Before you can better appreciate Georgia’s anti-lapse statutes and how they can benefit you, you must first know what a “lapse” is. When you meet with your estate planning attorney and create a will or a specific type of trust, you do so for several reasons. Although estate planning can give you a significant amount of asset protection, it also enables you to pass your assets to your chosen beneficiaries. For the Read More
Protecting SSI For Your Special Needs Child
We have talked about the unique estate planning considerations for people with special needs. By inheriting your assets, they may become ineligible for the programs and forms of assistance they rely on. Though these parents want to support their children and ensure they are provided for, they may inadvertently harm them by not being thorough in their approach to estate planning. At J. Kevin Tharpe, P.C., we resolve Read More
Self-Settled & Third-Party Special Needs Trusts
Although we have discussed how and why you need to create a special needs trust, it is essential to distinguish between a self-settled trust and a third-party one. Self-settled trusts can be particularly confusing because they are also referred to as first-party trusts. Despite what you think the name implies, these trusts are not established by those with special needs. They are created by a parent (or grandparent), Read More
Building An Estate Plan Can Be Done As A Team
When you watch our show, Truth in Planning, you will notice two people discussing estate planning and elder law stories—and one of them isn’t an attorney. The show includes attorney J. Kevin Tharpe and his longtime friend and co-host Gary Anderson. Though Gary is not a lawyer, he contributes valued insight into estate planning because he is a financial advisor. Granted, your financial advisor is not the person who Read More
Competency vs. Capacity
Though you may have heard these two terms being used interchangeably, they have distinct meanings—and they have specific applications. Capacity and competency are separate, but they are also determined by different people and used for unique purposes. Competency The terms get misunderstood and switched because “competency” is sometimes referred to as “legal capacity.” To help you understand the term, remember the Read More
Benefits For An Aging Veteran
There are over 18 million veterans in the United States. Almost 1 out of every 10 Americans has served in the military. These people represent critical moments in our history—from World War II to the Global War on Terrorism. Even the most recent conflict has veterans who have aged out of military service or have reached retirement. Because of their service, there are numerous benefits available to them. This Read More
Should nursing home residents have a medical power of attorney?
If you are planning to move your elderly parents into a nursing home, you undoubtedly have a great deal on your plate. After all, not only must you choose the right facility, but you also need to figure out how to pay for extended care. Encouraging your parents to write a good estate plan may be key. As part of the estate planning process, your parents may want to create a durable power of attorney for health care Read More
No will or trust for your estate: What happens at your death?
If you have high-end property, it may be a challenge to plan your estate well. Even after careful planning, there may be changes in your life that can result in the invalidation of your original plans. For instance, if there are family changes or changes in tax laws that complicate your initial estate plan or will. However, when this happens and you pass away, Georgia law allows the distribution of your property to Read More
What is Medicaid Estate Recovery?
Many Georgia seniors turn to Medicaid to help cover long-term medical care costs. However, doing so may affect the estates of some seniors. What is the Medicaid Estate Recovery program? Medicaid Estate Recovery The Medicaid Estate Recovery Program is a federally required program. Chapter 111-3-8 of the Rules of Department of Community Health, Medical Assistance explains the program. This program requires that Read More
Protect your assets from Medicaid’s estate recovery program
Thanks to medical advancements and lifestyle changes, Georgia residents have a longer life expectancy than at any other time in history. As a result, more people must face the reality of long-term care. This requires being financially prepared. According to Georgia Medicaid, members often reimburse taxpayers for their long-term care and services through the estate recovery program. This means that the state takes Read More