- What are the advantages and disadvantages of having a trust instead of a will?
- How can a person change a will?
- Is there any way a will would not be given effect after the testator's death?
- What is a community property state and how does it affect estate planning?
- What are some common issues connected with nursing home care?
- What is probate and how does it work?
- What are some of the tax consequences of estate planning?
- How does a grantor choose a trustee?
- How can a person leave property to minor children?
- What are some of the fiduciary responsibilities owed by a trustee to the beneficiaries?
- Learn More: Estate Planning
Why Long-Term Care Insurance Should Be Considered
- Medicare will only pay for limited periods of nursing care following a hospital stay.
- Medicare will not pay for long-term care that involves non-medical help with daily tasks, e.g., bathing, dressing.
- Medigap policies and regular health insurance plans do not usually pay for long-term care that involves non-medical help.
- Medicaid, the federal-state public assistance program for the poor, does pay for nursing home costs but only after a person "spends-down" their assets to a level where they can qualify for aid.
- According to the 2004 MetLife Market Survey of Nursing Home and Nursing Home Care Costs, the average daily cost of a private room in a nursing home in the U.S. is $70,080 a year. This amount has increased $4015 since the 2003 survey.
- Many people prefer to receive care in their homes.
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