In the State of Missouri, attorneys are not allowed to say they “specialize” in certain areas of the law. We are allowed to say we “focus” on certain things. Whether you call it specializing or focusing, it comes down to the same thing; everyone can’t know everything about every aspect of the law! Doctors figured out a long time ago that they needed to “specialize”. Our bodies are too complex for a single person to be an expert in every area of the human anatomy. The practice of law has become the same way.
General Practitioners will take a wide variety of cases. They could include divorce, traffic tickets, business contracts, among others. Estate Planning attorneys focus primarily on preparing Wills and Trusts. They want to make sure your assets pass as efficiently and as tax free as possible. Elder Law Attorneys focus on the period of your life before you die. Asking the question, “What if I don’t die, but get sick and need care?” We want to develop a plan, which include estate planning documents like Wills and Trusts, but it goes far beyond that. We have a great deal of experience and knowledge in the areas of Medicare, Medicaid, Veterans Benefits, and end of life issues.
In Missouri, your Durable Power of Attorney for finances needs to be powerful and flexible. The State law says that if you want to give someone the ability to handle your life insurance, for example, then you must specifically list that ability (known as “having the power”) in the document. If the power isn’t in the document, the State assumes you don’t want someone to handle life insurance for you! That can become a very big deal if you or a loved one needs to go into a skilled nursing facility (nursing home.)
If you or a loved one need skilled nursing care (a nursing home), and you have a life insurance policy with more than $1,500 in cash value, the State will either count it as part of the limited assets your spouse can keep, or if you are single, they will make you cash it in and spend it on your nursing home care. If someone doesn’t have the ability to handle your life insurance in the Durable Power of Attorney, then your family will be required to go to Probate Court to set up a Conservatorship to be able to cash in your life insurance.
Conservatorship are EXTREMELY expensive. The Probate Court is in absolute control of your finances. The Court may appoint someone other than who you would have chosen to handle your affairs (perhaps even another attorney!). The Conservatorship lasts a person’s lifetime with ongoing legal expenses!
Many Durable Powers of Attorney prepared by General Practitioners and Estate Planning attorneys don’t cover things like life insurance, and other issues specific to elder law, because they simply aren’t familiar with seniors regularly face. The average Durable Power of Attorney people bring in for us to review (for free) is typically four to eight pages long. Our Durable Power of Attorney is over TWENTY-FIVE PAGES in length! Why? Because YOU want to make sure that whatever life throws at you, the person YOU appoint has the ability to handle it without the expense and hassle of going through the Probate Court.
When was the last time you had YOUR Durable Power of Attorney reviewed? If it is over five years old, call our office at 636-394-0009 to have it reviewed for FREE!
