeding my home to my children to avoid inheritance taxes. Do you have any recommendations on how I should handle this?

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Asset Protection

Do you have to spend yourself broke to qualify for Medicaid?

Justin, My mother moved into a nursing home a few months ago and began privately paying the facility after their business office told her that she had no chance of qualifying for Medicaid until she spent her entire savings on care. After reading some of your articles I feel like we have been misinformed.

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