According to the Department of Health and Human Services, the average cost of long term care is $116,070.00 per year (as of 2019) for a semi-private room according to the Genworth Annual Survey of Long Term Care Costs (https://www.genworth.com/aging-and-you/finances/cost-of-care.html). That’s sharing a room and only the average cost! Once you start including the cost of health issues, quality of life, personal interests, a life time of savings can disappear faster than you expected.
There are a number of approaches to curbing these costs, extending in home care, preventing a reverse mortgage on your home, and improving your long-term quality of life.
To learn more or get started on your estate plan, just schedule a time to visit us for a no obligation complimentary consultation.
Probate is a court procedure which transfers property the deceased owned into the hands of his/her descendants or beneficiaries.
Probate has two functions, it gets creditors paid and it gets property owned by the deceased retitled to the land of the living. It also gives relatives and friends the opportunity to bring suits against those who claim your property.
Probate can take anywhere from 6-18 months, it varies depending on the size and complication of the estate.
If the deceased person had a will, the probate process is still required and involves the court validating that will. In the old days when someone died, you would have to get someone else to say “Oh yes! That is John Smith’s signature”. This is not how it works now, if you have two witnesses and a notary it is presumed to be valid. After the court verifies the will, the person’s assets are then transferred to his/her beneficiaries.
If the deceased person had a revocable living trust in place and placed his/her assets into the trust, the assets will not have to go through the probate process and will be disbursed by the trustee according to the instructions of the trust, not under the law of the state of Maryland.