When a person is injured in a motor vehicle accident, the medical bills quickly pile up and the challenge of paying for them can be financially devastating. That's why it is important to understand when you need to pay, and under which circumstances the other driver is responsible for taking care of the repair and healthcare-related bills.

Don’t fall victim to the concept of do-it-yourself (DIY) estate planning. Sure, the idea of saving money that would be spent having an attorney draft your estate plan is alluring, but is it worth it?

In 2011, the U.S. Bureau of Labor Statistics procured information about eldercare providers in the United States, and produced the results in its 2011 American Time Use Survey (ATUS).

The reality of the world of estate planning is that it is filled with legal terms of art; in fact, of all the legal fields, this one seems to clutch its traditions tighter than most.

Question 1: What happens to a deceased person’s debts? There are several possibilities. Once a person dies someone will have to manage the property left behind.

Beginning the estate planning process can be a task that seems overwhelming. If you’re having trouble getting started, one of the easiest ways to begin is to collect some simple information you will need to write a will.

Changing the terms of a testamentary trust may not be as easy as you think. You see, a testamentary trust is a trust that is created in your last will and testament (thus, the origin of its name), and does not take effect until you die.

Pregnancy is one of those significant life events that cause us to make a great many changes in our lives. One thing to which being pregnant should give rise, is considerations about your estate plan. Perhaps you do not yet have an estate plan in place. Perhaps you need to make some adjustments to your existing plan, in light of the pregnancy.

Nursing home costs are rising, which could be detrimental to your financial health should you find yourself in need of nursing home care, or even that of an assisted living community. In fact, the average annual cost for a nursing home is running around $75,000 per person. Having insurance won’t be much of a help since most insurance plans do not cover the costs associated with a nursing home.

The process of divorce is extremely emotional and stressful for people, so, as a result, it is quite easy to overlook important details. One such important detail to remember after receiving a divorce is to check the beneficiaries listed on any life insurance policies, wills, trusts, IRAs, 401(k)’s and other employer-provided plans or similar documents.

The average American probably spends a lot more time planning for a vacation than they do planning their estate. If you haven't already done so, vacation planning can provide you a good reason to begin your estate planning efforts. All you have to do is think about what might happen to you and your family if an emergency should arise while you are on vacation.

Question 1: Are There Different Types Of Co-Ownership of Property? Yes, and not all types of property co-ownership avoid probate. The different ownership types include tenancy in common, joint tenancy with right of survivorship and tenancy by the entirety.

A lawyer involved in the Thomas Kinkade estate battle has said that the case could drag on for a year, and possibly more, according to a story in the San Jose Mercury News. The attorney ,Douglas Dal Ceilo, says that it could be a year or more before the California probate court hears oral arguments on whether the handwritten notes purported to be Mr. Kinkade's constitute a valid last will and testament under California law.

The Veterans Administration estimates that about 2 million eligible veterans likely qualify for the Aid and Attendance pension benefit, yet few of them take advantage of it. The VA also estimates that about $22 billion per year in AA benefits remain unspent because so few people take advantage of the program. Let's take a look at what the Aid and Attendance pension is and who qualifies.

Having an elderly parent can cause any child to worry, especially where there are health concerns involved. But what do you do if your elderly father enters into a romantic relationship with a much younger person, such as an in-home caregiver, whom you suspect is only in it for the money? Dealing with a “gold digger” is one of the more difficult problems that confronts children with elderly parents.

Thinking about an inheritance you might receive is an exercise that's filled with competing emotions. While you never want to think ill of your parents or grandparents, knowing that you stand to inherit significant money or property can make life much easier, especially if money is tight

An article in Forbes recently highlighted some of the important financial issues that those who have been diagnosed with a serious or life-threatening condition should consider. Though financial questions may be the last thing you want to think of if you are facing this situation, ignoring these issues won't make them go away. If you face them now, your family and loved ones may have an easier time of it later on.

While many Americans have been hit hard by the recession, baby boomers and elderly Americans are increasingly more in debt than they have been for decades. A report from the Employee Benefit Research Institute shows that 81.7 percent of Americans aged 55 to 64 have both household and consumer debt. This represents an increase of almost 10 percent between 1992 and 2007.

While planning for retirement, many people focus on the money they'll need to support themselves and their family after they stop working. What few people plan for is the possibility that they will have to pay for their elderly parent's nursing home expenses. Though not widely reported, about 30 states have laws that allow nursing homes and other extended care facilities to pursue the adult children of someone staying in the care facility.

A recent article in the Wall Street Journal highlights how Medicaid, especially after the passing of the Affordable Care Act is changing the way many Americans look at healthcare and retirement planning. Though originally enacted as a plan to provide health insurance to the needy, Medicaid is becoming more widely available to those who previously had been ineligible.

Though the recession officially ended in 2009, states are still struggling to cope with the massive increase in Medicaid expenses associated with the recent economic downturn. Between 2007 and 2009, Medicaid expenses rose by an average of 6.6 percent per year, according to a new study from the Kaiser Foundation, a nonprofit organization.

One out of every five adults, or about 50 million Americans, have been diagnosed with some form of arthritis. Though many of these people are elderly, about half of all arthritis sufferers are under the age of 65. If you begin noticing any of the typical warning signs associated with arthritis, you should speak to your doctor so you can start a treatment regimen. Early detection is always better than catching it too late.

Estate planning affords you a myriad of choices and opportunities. This includes the opportunity to protect your assets so they stay in your family line. Here’s how your family can benefit from your estate planning.

Estate planning for blended families adds a layer of complexity. Each estate plan will differ based upon personal and financial goals as well as the age of and relationship with the children involved. Below are some issues to consider during the process of estate planning for blended families.

An Irrevocable Life Insurance Trust (ILIT) is a Trust used to hold your life insurance policy. Upon your death, your life insurance policy can pay into this Trust instead of directly to a beneficiary. Your ILIT Trustee will then use your Trust to pass funds out to your loved ones for a pre-determined amount of time. You must take special consideration when placing a life insurance policy into an Irrevocable Trust.

If you are the parent of young children, the last thing you want to think about is what would happen to your child if you were not there to raise them. You may in fact be thinking that it would never happen to you. Unfortunately, it happens frequently and your failure to plan could have results you never intended.

Estate planning is sometimes an uncomfortable topic of conversation when one is referring to probate law, and when speaking about probate at all you begin to refer to the estates of either those who are recently deceased or those who are unable to handle their own assets while still yet considered living.

Most people when they think of long-term care think of care in a nursing home. The majority of people only enter a nursing home when their needs can no longer be met outside of a treatment facility. Home based and community services are a range of services that allow people to remain in their homes and retain their independence for as long as possible.

India and Vance had been married for 27 years at his death. When she turned 62 she applied for widows benefits. Social Security requires as part of the application for Widows benefits that she show proof of marriage. India could not find her marriage certificate. She requested a copy from the Bureau of Vital Statistics in the state where she and Vance were married and was told they had no record of her marriage. What does she do now?

When you are planning your estate it is important to address all of the matters that are relevant to people who are entering their twilight years. While it is true that the financial aspects of estate planning are important, the health care component is key as well, and since people here in American are living longer than ever it is logical to be prepared to live into our late eighties and beyond.

It really doesn’t matter if you are divorced or married, naming someone to act as the guardian for your children is probably the most important part of your estate plan. People that are divorced naturally assume that the other parent will automatically get custody of the children if something should happen to them. This is true in most cases, but there are some situations to where it would be helpful if you have named a guardian for your children.

During incapacity planning you may use a Durable Power of Attorney for Health Care and a Durable Financial Power of Attorney to handle your personal and financial matters in the event that you become disabled. Through each of these documents, you may name an agent to make decisions for you. So, wouldn’t it be simpler to make just one document for both purposes? It might seem so, but really it is best to state these needs in separate documents.

A Medical Power of Attorney (POA) or Durable POA for Health Care is a legal document that allows you to provide a plan for your medical care when you can no longer manage decisions on your own. The basic purpose of a health care POA is to name a health care agent and list his or her duties.

Acts of generosity are beautiful things for the most part, but there is a reason to proceed with caution when you are planning your estate for the good of your loved ones. In some cases, a gift or inheritance can be detrimental, causing more problems than providing benefits to your loved ones.

When an estate has a Last Will and Testament or a Revocable Living Trust, that document will determine which heirs inherit which assets. If there is no Will or Living Trust, an estate is considered intestate. In this case, state laws will decide the rightful heirs.

You should be saving funds for your retirement each month. To determine how much to set-aside from your paycheck, calculate the total amount you will need for your later years. You can do so by estimating about 60 to 80% of your current income. This rough figure may not, however, take into account your true retirement expenses.

Estate taxes are federal taxes placed upon any estate above a certain net worth. The net worth of an estate is the value of all property and financial assets minus the total of debts that are owed.

The chance that a person will develop Alzheimer's disease increases significantly after the age of 65. Almost one out of every eight people will develop Alzheimer's disease. Though there is currently no treatment for this condition, you can look out for the common warning signs associated with Alzheimer’s. The following are a few examples:

Reason 1: Your children will need a guardian if you should die. Becoming a parent changes you, especially when you realize that your children are entirely dependent on you. With this realization also comes the knowledge that if you and the other parent should die, your children will have to be cared for by someone else. But who will take on this role?

The probate process governs what happens to all the property a person owned after that person dies. Each county usually has a probate court that is set up to deal with these property questions. Though each state and even each county, has a slightly different procedure for probate cases, all of them require the same basic process. To begin, someone has to go before the court and file a petition.

A pet trust is a legal entity you create by creating a document that includes specific and legally required terms. If you use your Will to establish the trust, it will be created after you die, though you can also create a trust outside of a Will that becomes effective immediately. Once created, the trust owns property and uses it for the benefit of your pets.

If you have spent your life providing for your family and making sure they are well cared for, the thought of having to ask your family for a loan can be incredibly difficult to bear. Surveys have shown that people fear becoming a financial burden far more than they do dying, at a rate of more than 5 to 1.

With all the tools that online life allows us, more companies are offering “Digital Tombstones” that offer the promise to keep your legacy online. Here are some tips you should consider if you want to use one of these services.

Though it may not be the most pleasant topic to bring up in casual conversation, we all will face the eventuality of a final resting place. In the past, there were few options available to us when considering our final resting place, but today there are many more from which to choose. Here are a few of the more unique options you have when it comes to burial.

A recent article discussed retirees and some common regrets they share. Though their answers are often not surprising they can be helpful if you are developing your estate plan and are trying to develop long-term goals for yourself. Much of their advice is aimed at pre-retirement-aged people, although anyone can use it as the basis for making both long-term and immediate plans.

You may have recently heard the news out of Australia about the nation's richest woman, Gina Reinhart and her legal fight with her children over her decision to disinherit them from the family fortune. Ms. Reinhart is the heir to her father's iron ore business estimated to be worth about $18 billion.

Answer: Though prenuptial agreements are available to any couple, those entering into a second marriage or who already have children, stand to benefit the most by making sure a good prenup is part of their estate plan. Once you get married in Arkansas, you are automatically entitled to a portion of your spouse's estate when he or she dies.

If you’re creating an estate plan and want to leave your home to your family, there are a wide variety of options that allow you to do this. Each comes with its own benefits and drawbacks, and each state may have different laws that impact the transfers. Always talk to your estate planning attorney for detailed advice before you decide on any particular method.

When a beneficiary who stands to receive a gift under a Will dies before the testator dies, the gift has no one to go to. This is called lapse. When this happens, that gift passes according either to the terms of the Will or to your state's intestacy laws and not to the deceased beneficiary's descendants.

Whenever someone establishes or creates a Trust, the Trust property must be managed and looked after through a process known as Trust Administration. Depending on the kind of Trust involved, Trust Administration can be fairly simple or extremely complicated.