A revocable living trust is a document that also will distribute your assets at death. Unlike a will, there is no court supervision of the distribution of your assets. You can also have the trust delay distribution to heirs that might be a spendthrift or that are collecting governmental assistance.
Probate is the process that the law provides for the distribution of your assets following your death. Assets in a trust, as explained below, assets that are joint with right of survivorship or assets that have a named beneficiary will pass outside of probate and are not part of the probate process.
3 out of 4 people age 65+ will need some form of long term care (ltc) in their lifetime. LTC includes a nursing home, at-home care, assisted living, rehabilitation facilities and memory care facilities.
Medicaid will pay for all of the costs of a nursing home for you, if you are eligible. It is possible to protect significant amounts of assets and income for a stay at home spouse, while the other spouse is in the nursing home collecting Medicaid.
Some veterans or their surviving spouses may be eligible for a special pension of up to $2,000 per month, to pay medical expenses and the cost of homecare or assisted living.
Guardians and Conservators are appointed by a judge after a court hearing. This may be a necessary step if an individual becomes incompetent and did not sign powers of attorney.