Ask The Pros

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?

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

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?

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

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?

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?

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?

Justin, I helped my mother get Medicaid coverage for her assisted living facility about a year ago. It was a long and confusing process, but when we finally received the approval notice I thought it was over. To my surprise, last week we received a notice that she was up for reevaluation. Should I be worried she could lose her coverage?

Justin, My father filed for VA Aid and Attendance benefits six months ago.  After waiting all that time, all he got was a confusing denial.  The letter he received referenced old accounts he no longer has and interest income that was generated by those accounts.  What could have gone wrong?

Justin, My mom has been living in a nursing home for the last half year, and she is depleting her savings at an alarming rate.   In six months she has spent over $35,000 on nursing home costs, and the spending is causing her tremendous anxiety.  She and my late father never spent a dime on themselves, and they saved all their lives.  Mom feels helpless now that her savings is getting eaten up so quickly.  Is it too late for her to hire an attorney to try to protect her home and savings?