The Vermillion Law Firm LLC

Asset Protection & Business Planning

Price:

Many people do not think of asset protection and business planning as part of creating an estate plan, but many of the documents are the same type. Certain types of trusts and other estate plan documents keep people who want to sue you out of your pocket. These trusts also keep creditors away from your estate. During your lifetime, these trusts and estate plan documents, properly drafted, protect your investments. After your death, the trusts continue protecting your investments for your heirs.

Elder Law and Medicaid Services

Price:

Confused about Medicaid? You’re not alone! The complexity surrounding this constantly changing area of the law can sometimes feel overwhelming… it doesn’t need to be.

Caring for the elderly and ensuring their assets are protected are some of the primary services offered by our law firm.

WHAT IS ELDER LAW?

Elder Law involves planning for the complex health care, long-term care, and other issues facing elderly and disabled individuals and their families. Studies show that we stand a 40 percent chance of needing long-term care at least once before we die. Therefore, everyone should take into account that at some point residency in a nursing home or an assisted living facility may be needed.

However, the substantial cost of nursing home care for an incapacitated person can wipe away a family’s nest egg and the inheritance planned for surviving family members. The primary alternative to privately paying the nursing home is Medicaid.

Estate Planning Services

Price:

Estate planning is the creation of a definite plan for managing your wealth while you’re alive and distributing it after your death. These assets may be owned by you separately or jointly with others.

Estate planning is the preservation and the distribution of your assets, both during your life and upon your death. It is accomplishing your personal and family goals and easing the management of your financial and legal affairs, as well as minimizing taxes if your estate is large enough for taxes to be of concern. When we talk about an estate, we mean all assets of any value that you own, including real property, business interests, investments, insurance proceeds, personal property and even your personal effects. An “estate plan,” generally, refers to the means by which your estate is passed on to your loved ones on your death. Estate planning can be accomplished through a variety of methods, including:

Revocable Living Trusts
Last Will and Testament / Probate
Lifetime Gifting
Joint Ownership
Beneficiary Designations
Life Estates
Problems often arise when people don’t coordinate all of these methods of passing on their estate. If you have a well-drafted estate plan in place, you will ensure that your estate passes to whom you want, when you want, and is carried out in the manner you’ve chosen. You can rest assured that your family won’t have to endure the public process and costly matter of probate. The government won’t be able to take what you’ve spent a lifetime building. But you need to be aware of the many options that exist in estate planning – and you must choose your estate planning attorney wisely.

We offer a wealth of free information and free estate planning seminars in our area. Read our Estate Planning Articles or join us for a free Estate Planning Seminar.

LGBT Estate Planning

Price:

Will you be shut out when your partner really needs you? Without proper planning, you may be.

If a member of the LGBT community fails to properly plan, the result can be devastating to his or her partner and family. Having no estate plan, or relying upon a Will, Joint Tenancy, or Tenancy in Common as an estate plan, is tantamount to giving up control of one’s estate and management of one’s well-being in times of incapacity.

This need for an estate plan is critical in case of an accident or illness that renders the partner incapable of making decisions or managing his or her affairs. Without a proper estate plan, the other partner could be legally precluded from having any role in the decision-making of his or her partner’s care, managing his or her affairs, or even having access to the incapacitated partner.

Incapacity Planning

Price:

Incapacity planning is a broad area of law that covers how you are cared for if you become physically or mentally unable to care for yourself. The type of care could range from simple tasks like buying groceries, paying bills, and handling financial matters to more important decisions such as selling real estate, gifting assets to your children, or making critical medical decisions.
Depending on the needs of the individual or family, incapacity planning could include a number of planning techniques such as Property Powers of Attorney, Health Care Powers of Attorney, Living Wills or Advance Health Care Directives or Guardianships/Conservatorships.

WHAT IS A GUARDIANSHIP OR CONSERVATORSHIP?

Guardianship, also known as Conservatorship, is a court-supervised proceeding which names an individual or entity to manage the affairs of an incapacitated person. A Guardianship may also include the duty to care for the incapacitated person.

Our law firm helps clients create a plan to handle their affairs in the event they become disabled, thereby avoiding the necessity of a public Guardianship proceeding.