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Managing The Stress ~ Making The Decisions ~ Discovering The Meaning |
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Caregiving |
Solutions To Your Caregiving Situations Throughout Your Caregiving Years |
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Managing the Money Estate planning protects present and future assets Dear Denise, My husband and I took care of his dad for 9 years plus 5 years after he had to be put in a nursing home. We have lived on the homestead for 14 years. Dad died and the 3 siblings came out the day after the funeral and stated we’re going to sell the 80-area farm. We have paid for everything to keep this place up out of our own money. My husband is almost 70 we can't take on a loan at this time of our lives. What are if any rights are there for a caregiver like us. Hello, What an upsetting time for you and your husband! I’m wondering if your father-in-law made any provisions in his will as to ownership and future of the farm after his death? Does his will indicate that your husband and his siblings are the rightful owners? I’m just curious as to whether or not the siblings have a right to sell? And, what was their reaction when you indicated you would like to stay on the farm? Are they willing to work out any arrangements, i.e., your husband pays them a reasonable monthly rent? Your best bet is to contact a lawyer to inquire about your rights. Be sure to provide detailed documents to the lawyer which chronicle how much money you have “invested” in the farm through the years. A lawyer can best advise you of any future actions you can take. And, the lawyer can tell you if the estate must reimburse you for the costs you incurred to keep the farm running. Perhaps your husband’s quarterly interest in the farm coupled with an amount paid back to you can help you purchase the farm. Please let me know what happens… A good estate plan could have eliminated this situation. With an estate plan, the father-in-law could have determined the legacy of the farm, a fair and equitable division of his assets, and the rightful owner of his farm. According to Jack Rittenhouse, CLU, ChFC, New York Life Insurance Co., Santa Rosa, Calif., and President, National Association of Estate Planners and Councils, an estate plan is a vehicle through persons become educated about the realities of where they are now, where they are going, and what they will do when they get there. And, an estate plan consists of the following documents:
An estate plan should be executed by anyone who has assets, no matter their value. “All personal property has value,” Jack says. And with proper planning, personal property is divided among its intended heirs. Without a will, state law determines who gets what and “state law many not divide your assets they way you intended,” Jack says. “An estate plan is a legalized plan which determines what happens to what you owe after your death.” And, a good estate plan changes as your life changes. Triggers that indicate a review of the plan is necessary include:
A huge benefit of an estate plan is that the owner determines what is fair and equitable. And fair and equitable rarely means an equal division of assets. The story, above, is a perfect example that fair and equitable does not mean that the primary family caregiver share equal ownership of the farm with this siblings. In order to create the best estate plan, Jack suggests involving the expertise of several professionals, including a CPA, attorney, financial planner, life and/or medical insurance broker, and accredited estate planner. Jack suggests that the entire team convene when the estate plan is first created. “It’s less expensive for you,” he says. “And, fewer mistakes happen because everyone is in the same room. You eliminate the chance for miscommunication.” When the estate plan is reviewed, the entire team re-assembles to discuss options and opportunities. You, with your care recipient as appropriate, act as the coach of the financial team. With the team’s expertise, you’ll always call the right plays. Quick Money Tip: Save Your Change Really—save your change! Those pennies, on their own, may not buy much. But coupled with rolls of dimes, nickels and quarters, they add weight to your wallet. I’ve met several families who save coins throughout the year—and that’s how they finance family vacations. How you relate to money can help you create your financial wealth Estate jewelry option for care bills |
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