A Will Does Not Save You From Probate Court

Many of my clients are shocked when they learn that wills go through probate court.  This means that their loved ones have to pay for an executor/administrator, lawyer, and court fees even though they went to the work of getting a will.  Additionally, their family has to wait months before the estate is  settled. 

Generally, the way for your loved ones to avoid the time and expense involved with going to court is for you to hire an estate planning attorney while you are alive.  The attorney may draft transfer on death documents and create a plan to help you avoid probate.  Or, you may be a candidate for a trust, which will also keep you out of court.  Regardless of which option you select, a reasonable estate planning attorney should cost less than probate. 

For more information about how probate works go to the Kansas Bar Association’s page http://www.ksbar.org/?probate

ABOUT TAWNYA TADDIKEN JOHNSON, J.D., M.A:  http://tawnyataddikenjohnsonlawyer.blogspot.com/2016/07/tawnya-taddiken-johnson.html
This post is written for educational purposes and does not create a lawyer client relationship.

Facing the Facts: It is time to talk to Grandpa and Grandma

Most people my age are in the same boat, we have at least one parent age 65 or older.   That means that we all have to face harsh realities, because the majority of people who need long-term care are in our parents’ age bracket.   Moreover, Social Security is designed to become insolvent in the next twenty years.  This makes private funds even more vital in retirement and estate planning.

According to Missouri Attorney Melissa Leavy, the average nursing home stay ranges from $5,000 to $6,000 per month per parent.  Using her math, having two parents in long-term care could cost anywhere from $120,000 to $144,000 each year.  Our parents can quickly burn through their retirement savings at this rate.  Moreover, many of us do not have an additional $144,000 to spare each year.  

There are a variety of options available to people who want to plan for long-term care.  However, the majority of these methods need to be implemented many years before our parents enter the nursing home.  This means that the best time to talk to our parents about their plans for the future is when they are healthy and early in their retirement.  Planning with healthy parents also allows you to frame the conversation in terms of if you would need long-term care rather than in terms of when you go to the nursing home.  This is an easier conversation for everyone. 




ABOUT TAWNYA TADDIKEN JOHNSON, J.D., M.A:  http://tawnyataddikenjohnsonlawyer.blogspot.com/2016/07/tawnya-taddiken-johnson.html
This post is written for educational purposes and does not create a lawyer client relationship.

To read more about the future of social security http://www.bloomberg.com/politics/articles/2016-09-09/clinton-trump-campaigns-turn-social-security-politics-on-its-head