Probate is often misunderstood and can be an effective tool in administering an estate after death. In many states the fees to initial and administer a probate are relatively low and the process provides the benefit of limiting liabilities of both the state and the persons serving to administer it. Probate is also necessary in cases where there is property that is not jointly owned or does not have a transfer designation on death; meaning, without the probate judge ordering the transfer of this property from the decedent’s estate to the new owner it would not be able to pass.

The term “Will” can take on many different meanings and is used in different contexts. Most typically the term Will is used to refer to a single document that guides someone in carrying out the wishes of the decedent after death. Issues such as the distribution of property and gifts, tax planning, guardianship and other wealth transfer are often the targets of these instruments. Wills can often include or relate to Trust provisions contained either within the Will or in an entirely separate document.

Taxation is a central part of any effective estate planning. There are broad rules that govern how taxes will be administered in an estate both before and after death. A carefully constructed plan can minimize the impact of taxes on your estate and facilitate the transfer of wealth to your intended beneficiary.

Wealth Transfer is a term which refers to the methodical transfer or access and control to assets typically from generation to generation. This objective can be accomplished in a variety of ways and through a deliberate and calculated plan can save a family a great deal of anguish. Our Wealth Transfer Group is dedicated to assisting our clients with the formation and administration of their wealth transfer plan.

Most elderly folks will encounter and deal with some form of disability. With medical advances injuries sustained today also result in disability over death quite often. The facets of disability law deal with benefits, privileges and issues surrounding a disabled person.

The practice of Elder Law encompasses areas that deal with senior issues and concerns. These issues and concerns may include Wealth Transfer, Wealth Preservation, Medicare, Medicaid or other facets of estate planning as well as day to day issues such as Social Security, Disability and other benefits.

Social Security is sometimes referred to as the government retirement or pension plan. This is a government benefit given to people attaining a certain age and meeting other income and work criteria. Most all of our senior citizens today participate in some type of social security benefits.

This is a fairly new financial vehicle whereby a person may produce an annuity under certain contracts using the equity in a piece of real estate or their home. Typically this will be used in the case of an elderly person where they need the income stream to live and preservation of the home for his or her heirs is not an objective. In essence the home is sold to the bank and upon death the home is foreclosed upon and sold. If there remains equity under some contracts the balance may be returned to the decedent’s estate.

Wealth Preservation is similar to Wealth Transfer and in fact the two terms may interact in a well crafted plan. Wealth Preservation more specifically is targeted however at the accumulation and preservation of wealth as opposed to necessarily transfer. Many times we will utilize Trusts and other tools or vehicles to endure the safe keeping of the asset while allowing appropriate access to meet the intended needs of the grantor.

Medicaid is a government assistance program where certain individuals lacking economic abilities may apply for help. Medicaid requires the applicant to be nearly impoverished and if the applicant is not, may have a substantial and sometimes unintended consequence. If one applies and accepts benefits while holding certain assets, the government may acquire the right to lien and latter take that property in order to repay the benefits received leaving nothing for the surviving spouse or heirs.

Medicare is a senior insurance program sponsored and subsidized by our federal government. This is not an assistance program like Medicaid, instead it is insurance.