The Elrod Firm

Ask The Pros

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

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?

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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?

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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?

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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?

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Probate

What is Probate?

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

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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?

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Long-Term Care Planning

I Created a Trust—Now Am I Protected?

Justin, I recently worked with an attorney to create an estate plan centered on a trust. Can I relax? Am I protected now?

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Estate Planning

Why Is This So Frustrating?

Justin, I’m trying to close out my father’s bank account, but the bank won’t let me. I’m getting really frustrated—can you help?

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Tax Considerations

Did I Mess Up Our Tax Returns?

Justin, I just filed my father’s taxes and my own. After I sent in both returns, I stressed out that I might have left out something important. Last year my father gave me $30,000, but I didn’t include that on my return. Have I messed up?

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Long-Term Care Planning

Are The Stories True?

Justin, My mother is in a nursing home for rehab right now, but the staff is confident that she’ll stay for long-term care when rehab ends. To say my dad is worried is an understatement. He’s extremely concerned about being apart from mom, but he’s also in a panic about money. He was told they’d have to private pay until they’re broke before they can expect any financial help. What should I tell him?

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