RI estate planning attorneys
Rhode Island estate planning law firm, Slepkow Law LLC presents the following estate planning and Elder law articles. These RI law articles were authored by a Rhode Island probate attorney.
Rhode Island Will, Trusts and Probate law-FAQS prepared by a RI estate planning attorney
This legal article answers the following, Rhode Island Estate Planning, will and trust questions:
- Does a person who resides in Rhode Island and Providence Plantations need a will?
- What does “intestate” mean under RI laws?
- What happens if a person dies in an accident, or by other means without a will?
- Can the probate process in Providence Probate Court be avoided if someone has a will?
- If I die with minor children or a minor child, who will handle my money for them?
- Can I name and designate the same person as executor, trustee and guardian in my will?
- How can I avoid the probate process in Warwick, Cranston or East Providence Probate Court?
- What constitutes a trust under laws in the Ocean State? What other benefits are there for creating a trust in Rhode Island?
Rhode Island law pertaining to the elderly regarding nursing home
Answers to important questions concerning Rhode Island Elder Law by an attorney from East Providence. Information related to: nursing home liens, living wills, estate planning in RI, trusts and more. This RI elder law article addresses the following topics: wills, trusts, powers-of-attorney, healthcare agent designations and estate planning. Asset protection as well as Medicaid Planning are important issues in the field of Elder law in RI.
- What is a living will in RI?
- Will the State of Rhode Island and Providence Plantations take title to my domicile if I have no choice but to enter a nursing home?
- What steps should I take to protect my house in case of nursing home costs?
- Are there any means for me to retain control of my assets while simultaneously protecting them from the reach of nursing homes?
- What law of what state will govern the strategies and state determinations?
Elder law, probate law, wills, and trusts are legal areas that deal with various aspects of estate planning, asset protection, and the rights and needs of older individuals. Here’s an overview of each:
- Elder Law: Elder law is a specialized area of law that focuses on legal issues that affect older individuals, typically those aged 65 and older. It covers a wide range of topics, including:a. Long-term care planning: This involves strategies for financing nursing home or assisted living care, including Medicaid planning. b. Guardianship and conservatorship: Addressing situations where an elderly individual is no longer able to make decisions for themselves and requires a legal guardian or conservator. c. Elder abuse and neglect: Protecting older adults from physical, emotional, or financial abuse or neglect. d. Healthcare decisions: Ensuring that an individual’s healthcare preferences are documented in advance healthcare directives and medical powers of attorney. e. Social Security, Medicare, and other benefits: Advising on how to maximize government benefits available to seniors.
- Probate Law: Probate is the legal process through which a deceased person’s assets are distributed to their heirs or beneficiaries and their debts are settled. Probate law includes:a. Validating the will: Ensuring that the deceased’s last will and testament is legally valid. b. Appointment of an executor or personal representative: Designating someone to manage the probate process and distribute assets. c. Asset inventory: Determining the deceased person’s assets and liabilities. d. Creditor claims: Handling any outstanding debts or claims against the estate. e. Asset distribution: Distributing the remaining assets to the heirs or beneficiaries as specified in the will or according to state law.
- Wills: A will is a legal document that specifies how a person’s assets and property should be distributed after their death. Key components of a will include:a. Naming beneficiaries: Identifying who will receive specific assets or inheritances. b. Appointing an executor: Choosing a person to administer the estate and carry out the wishes in the will. c. Guardianship: Designating a guardian for minor children. d. Specific bequests: Listing particular items or gifts to be given to specific individuals. e. Residuary clause: Outlining how any remaining assets should be distributed.
- Trusts: Trusts are legal arrangements where one party (the grantor) transfers assets to another party (the trustee) to hold and manage for the benefit of specific individuals or entities (the beneficiaries). Trusts offer various benefits, including:a. Avoiding probate: Assets placed in a trust may bypass the probate process, providing privacy and efficiency in asset distribution. b. Asset protection: Some trusts can protect assets from creditors or legal claims. c. Tax planning: Certain trusts can be used for estate tax reduction or avoidance. d. Management of assets: Trusts can be used to manage and distribute assets over time, such as for minor beneficiaries or individuals with special needs.
Elder law, probate law, wills, and trusts are interconnected areas of law that often overlap when planning for the financial and personal well-being of elderly individuals and the distribution of assets after their passing. It’s important to consult with an experienced attorney who specializes in these areas to create a comprehensive estate plan that meets your specific needs and objectives.
Elder Law Citations:
Medicaid.gov, Keeping America Healthy: “Eligibility”, “Medicaid and CHIP provide health coverage to nearly 60 million Americans, including children, pregnant women, parents, seniors and individuals with disabilities. ” medicaid
“Today, the Centers for Medicare & Medicaid Services (CMS) Center for Medicare and Medicaid Innovation (CMMI) announced a model to test strategies to improve medication use among Medicare beneficiaries enrolled in Part D. Medication therapy management, when implemented effectively, can improve health care and outcomes for patients and has the potential to lower overall health care costs.” CMS.GOV Centers for Medicare and Medicaid Services , regulations and guidance. cms