Video Transcription: It is possible to appoint coagents under a durable power of attorney or a healthcare advanced directive. However, if you appoint coagents, your state may require that they both agree on a decision. If they don't agree, that can lead to conflict which costs additional attorney's fees. We generally...
Video Transcription: A handwritten will is also referred to as a holographic will. Many states allow a holographic will even without witnesses. A holographic will could be used regardless of the amount of property you have, depending on the circumstances. However, many states, even if your will is handwritten, is going to...
Video Transcription: It is extremely difficult to disinherit your spouse or minor children in the states, in the United States. All states have laws that allow a spouse to claim a certain share of the estate unless they have signed a prenuptial or postnuptial agreement. All states also include support mechanisms of the...
Video Transcription: Adding a daughter or son's name to a bank account as a joint owner, or signatory, does not replace a durable power of attorney. If you add your daughter or son's name to a bank account all they can do is utilize that particular bank account. They cannot request information regarding the income coming...
Video Transcription: You are the only person who can revoke a Power of Attorney that you've granted. However, your agent can resign or if your agent dies they will no longer be able to act. A court, in some circumstances, can suspend the Power of Attorney, and in other circumstances may determine that the Power of...
Video Transcription: Generally, a durable power of attorney cannot be used for estate planning. However, there are particular instances, such as the creation of a revocable living trust or the modification of a trust already in existence, that can be done by someone who is an agent under a durable power of attorney.
Video Transcription: The well spouse in the community is generally not responsible for the Medicaid expenses of an individual in a nursing home or their sick spouse. However, in some states there may be a lien after the sick spouse's death against property owned by both the sick spouse and the well spouse.
Video Transcription: There are people who cannot make a will. Minors cannot make a will because they lack capacity under the law. Adults who lack capacity can also not make a will. In order to make a will you must understand the property you own, who is related to you, also referred to as the objects of your bounty, and...
Video Transcription: If you are planning to take legal action against a nursing home for the harm of yourself or a loved one, you need to review the medical record for yourself including any incident reports. You may also want to look at their inspection reports, these are available through your state regulatory agency...
Video Transcription: The premiums for long term care insurance can be deductible on your income tax returns each year. The deductability is based on the type of policy that you have. Tax qualified long term care insurance premiums can be deducted and the amount deductible is based on your age at the end of the year.