Revocable Trusts
A Revocable or Living Trust is one way to avoid Probate. But you will also protect your children and preserve your assets. If your child gets in a car accident or divorce the Trust is bulletproof. Plus, Revocable Trusts are the preferred manner to...Learn More
A Revocable or Living Trust is one way to avoid Probate. But you will also protect your children and preserve your assets. If your child gets in a car accident or divorce the Trust is bulletproof. Plus, Revocable Trusts are the preferred manner to make charitable gifts or establishing scholarships.
Medicaid Asset Trust
A Medicaid Asset Protection Trust or Irrevocable Trust is the best means to protect your assets from the nursing home. The assets remain for you until you pass. Lifetime giving carries risks such as a child’s divorce or financial hardship. Protect...Learn More
A Medicaid Asset Protection Trust or Irrevocable Trust is the best means to protect your assets from the nursing home. The assets remain for you until you pass. Lifetime giving carries risks such as a child’s divorce or financial hardship. Protect your assets and yourself using an Irrevocable Trust.
Medicaid Applications
It is important that the filing of a Medicaid application is properly timed. Based upon an evaluation, we plan recommendations that are designed for your needs. The goal is to make sure medicaid is awarded and that the client’s estate is preserved...Learn More
It is important that the filing of a Medicaid application is properly timed. Based upon an evaluation, we plan recommendations that are designed for your needs. The goal is to make sure medicaid is awarded and that the client’s estate is preserved for the client’s loved ones to the maximum extent possible.
probate avoidance and irrevocable trusts
Law You Can Understand We know that legal action can sometimes be overwhelming. We are dedicated to providing you help in language that you can understand. If you don’t feel like you understand your options, just ask, and we will work to find...Learn More
Law You Can Understand
We know that legal action can sometimes be overwhelming. We are dedicated to providing you help in language that you can understand. If you don’t feel like you understand your options, just ask, and we will work to find an explanation that works for you. The first step is for us to work with you and come up with a plan to get the results you need. Through our understanding of the law and your understanding of the circumstances, we will craft a path to success. Protecting your legacy and your families inheritance. Don’t wait until a tragedy happens! The time moves on and Medicaid has a 5 year look back. Take the next step and let us help you figure out your best alternatives and get the results you want.
Probate Avoidance
One of the primary reasons for creating an estate plan is to avoid probate. Unlike a will, a fully funded living trust will avoid probate, which is typically a lengthy and costly court-supervised process. Probate includes locating and determining the value of the deceased’s assets, paying off any outstanding bills and taxes, and then distributing the remaining value of the estate to the deceased’s rightful beneficiaries or heirs. Avoiding probate is often a top reason for estate planning, and there is no surprise as to why. First, probate can be a costly way to transfer your assets upon death. Second, it is very time-consuming for your family. It typically takes a minimum of 6 months (or even longer) to complete the probate process. Complications, such as a contested will or an inability to find clear records of all of the deceased’s assets and debts, can extend this timeline. Finally, probate proceedings are a matter of public record so when your estate goes through this process, there is no privacy.
The 5 Year Exceptions
The general rule is that if a senior applies for Medicaid, is deemed otherwise eligible but is found to have gifted assets within the five-year look-back period, then they will be disqualified from receiving benefits for a certain number of months. This is referred to as the Medicaid penalty period. For example, if you write a check to your adult son for $14,000 and apply for Medicaid long-term care within five years of the date on the check, then Medicaid will delay covering the cost of your nursing home care because you could have used that money to pay for it yourself. Note that the clock for the penalty period begins running on the date a senior applies for Medicaid coverage, not the date on which they gifted the money. However, there are exceptions, and even if your spouse or parent is in a nursing home much of the estate can be protected. We use a compliment of strategies to protect and preserve as much as the law allows. Time is of the essence. Hiring our office is the first step.
Rhode Island Estate Planning Lawyer
Rhode Island Attorney for Wills, Trusts, and Other Late-Life Needs
Estate planning can be a crucial step if you want to have some say over how your property will be distributed upon your death. In addition to utilizing the tools available to determine how property should be divided, there are other decisions that you may want to make in the interest of prudent estate planning, such as who would serve as a guardian for your children and who would make health care decisions in case you become incapacitated. Rhode Island estate planning lawyer Stephen Levesque can help you devise the proper instruments for your needs.
Wills
A will is a critical step in planning the distribution of your estate when you pass away. A person making a will is called a testator. The testator is allowed to make provisions for how their property should be distributed among a spouse, children, and others. The testator is also allowed to name a personal representative for their estate. Rhode Island wills permit testators to create trusts, make charitable gifts, name legal guardians, and address other matters. Before the will’s terms can be accepted, the will needs to be established in probate court. Probate is the court-supervised process of distributing a decedent’s estate. The decedent’s will should be filed in the probate court of the town where the decedent had lived.
Trusts
A trust is an arrangement whereby a trustee holds legal title to the property for someone else, known as a beneficiary. You can be the trustee of your own living trust and thereby retain full control of the assets within it. However, beneficiaries can be named to receive the trust property when you die. Often, an estate planning attorney will advise Rhode Island residents to create a trust to avoid the complexities, expense, and time involved in the probate process. However, small estates of under $15,000 are subject to simplified probate. This process is not as expensive, and if you are eligible for simplified probate, you may not wish to create trust.
Long-Term Care Planning
Often, long-term nursing home care is not covered by traditional health insurance, but it may be quite expensive. Most people need to stay for at least three years, and some people may need to pay for nursing home care until their assets have run out. At that point, they might qualify for Medicaid to pick up the cost. It can be important to conduct long-term care planning during the period in which you are healthy enough to qualify so that you can ensure that you get the benefits to which you are entitled under Medicaid and Medicare. Medicare is a federal health insurance program with no financial qualifications, in which people enroll when they turn 65. Medicare Part A addresses in-hospital care. Medicare Part B covers medical supplies and services that are medically needed to treat a health condition.
Health Care Powers of Attorney
Rhode Island estate planning attorney Stephen Levesque also helps clients draft health care powers of attorney. This power of attorney allows a health care agent, who is often a loved one, to make important health care and end-of-life decisions. The health care agent is authorized to give informed consent to doctors and other healthcare providers. In Rhode Island, the health care agent is empowered to refuse procedures that prolong the process of dying, but it is not permitted for a doctor or anyone else to help a patient end their life.
Financial Powers of Attorney
A financial power of attorney is a binding document that permits someone (known as a principal) to transfer financial powers to another person (known as an agent). The agent has the ability to oversee the principal’s real, financial, and personal property. This arrangement can be useful under certain circumstances, such as when a principal becomes incapacitated and unable to manage on their own. The agent serves a critical function in maintaining the principal’s financial affairs. When a financial power of attorney is signed, an agent can spend the principal’s money and make financial decisions on behalf of the principal.
Contact a Knowledgeable Estate Planning Lawyer in Rhode Island
Estate planning is important for most people, regardless of their age or assets. If appropriate estate planning is not conducted, your property will be distributed according to the laws of intestacy, and decisions may be made about your health care or finances that you would not wish in the event that you become incapacitated. Call the Law Offices of Stephen P. Levesque at (401) 490-4900 or contact us through our website. We represent people throughout Washington County, Kent County, and Providence County from our office in Cranston.