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Duffy Law Office / Estate Planning Attorney in Davenport
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What is a Living Will? - Learn more about the different kinds of living will in Quad Cities. http://www.duffylawoffice.com/estate_planning/estate-planning/

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Why Is Incapacity Planning Important? - Everyone should have an incapacity component embedded within a broader estate plan. In this post we will look at the importance of incapacity planning. Aging of the Population People are living longer and longer lives. The average life span is 78 years, but it becomes likely that you will live into your eighties if you reach the age of 65. The United States Census Bureau tells us that the age group comprised of people between 85 and 94 years of age grew faster than any other group between the last two censuses. Alzheimer s Disease and Dementia If you are pragmatically looking ahead toward the contingencies that you may face toward the end of your life, you should know some facts about Alzheimer s disease. The Alzheimer s Association website is a very useful online resource if you are looking for information about this disease According to the Alzheimer s Association, 40 to 45 percent of people who are 85 years of age and older are suffering from Alzheimer s. People who are suffering f

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Can Medicaid Take My Home? - When you plan your estate, you work with an estate planning attorney to devise a strategy for transferring your assets after you pass away. However, if you want to be comprehensively prepared for the future, you should consider the eventualities of aging. For many, Medicaid planning is part of the equation. Living Assistance It can be hard to imagine a time when you will be unable to handle your activities of daily living, but the statistics are quite eye-catching. Seven out of every 10 people who are turning 65 are going to need long-term care eventually, according to a government agency. Medicare is not set up to absorb long-term care costs. If you need in-home care, nursing home care, or outside-of-the-home living assistance, you can t count on Medicare to help with the expenses. Long-term care is very expensive, and these costs could decimate your savings. Medicaid Planning Medicaid will pay for living assistance, and it is the long-term care solution for a very significant percen

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Can a Trust Be Used to Complete a Medicaid Spend Down? - Medicare will help with your medical expenses when you reach the age of eligibility if you qualify, but the program will not pay for long-term care. This is a problem for most people, because long-term care is quite expensive. The average stay could cost over $200,000 in many areas of the country. Medicaid is the fallback plan for many people. This program pays for the majority of the long-term care that seniors receive. There are asset and income limits that you must stay within to qualify for Medicaid. People who retire with some resources typically engage in a Medicaid spend down to qualify for the program. A Medicaid spend down is a divestiture of assets. You could decide to give your children their inheritances in advance before you apply for Medicaid coverage. You could give direct gifts to your children, but you could alternately spend down by conveying assets into a Medicaid trust. Irrevocable vs. Revocable You may have heard of revocable living trusts. These trusts are popula

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Should I have a Durable Power of Attorney - This presentation talks about how should I have a durable power of attorney in the Quad Cities. http://www.duffylawoffice.com/estate_planning/estate-planning/

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How Is Property Distributed If There Is No Last Will? - Everyone should take estate planning seriously, because it addresses something that is definitely going to happen to all of us. In spite of the inevitability factor, a significant percentage of people go through life without a plan. What would happen to your assets if you passed away without a last will? Let s look at the multifaceted answer to this question. The Condition of Intestacy If you don t have a last will and you don t have a trust, the condition of intestacy will result. Under these circumstances, the probate court would get involved. Before we look at the intestate succession laws of the state of Iowa, we should point out the fact that assets could be transferred outside of the probate process, even if you die without a last will or trust. Joint tenancy would facilitate the transfer of property outside of probate. A joint tenant is a co-owner of property. Let s say that you own your own home. You could make your daughter the joint tenant. She would then own half of the hom

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What Happens to a Living Trust When One Spouse Dies? - Living trusts are useful for a wide range of people who are not necessarily wealthy. With a living trust, you control the assets while you are living. After you die, a trustee that you choose distributes assets to your beneficiaries. These distributions are not subject to the probate process. Probate is the legal process that an estate passes through when a last will is utilized to distribute personal property. This process can be quite time-consuming, and the heirs to the estate do not receive their inheritances until after it has run its course. Probate expenses are another concern. Various different probate costs accumulate, and money spent during probate is money that could have otherwise gone to the heirs to the estate. Married Couples & Living Trusts If you are married, you and your spouse could create a joint living trust. This would be a logical choice if you own most of your valuable property together, and you intend to leave your portion of shared property to your spouse. Wh

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Does Medicaid Pay for In-Home Care? - Long-term care costs are a major elder law concern. According to the United States Department of Health and Human Services, 70 percent of people turning 65 will need living assistance eventually.  If you need help with your activities of daily living, the care is looked upon as custodial care rather than medical care or convalescent care. Medicare does not cover long-term custodial care. Long-term care is extremely expensive, and it is impossible for many people to comfortably pay out-of-pocket. We practice law in the state of Iowa. Genworth Financial tells us that the median annual cost for a private room in a nursing home in Iowa is $67,525 at the present time. Medicaid Solution Medicaid is the solution for many seniors who need long-term care. Though it is a need-based program, people often divest themselves of assets prior to applying for coverage. This practice is referred to as a Medicaid spend down. Levels of Care There are different levels of care that you may require when yo

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What Is an Advance Directive for Health Care? - When you think about estate planning, you probably think about arranging for future asset transfers. This is certainly something that you must take care of when you are planning your estate. However, at the same time, you should think practically and consider the period of time that will precede your passing. Advance Directives for Health Care Your estate plan should include advance directives for health care. You execute these documents to account for the possibility of incapacity late in life. One advance directive that should be executed is a living will. Everyone has heard of the last will or last will and testament. A last will is used to state your final wishes regarding the transfer of your financial assets. A living will has nothing to do with the financial end of things. You use a living will to record your wishes regarding the use of life-support measures. If you were unable to communicate while in a terminal condition with no hope of recovery, would you want to be kept aliv

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Can the Executor Distribute Assets Immediately? - There are some things that you should understand about a last will before you decide that this is the right vehicle of asset transfer for you. The Process of Probate If you use a will to transfer your assets, you name an executor. This is the estate administrator. When you maintain sole and direct personal possession of your property and arrange for its transfer through the terms of a will, the executor must admit the will to probate after your passing. The people that are named in your will as inheritors can t receive their inheritances until after the estate has been probated and closed by the court. This is a process that does not run its course overnight. The exact duration of probate will vary depending on the jurisdiction. It will take a number of months at minimum, and there are probate cases that can take years. Clearly, you want your loved ones to receive their inheritances in a timely manner, so this is a drawback. In addition to the time consumption, there is another major
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