Red Oak Legal, P.C.

The Covid-19 epidemic has presented a wrenching question: If you or someone you love becomes seriously ill, how far would you go to prolong their life? For us who are particularly vulnerable – seniors, those with compromised immune systems, and those already struggling with medical conditions – this question is particularly stark.
https://www.redoaklegalpc.com/2023/03/01/advance-healthcare-directives-what-you-need-to-know/

Typically, the grantor (the person who creates and funds the trust) becomes the trustee of a special needs trust (SNT). However, it is crucial to choose a successor trustee who will continue properly managing the SNT to benefit the individual with special needs.
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As a parent age, they lose their ability to think clearly and make meaningful decisions. This growing inability may occur due to Alzheimer’s disease, other forms of dementia, mental illness, stroke, brain injury, or other severe health or disability conditions.
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There are many families who enjoy spending time at their family vacation home. This kind of property is meant to be shared with family and friends, and often there is a desire to keep ownership within the family for generations to come.
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Even though probate has a bad reputation, thoughtful estate planning can help you minimize or avoid it. In reality, most heirs will have to navigate the probate process to some degree after losing a loved one.
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The elderly are more likely than their younger counterparts to establish wills and estate plans. Still, a significant number — 19 percent of those over age 72 and 42 percent of those between 53 and 71, according to survey data — lack any type of estate plan.
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Families can face challenges dealing with and formalizing the inheritance of values and assets, especially if they wait too long to start teaching values. Undoubtedly the best time to teach and empower your children as eventual inheritors of your family legacy is during childhood, then continuing throughout adulthood.
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At 65, most people begin receiving Medicare benefits as a result of paying into Social Security throughout their careers. Individuals under age 65 who qualify to receive Social Security Disability benefits are also covered under Medicare, as well as anyone of any age who has Lou Gehrig’s disease, known as Amyotrophic Lateral Sclerosis (ALS), or has been diagnosed with permanent kidney disease (end-stage renal disease) that requires dialysis or a kidney transplant. https://bit.ly/3uErxMo

Special needs trusts are often established and funded by families caring for someone with special needs. It can provide peace of mind to improve a family member’s future quality of life without jeopardizing their eligibility for government benefits.
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There is no doubt that contemplating our own death is one of life's greatest challenges. Yet it is very important to think carefully about the medical treatment we would want for that challenging time.
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As a result of inheritance in a blended family, there can be hurt feelings and inequitable distributions, which can lead to lengthy and costly court battles. While you cannot legislate from the grave, you can carefully prepare your estate plan, distinctly accounting for biological and stepchildren to minimize the potential for conflicts.
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You can receive a lump sum award after winning a personal injury lawsuit or form a structured settlement to receive payments over time. You may opt for a substantial initial amount with lesser succeeding payments to provide for lost income.
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Our world is bombarded with bad news all the time causing us stress and as a result of injuries and illnesses, we also feel stress. Chronic pain can be especially stressful.

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Winnie's nursing home room door is open, and Kevin is standing in front of it, tears running down his cheeks. The medical staff just finished inserting a feeding tube into Winnie – an act Kevin knew she didn’t want.
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How are special needs defined? The term special needs refer to those with learning difficulties, behavioral or emotional problems, or physical disabilities requiring specialized education.
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In order to ensure the well-being of your loved one in a nursing home, it is crucial to advocate for them. Residents in nursing homes and other long-term care facilities are disproportionately affected by the flu, pneumonia, COVID 19, and other contagious diseases.
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You might visit a podiatrist or shoe repair shop. It is likely that the business owner or service provider is over 55. You are witnessing what the statistics show. Older workers dominate some professions.
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Asset transfers from one person or estate to another are taxable events, according to the Internal Revenue Service. These taxes are often referred to as gift taxes and estate taxes.
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According to the Centers for Disease Control and Prevention, one in five senior falls leads to serious injuries. Injuries of this sort can make life difficult for an older person to do everyday activities or live on their own.
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For estate planning, wills and trusts offer specific and quite different advantages. Each state has specific laws and regulations governing these legal documents. You can have both a will and a trust; however, the information in each should complement the other. https://bit.ly/3cXjlBD

As a result of current inflationary pressures, many US seniors are experiencing financial insecurity. Aside from cutting back on unnecessary expenses, many retirees or near retirement individuals should look to existing government programs to possibly qualify to receive assistance and reduce the anxiety many Americans feel living on a fixed income.
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Children usually inherit money or property equally from their parents. But sometimes, parents intentionally choose to not leave anything to a child, and the reasons for doing so may vary.
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Many people's finances have been on a roller coaster ride over the past few years due to economic turmoil. Many businesses shut down or reduced their business in 2020, which resulted in a high rate of under and unemployed workers.
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The protection of government benefits for a child with special needs requires careful planning when leaving behind assets. It is also important to protect those assets against later claims after your death and, in some cases, during your lifetime, for additional available public benefits such as Medicaid.
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Frequently, we hear the following question: “Doesn't it make sense to just get a will off of the internet, deed my land, and put money in the bank for my children upon my death?”
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It is imperative that every American has an estate plan in place if they wish to protect themselves and their loved ones. Making sound decisions regarding finances and healthcare can become challenging as you age due to diminished mental capacity or declining health.
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Sadly, seniors can be susceptible to financial abuse and scams. It is unfortunate that seniors are particularly prone to financial abuse and scams. Sadly, the elderly are often taken advantage of by strangers — and sometimes even their own family members.
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In the wake of the COVID-19 pandemic, more Americans are becoming aware of the importance of having a will, a living trust, and a living will. Still, this knowledge is not translating into estate planning action.

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By paying into Social Security throughout their careers, people can receive health care benefits starting at 65 through Medicare. Individuals under age 65 who qualify to receive Social Security Disability benefits are also covered under Medicare, as well as anyone of any age who has Lou Gehrig's disease, known as Amyotrophic Lateral Sclerosis (ALS), or has been diagnosed with permanent kidney disease (end-stage renal disease) that requires dialysis or a kidney transplant.

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With age comes wisdom, but it is also accompanied by some forgetfulness. Fortunately, there are things you can do to keep the brain sharp, small daily habits that can reduce the risk of cognitive decline.

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