A durable financial POA is a legal document that allows you to designate another person who can act on your behalf in financial and business matters such as: Paying bills Filing insurance claims Banking Managing investments Buying and selling real estate

If you're married, it's common to name your spouse as your primary Power of Attorney (POA). Other good choices include adult children, nieces, nephews, or siblings who are 18 or older.

First and foremost, your financial POA must be a person you can trust to manage all of your assets, financial accounts, and real estate. Also, it's important for your financial POA to be adept at: Paying bills on time Organizing bank records Balancing a checkbook Making investment decisions Understanding when and how to hire an attorney, CPA, financial advisor, Realtor, and other advisors for you. Treating your monies as yours and never co-mingling with their own funds.

It only takes about 5 to 10 minutes to complete the on-line questionnaires. After you've answered the questions, your documents will immediately be generated and sent as attachments to your email address.

Estate planning is the creation of a definite plan for protecting your assets while you’re alive and then distributing them after your death. At Troyer & Good, each client is guided through the estate planning process with a close evaluation of his or her unique goals and desires, family dynamics, and current and projected estate tax liability. At a minimum, the following documents are the necessary components to an estate plan: Last Will and Testament/Trust, Power of Attorney, Living Will, and Advance Health Care Directives.

At a minimum, you should have a Last Will and Testament, Power of Attorney, and Advance Directives for Health Care. A Will allows you to legally express how you want your assets divided and who should be in charge of your estate after you die. The other two documents take effect while you are living. A Power of Attorney lets you choose someone to handle your financial affairs when you are unable to yourself. Advance Directives for Health Care let you choose someone to make medical decisions on your behalf. They also allow you to make known your end-of-life wishes in a Living Will.

Yes! A Will is the only you can legally decide how your assets will be divided and who will be in charge of your estate after you die. You can also decide who will be guardian of your children. Without a Will, the state will make those decisions for you.

Maybe. Trusts can be important for some people but may be unnecessary for others. A Trust can be used to protect assets for minors, provide for a scheduled payout over a period of time, and shield assets from your beneficiaries’ creditors. Also, a Trust can avoid probate and maintain confidentiality. Our attorneys can help you determine if a Trust is necessary for your estate plan.

Your estate includes anything that you own. This includes things like real estate, business interests, personal property, bank accounts, retirement accounts, life insurance proceeds, and payments that are owed to you.

Problems can arise if you don't coordinate your beneficiary designations and joint accounts with your overall estate plan. Beneficiary designations take precedence over your Will. These assets transfer to your heirs automatically upon your death and aren't subject to your Will's terms. That's why we work closely with your financial advisor, accountant, and other professional advisors to create a complete estate plan.

If you die without a valid Will or Trust, you are deemed to have died “intestate.” In general, this means the State of Indiana will statutorily dictate who will inherit your assets. You no longer have control over who receives your assets or how those assets will be distributed.

If you die without a Will, Indiana law will determine how your assets are divided, and the Court will decide who serves as you Personal Representative. For example, if you are survived by a spouse and children, your estate will pass 50% to your spouse and 50% to your children. If you are survived by a spouse and parent but no children, your estate will pass 75% to your spouse and 25% to your parents. Having a Will is the only way to legally express your wishes. You can decide who will receive your assets and in what amount; who should be guardian of your children; and who will be in charge of your estate as Personal Representative.

If your family has experienced the loss of a family member, we can guide you through and demystify the administration process. We assist our clients with probate administration, non-probate administration, and trust administration. It is our goal to offer personal assistance each step of the way.

Estate or trust administration is the process that enables the payment of final expenses and debts, distribution of assets to the individuals or entities named in the Will or Trust, and closure of the decedent’s financial affairs. At Troyer & Good, we provide comprehensive legal services to the Personal Representative (or Trustee) and beneficiaries throughout the entire administration, including: filing required documents with the probate court, giving notice to creditors, evaluating and making an orderly payment of estate claims, identifying deceased person’s property, obtaining appraisal of property, preparing the accounting, properly distributing assets, and closing the estate.

Not necessarily. Put simply, probate administration is the process of distributing assets to the heirs. It's important to know that avoiding probate does not mean avoiding taxes. Probate has both advantages and disadvantages. For example, with probate, creditors have three months to pursue a debt in the estate. Without probate, creditors have nine months. Also, probate gives the Court oversight of family conflicts and supervision of the Personal Representative, which may be important for some families. However, because probate estates pass through the Court, the Will and other related documents are part of the public record. Avoiding probate means privacy can be maintained.

Where your asset goes will depend on how it is titled and if beneficiaries are named. If an asset has a joint owner named, the asset goes to the joint owner. If an asset has beneficiaries listed, the asset goes to the beneficiaries. Joint ownership and beneficiary designations take precedence over your Will. If an asset is in your sole name with no beneficiary listed, the asset will pass according to your Will (if you have one) or state law (if you have no Will). If an asset is titled to your Trust and has no beneficiary, the asset goes to the Trust account.

An estate is considered insolvent if there are more debts than assets. In those cases, the estate assets are liquidated and used to pay creditors in order of preference as outlined in Indiana law. For example, costs and expenses of administration (such as attorney fees, Court costs, and Personal Representative's fees) are paid first. Funeral expenses and burial costs are paid next. Any unpaid creditors will have to write off the debt. The heirs will receive nothing if there are no remaining funds. Remember that you are not personally liable for the debts of the estate.

Contesting a Will or Trust typically involves litigation. Our firm does not handle Will contests or litigation. However, we can represent you as an heir to an estate if you have questions about the administration. Or if you believe a Personal Representative is acting unfairly, our attorneys can give you legal advice on your options.

Start Medicaid planning as early as possible! Many people mistakenly believe there's nothing they can do to protect their assets from nursing home costs. However, there are many planning options available if you start early. Even if you're coming to us at the time of admission to a nursing home, we can still help. We can explore other planning avenues to maximize the benefits available to you and/or your spouse.

Our office helps people qualify for Medicaid under the aged, blind or disabled category. For this category, you must be aged 65 or older, blind, or disabled. Your income must be below the Special Income Limit, which changes every year. (For 2020, this amount is $2,349). If you are above this limit, you will need a Miller Trust. You can have $2,000 in countable assets (or $3,000 if both spouses are receiving Medicaid benefits). Medicaid allows you to make gifts of $1,200 per year without being penalized. Anything over this amount will result in a penalty. Medicaid will look back five years to determine if you have made any transfers or gifts.

If you are eligible for Medicaid, you can apply for Medicaid through the Family and Social Services Administration (FSSA). An application can be obtained online, over the phone, or at a local Division of Family Resources office. If you are not eligible for Medicaid and are over 65, our attorneys can help you. We can help you obtain eligibility while protecting your assets.

We do not handle the appeals process with Medicaid applications. We help clients get eligible for Medicaid, and we handle the application process. If you need assistance with either of these steps, you can schedule a consultation with one of our attorneys.

Yes! The Medicaid waiver was created to pay for care at home or in an assisted living facility. The waiver pays for services that are specifically aimed at helping individuals remain living outside a nursing home. Like traditional Medicaid, the waiver has income and resource requirements to be eligible. Our attorneys can help you arrange your finances to qualify for the waiver.

A Miller Trust, also known as a Qualified Income Trust, is created by the Medicaid recipient and a Trustee. It's used when a person's income exceeds the Special Income Limit for Medicaid eligibility. If your gross income is above this limit, you'll need a Miller Trust to qualify for Medicaid. Our attorneys can help you create one.

Medicaid looks back five years from your application date to check for any transfers of cash, real estate, or property. If a transfer was made for less than fair market value, a penalty is imposed. This means the Medicaid recipient won't receive coverage for the penalty period.