Estate Planning
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Written by Morgan T. McDonald
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Tuesday, 27 December 2011 |
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For years, Bud and Pat Rushing ignored the need for estate planning. "You don't want to think or talk about these things because they aren't pleasant," says Pat. "And all the legalese seemed so complicated." Their lives were already filled with complications. Bud, 69, a retired insurance salesman, and Pat, 69, a clerk, had been caring for their daughter Mary at home since 1986, when encephalitis left her unable to work steadily or live by herself. Mary qualified for Medicare and $700 in monthly Social Security disability income, and the Rushings felt that they could support her.
Then Bud had a stroke. "The hospital asked us about a living will, and we didn't have one," says Pat. "We just had a basic will. We saw that we had to do something to protect our assets and protect Mary."
Once Bud was home, the couple contacted Mary Anne Ehlert, a financial planner who specializes in helping families of the disabled. They hired a lawyer to revamp their will and set up a living will, a durable power of attorney and health-care proxies. Ehlert helped with the Medicaid application for Mary and advised them to set up a special-needs trust. After they die, the money they're saving from Mary's income plus any inheritance will go into the trust. Mary's brother Dan will administer the trust and make decisions on her behalf. The cost of the wills and trust: $2,800. Says Pat: "It felt very freeing."
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Last Updated ( Tuesday, 27 December 2011 )
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Basic Estate Planning
