Ready to take that trip this summer? Whether by plane, train or automobile, a scheduled trip can be a great motivator to get your affairs in order, especially for parents of minor children. The following is a list and brief description of basic documents you should consider or review before you pack your suitcase.
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- Last Will and Testament. This document sets forth what will happen to your property when you die and who will handle your estate. It also can provide for who will take care of your minor children if you couldn’t and who would handle their inheritance and under what terms. In Ohio, a Will
When a married couple is facing a health crisis for one spouse, there is a myriad of issues to sort through. What care will be needed? Where will care be provided? How will it be paid for?
Medicaid is a government program that pays for long term care. Oftentimes, the couple will utilize Medicaid for the spouse facing long term health care needs. There are rigid resource and income requirements to qualify for Medicaid and planning options available that are beyond the scope of this post, but have been discussed in other blog posts on this site, including http://www.perlalaw.com/medicaid-planning-with-annuities-for-married-couples/… Read the rest
The Perla Law Firm will be at South Euclid Senior Center on Thursday, June 15 from 11:30am to 1:30pm. Come by to ask questions and learn more about estate planning and probate, family law, long term care and all things elder law! Guides of Estate Planning, Estate Administration and Medicaid Planning will be available to take home with you.… Read the rest
Effective April 6, 2017, parents and grandparents and other individuals seeking to leave property to minor children can now delay delivery of property to minors until the age of 25 pursuant to the Ohio Transfers to Minors Act (OTMA).
So why does that matter?
The Ohio Transfers to Minors Act allows people to leave property to a custodian to manage and distribute property for a minor child’s benefit. Prior to the law, if you wanted to leave property to a minor, it would require either a guardian to be appointed by probate court to manage the funds, and the costs and filing requirements of that arrangement,… Read the rest
Cleveland Elder Law Attorney Elizabeth L. Perla of the Perla Law Firm is offering free legal consultations on May 16 from 1 to 4:00 pm. Appointments will be scheduled every 15 minutes, with any remaining slots available for walk-ins. Ms. Perla is an elder law attorney practicing in estate planning, including Wills and Trusts, Medicaid and Veteran’s Benefits planning, advanced directives, guardianships, and estate administration. She is also well versed in family law matters. The sign-up sheet will be available at the front desk.… Read the rest