Life Becomes More Complicated, a column authored by Attorney Mikael Hooker, is a wealth of information. He covers everything from living wills to nursing home costs. We are happy to provide copies of his articles here.

 

It is impossible for me to advise you in one pithy legal column on all the legal and financial issues you should worry about. I will try, however, having reviewed several years’ worth of past columns of mine.

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Newspaper legal notices often reflect elders deeding their real estate to their children for a dollar. What you don’t see in the notice is that the elder generally retains a life estate. I never recommend that a client transfer 100% ownership. Why not?

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There are generally two types of trusts used in estate planning: revocable or “living” trusts and irrevocable trusts. For this column I will discuss the simpler version, the revocable, or “living” trust.

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I have written columns in the past discussing irrevocable trusts and living trusts. Irrevocable trusts are good devices for protecting assets in the event of nursing home placement because the asset is not titled in the name of the individual and cannot be accessed by the elder.

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