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Las Vegas Elder Law And Probate Blog

When is probate necessary in Nevada?

If you have had an elderly relative or a close friend die, you could find yourself in the position of executor of their estate. That, in turn, might make you question whether it is necessary for the estate to go through the probate process of the state of Nevada.

The answer is that it depends. However, in all likelihood, you will need to go through probate.

The difference between long-term care insurance and medicaid

If you have a loved one who is at risk of losing their independence, you may be concerned about how they will be able to gain access to long-term care. People are living longer, so long-term health care is something that is becoming of increasing important. However, these care services can be extremely expensive, and elderly people can quickly burn through estates, meaning that their loved ones will not be able to gain an inheritance.

If you want to help your parent or loved one to navigate their future health care, you'll want to consider both long-term care insurance and Medicaid. The following is an overview of the difference between these two options so that you can make an informed decision.

Will your estate need to go through the Nevada probate courts?

If you ask the average person why they should create a last will, they may respond that an estate plan can help you avoid probate court. For many people, keeping an estate out of court is a planning goal, but for those with sizable estates, it may not be feasible in Nevada.

Probate court has the important role of reviewing someone's estate, validating a last will or estate plan, enforcing the contents of a last will, and divvying up assets in a situation where someone dies without an estate plan. Every state has its own approach to probate, and estate planning strategies that may work in one state to help someone avoid probate will not work in others.

What does long-term care really cost?

Most people understand that, as they age, they get closer and closer to a point where they may need long-term care. Maybe you remember your grandparents living in a nursing home when you were younger. You went to visit them with your parents. Surely, your parents are well aware that they could find themselves in the same position.

What worries you is that they have not taken any financial steps to plan for it. When they talk about planning for retirement, it's just that: What they want to do after they retire. They talk about taking trips and seeing the world. When they talk about estate planning, they focus on what they need to do to pass on assets when they pass away.

Why is it important to plan for Medicaid?

Medcaid_planning_Las_Vegas_Nevada.jpgAs you get older, you may realize that you have many assets that may be threatened if you have to go into a nursing home or assisted-living facility. If you don't qualify for Medicaid, then you have to pay out of pocket or through your own private insurance for your care. Eventually, when your assets are drained, Medicaid can take over and pay for your medical needs.

Most people don't want to see their assets depleted, because they've worked hard for them and want to pass them on to their loved ones. That is why Medicaid planning is so important for people in your situation.

Think about these factors when planning for long-term care

Thumbnail image for Long-Term Care Planning Lawyer Las Vegas Nevada.jpgAs you age, there is a likelihood that you will need, at some point, long-term care. You may only need this care for a year or two, or you could need it for decades. Life is unpredictable, so the best thing you can do is to prepare for that eventual need.

There are many parts of long-term care planning that you need to think about. For example, do you want to stay in your home? Do you need in-home care services to support that? Here are some more things to consider.

Are you sure your parents can afford long-term care?

It may be difficult for you and your parents as they get older. Not only do senior citizens require more care, their health often declines, requiring you to plan for the future. Although it is an emotional time for you and your loved ones, it may be crucial that you take steps to protect your family.elder law planning attorney in las vegas.jpg

Making sure that your parents have enough money to cover their health and personal care expenses may be stressful. Most adult children do not want to ask their parents about their finances or their declining health.

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