This blog discusses the pros and cons of whether or not it makes sense to transfer deed ownership of a property into the names of children or other family members to protect the asset before entering an assisted living facility or as a method to avoid the Pennsylvania Inheritance Tax. The answer is - it depends. Each family situation is different and we need to evaluate what is the best way to protect an elder law client.
The COVID-19 pandemic continues to spread across America and disrupt day to day lives. Those who are age 65 or higher experience a higher virus fatality rate, and the Centers for Disease Control and Prevention (CDC) continue to recommend that older adults stay at home as much as possible, especially those with underlying health conditions.
The medically recommended protocols for social distancing and government mandates that restrict large gatherings of Americans to slow the spread of the coronavirus are minimizing our abilities to interact with each other.
It’s an unfortunate fact that seniors can be prime targets for financial abuse and scams. Sadly, the elderly are often taken advantage of by strangers — and sometimes even their own family members. That’s why it’s important that planning is in place to help seniors protect themselves and their assets.
Many aging Americans depend on family members or friends to help manage their finances, health, and other affairs during retirement and beyond. They often believe that their family members will be able to take care of any issues that arise. While consulting with loved ones about plans and wishes can be beneficial, relying solely on them can cause problems in the long run for both seniors and their families.
When it comes to establishing wills and estate plans, older Americans outpace their younger counterparts. Still, a significant number — 19 percent of those over age 72 and 42 percent of those between 53 and 71, according to survey data — lack any type of estate plan.
How the Law Offices of Scott G. Hoh can help elderly parents who are at home or in a nursing home, isolated from contact with other family.
Pennsylvania has new emergency Will, POA, Living Will, Advance Care Directive signing requirements. It is now possible to sign these critical documents online or by remote video conferencing. Clients can finalize their Estate Plan, without leaving the safety of their home.
Emergency COVID-19 Estate Planning from Safety of Home. Free Comprehensive Estate Plan (CEP) services.