Miller Estate and Elder Law

In this episode, attorney Bill Miller discusses the importance of having a plan in place when a loved one is diagnosed with dementia. He shares several stories that highlight the challenges faced by families who do not have the proper legal documents and strategies in place. 

He introduces the Dementia Care Navigation service offered by his firm, which provides a comprehensive plan to help families navigate the journey of dementia care. The service includes financial planning, legal support, family support, care advocacy, medical support, and assistance with transitions.

Takeaways

• Having a plan in place is crucial when a loved one is diagnosed with dementia.
• Proper legal documents, such as a durable power of attorney and advance directive for healthcare, are essential for making decisions and accessing resources.
• Families should seek the assistance of an elder care attorney to ensure their legal documents have the necessary powers and protections.
• The Dementia Care Navigation service provides a comprehensive plan to help families navigate the challenges of dementia care, including financial planning, legal support, family support, care advocacy, medical support, and assistance with transitions.

Chapters

(00:00) Introduction and Disclaimer

(02:01) Challenges Faced by Families Without a Plan

(09:04) Introducing the Dementia Care Navigation Service

(12:52) Components of the Dementia Care Navigation Service

(19:59) Importance of Early Intervention

(21:27) Conclusion and Call to Action

Learn More and Connect with Bill Miller

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In this episode, attorney Bill Miller discusses how his firm helps families who have a loved one going into a nursing home and how their planning can help protect assets. He shares three different scenarios of families they have helped, highlighting that asset protection planning is not just about protecting money for the next generation, but also about ensuring that families don't lose everything they have worked for to nursing home costs.

The strategies they use include setting up accounts with the Alabama Family Trust, purchasing Medicaid compliant annuities, and increasing the income of the community spouse.

Takeaways

• Asset protection planning is not just about protecting money for the next generation, but also about ensuring that families don't lose everything they have worked for to nursing home costs.
• Strategies such as setting up accounts with the Alabama Family Trust and purchasing Medicaid compliant annuities can help families qualify for Medicaid more quickly and protect assets.
• In cases where a spouse goes to a nursing home, it can be difficult for the remaining spouse to make ends meet on a reduced income. Planning can help ensure the community spouse has enough money to live comfortably.
• Having the right type of power of attorney is crucial for Medicaid planning, as it allows family members to make necessary financial decisions on behalf of the individual going into a nursing home.
• It is important to consider Medicaid planning ahead of time by transferring assets into an irrevocable trust, but even if planning is done in a crisis situation, having the necessary documentation is crucial.

Chapters

(00:00) Introduction and Purpose of Asset Protection Planning

(01:53) Asset Protection Planning to Qualify for Medicaid

(04:39) Challenges Faced by the Community Spouse

(08:45) Using Medicaid Compliant Annuities to Pay for Care

(10:39) Challenges Faced by Nursing Homes

(19:22) Increasing the Income of the Community Spouse

(23:05) Importance of the Right Type of Power of Attorney

Learn More and Connect with Bill Miller

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In this episode, attorney Bill Miller discusses the five biggest mistakes that people make when applying for Medicaid to pay for nursing home care. He shares stories and examples to illustrate these mistakes and provides valuable insights on how to avoid them.

The mistakes include not having the right kind of power of attorney, thinking that assets in a trust are protected from nursing home costs, giving away or selling assets for less than fair market value, failing to transfer assets to eligible beneficiaries, and failing to implement strategies to maximize the resources of the community spouse. He emphasizes the importance of proper planning and seeking advice from an elder law attorney.

Takeaways

• Having the right kind of power of attorney and trust is crucial for asset protection and Medicaid planning.
• Assets in a revocable trust are not protected from nursing home costs.
• Giving away or selling assets for less than fair market value can result in Medicaid penalties.
• Transferring assets to eligible beneficiaries, such as disabled children, can be done without penalties.
• Strategies can be implemented to maximize the resources of the community spouse.
• Proper planning and seeking advice from an elder law attorney are essential to avoid costly mistakes when applying for Medicaid.

Chapters

(00:00) Introduction and Disclaimer

(04:19) Mistake 1: Not Having the Right Power of Attorney and Trust

(08:37) Mistake 2: Thinking Assets in a Revocable Trust Are Protected

(11:42) Mistake 3: Converting Exemplary Sources

(13:47) Mistake 4: Failing to Transfer Assets to Eligible Beneficiaries

(16:35) Mistake 5: Failing to Implement Strategies for the Community Spouse

(20:12) Conclusion and Importance of Proper Planning

Learn More and Connect with Bill Miller

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In this episode, attorney Bill Miller discusses the challenges faced by caregivers and provides valuable information on what caregivers need to know. He emphasizes the importance of having open conversations with aging parents about their wishes and end-of-life care.

He also highlights the significance of creating or updating legal plans, including powers of attorney and healthcare directives. He advises caregivers to be aware of the cost of care and explore options such as long-term care insurance, veterans benefits, and Medicaid planning. Additionally, he encourages caregivers to seek help, stay organized, and prioritize self-care.

Takeaways

• Have open conversations with aging parents about their wishes and end-of-life care
• Create or update legal plans, including powers of attorney and healthcare directives
• Be aware of the cost of care and explore options such as long-term care insurance, veterans benefits, and Medicaid planning
• Seek help, stay organized, and prioritize self-care as a caregiver

Chapters

(00:00) Introduction and Disclaimer

(02:19) The Sacrifices of Caregivers

(04:09) Having the Conversation: End-of-Life Wishes

(09:10) Continual Planning for Healthcare

(15:47) Creating or Updating Legal Plans

(23:54) Navigating the Cost of Care

(29:04) Getting Organized: Documents and Information

(35:08) Seeking Help and Self-Care

Learn More and Connect with Bill Miller

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In this episode, attorney Bill Miller discusses the differences between wills and trusts. He explains that a will is a legal document that outlines how your probate assets should be distributed after your death, while a trust is a legal agreement that holds assets for the benefit of individuals or purposes.

Wills are simpler and less expensive upfront, but they require court intervention and can be time-consuming. Trusts, on the other hand, avoid probate, provide continuity of asset management, and offer more flexibility and privacy. They are better for larger or more complex estates and can be effective during your lifetime as well.

Takeaways

• A will is a legal document that outlines how your probate assets should be distributed after your death, while a trust is a legal agreement that holds assets for the benefit of individuals or purposes.
• Wills are simpler and less expensive upfront, but they require court intervention and can be time-consuming.
• Trusts avoid probate, provide continuity of asset management, and offer more flexibility and privacy.
• Trusts are better for larger or more complex estates and can be effective during your lifetime as well.
• A pour-over will can be used in conjunction with a trust to ensure that all assets are distributed according to the trust's terms.
• Trusts can be used for asset protection, planning for incapacity, and seamless management of assets.
• Trust administration is typically less expensive and easier than probating a will.
• It is important to consider your specific circumstances and goals when deciding between a will and a trust.

Chapters

(00:00) Introduction and Overview

(07:11) Introduction to Trusts

(09:29) Types of Trusts: Revocable and Irrevocable

(12:08) Parties Involved in a Trust

(14:03) Advantages of Trusts

Learn More and Connect with Bill Miller

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In this episode, attorney Bill Miller discusses common mistakes and pitfalls of self-help estate planning. He shares real-life stories to illustrate the consequences of these mistakes and emphasizes the importance of working with qualified professionals.

The main mistakes discussed include putting children's names on bank accounts, relying solely on beneficiary designations, relying on advice from friends instead of professionals, and assuming all legal documents are created equally.

Takeaways

• Putting children's names on bank accounts can expose the accounts to their creditors and predators.
• Deeding property to children during one's lifetime can result in capital gains tax and potential loss of assets to creditors.
• Relying solely on beneficiary designations can create issues when needing to access assets during one's lifetime.
• Giving away assets to protect them from nursing home expenses can result in Medicaid penalties.
• Relying on advice from friends may not be applicable to one's specific situation and state laws.
• Working with qualified professionals who collaborate and understand one's goals is crucial for effective estate planning.
• Not all legal documents are created equally, and it's important to ensure they have the necessary powers and are up to date.

Chapters

00:00 Introduction

02:29 Putting Children's Names on Bank Accounts

04:46 Deeding Property to Children During Your Lifetime

07:28 Relying Solely on Beneficiary Designations

09:26 The Consequences of Giving Away Assets to Protect from Nursing Home Expenses

15:46 Relying on Advice from Friends

24:11 Not All Legal Documents Are Created Equally

26:14 Conclusion

Learn More and Connect with Bill Miller

https://millerestateandelderlaw.com/

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https://www.youtube.com/channel/UC_UuzlnOOHGmiGHgPY7FZ6A

In this episode, attorney Bill Miller discusses the differences between guardianships and conservatorships versus a power of attorney. He shares a story about a man who had Alzheimer's and the difficulties faced by his while trying to sell their property due to his inability to sign legal documents.

A power of attorney is a document that gives someone else the authority to make legal and financial decisions for the principal. On the other hand, a guardianship and conservatorship require a court proceeding and have court oversight.

Takeaways

• A power of attorney is a document that gives someone else the authority to make legal and financial decisions for the principal.
• Guardianships and conservatorships require a court proceeding and have court oversight.
• Powers of attorney provide flexibility and specificity, while guardianships and conservatorships give broad powers.
• Powers of attorney are quicker to establish and less expensive than guardianships and conservatorships.
• Spouses should have powers of attorney over each other, and backups should be named in the document.
• Guardianships and conservatorships are recommended when there is no one trustworthy to act as power of attorney or when court oversight is desired.

Chapters

(00:00) Introduction and Disclaimer

(04:01) Explanation of Powers of Attorney

(07:14) Pros and Cons of Powers of Attorney

(13:04) Pros and Cons of Guardianships and Conservatorships

(19:25) Importance of Powers of Attorney in Estate Planning

Learn More and Connect with Bill Miller

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https://www.facebook.com/MillerEstateandElderLaw/

https://www.linkedin.com/in/bill-miller-estate-and-elder-law-attorney-44036511/

https://twitter.com/attybillmiller

https://www.youtube.com/channel/UC_UuzlnOOHGmiGHgPY7FZ6A

In this episode, attorney Bill Miller discusses the three steps to take immediately when there's a dementia diagnosis to protect you and your family. He emphasizes the importance of having the right legal documents in place, such as a durable financial power of attorney and an advance directive for healthcare. He also highlights the need for professionals—including financial advisors, doctors, and attorneys—to be on the same page and understand the specific needs of individuals with dementia.

Additionally, he explores the various care options available and how to pay for them, including in-home care, assisted living, and nursing homes. Finally, he introduces the long-term care navigation service offered by his firm to support families on their dementia care journey.

Takeaways

• Ensure that your legal documents, such as a durable financial power of attorney and an advance directive for healthcare, are in order to protect you and your family in the event of a dementia diagnosis.
• Make sure that all of your professionals—including financial advisors, doctors, and attorneys—are aware of the dementia diagnosis and are working together to meet your specific needs.
• Explore the different care options available, such as in-home care, assisted living, and nursing homes; and consider how to pay for them through private pay, veterans benefits, long-term care insurance, or Medicaid.
• Consider seeking the assistance of a long-term care navigation service to provide ongoing support and guidance throughout the dementia care journey.

Chapters

(00:00) Introduction and Disclaimer

(13:50) Step 2: Coordinating Professionals for a Comprehensive Dementia Care Plan

(26:33) Conclusion and Importance of Seeking Legal Assistance

Learn More and Connect with Bill Miller

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https://www.facebook.com/MillerEstateandElderLaw/

https://www.linkedin.com/in/bill-miller-estate-and-elder-law-attorney-44036511/

https://twitter.com/attybillmiller

https://www.youtube.com/channel/UC_UuzlnOOHGmiGHgPY7FZ6A

In this episode, attorney Bill Miller discusses special needs trusts—also known as supplemental needs trusts—which are designed to protect the benefits of someone who is disabled and on SSI or Medicaid. He explains the two types of special needs trusts: first-party and third-party. First-party special needs trusts are for individuals who receive an inheritance or settlement, and want to maintain their benefits.

Third-party special needs trusts are set up by someone else, such as a family member, to provide additional funds for the disabled person. Bill Miller also mentions the Alabama family trust, a pooled special needs trust that can be used for both first-party and third-party situations.

Takeaways

• Special needs trusts are designed to protect the benefits of someone who is disabled and on SSI or Medicaid.
• There are two types of special needs trusts: first-party and third-party.
• First-party special needs trusts are for individuals who receive an inheritance or settlement, and want to maintain their benefits.
• Third-party special needs trusts are set up by someone else, such as a family member, to provide additional funds for the disabled person.
• The Alabama family trust is a pooled special needs trust that can be used for both first-party and third-party situations.

Chapters

(00:00) Introduction to Special Needs Trusts

(08:15) First-Party Special Needs Trusts

Learn More and Connect with Bill Miller

https://millerestateandelderlaw.com/

https://www.facebook.com/MillerEstateandElderLaw/

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In this episode, attorney Bill Miller discusses the difference between probate and non-probate assets. Probate assets are those that are solely owned by an individual and do not have any other legal way of transfer, while non-probate assets have designated beneficiaries or joint ownership. Bill also highlights the probate process, including the responsibilities of the personal representative and the time-consuming nature of probate. He emphasizes the importance of having a will and the potential consequences of dying without one.

Bill explores the benefits of avoiding probate and provides various methods to achieve this, such as beneficiary designations, joint ownership, and trusts. He concludes by discussing the considerations in choosing between probate and non-probate plans, and the impact on business assets.

Takeaways

• Probate assets are solely owned by an individual and do not have any other legal way of transfer, while non-probate assets have designated beneficiaries or joint ownership.
• The probate process can be time consuming and expensive, often taking a minimum of nine months to complete.
• Having a will does not necessarily avoid probate if there are assets that are solely owned and not covered by other legal transfer methods.
• Avoiding probate can be achieved through beneficiary designations, joint ownership, or the use of trusts.

Chapters

(00:00) Introduction and Disclaimer

(01:00) Understanding Probate and Non-Probate Assets

(05:27) Non-Probate Assets

(06:32) Probating a Will

(08:49) Difficulties of Estate Administration without a Will

(10:15) Consequences of Dying without a Will

(11:27) Challenges of Probate Process

(15:14) Methods to Avoid Probate

(18:11) Importance of Beneficiary Designations

(20:34) Choosing Between Probate and Non-Probate Plans

(21:35) Avoiding Probate for Business Assets

Learn More and Connect with Bill Miller

https://millerestateandelderlaw.com/

https://www.facebook.com/MillerEstateandElderLaw/

https://www.linkedin.com/in/bill-miller-estate-and-elder-law-attorney-44036511/

https://twitter.com/attybillmiller

https://www.youtube.com/channel/UC_UuzlnOOHGmiGHgPY7FZ6A