Three Steps To Take To Ensure Your Aging Parents’ Digital Assets Are Protected In The New Year

Three Steps To Take To Ensure Your Aging Parents’ Digital Assets Are Protected In The New Year

What is a digital asset and why would it need protection? Before you can understand how best to protect your parents’ digital assets in the new year, this can be a good question to answer. A digital asset is any type of information that you have stored online, including usernames and passwords for email and social media accounts, online banking and credit card information, and photos and videos saved on the cloud. If this information falls into the wrong hands, a tremendous amount of damage can be done. The elderly can be particularly vulnerable to phishing and other scams, which means it can be even more important to help make sure these assets are protected.  

Let us take a look at three steps to ensuring that your aging parents’ digital assets are protected.  

  1. Make a list. The first step in protecting digital assets may be identifying all of the digital assets that your parents have. This can include all email account usernames and passwords, all usernames and passwords to other websites, all online membership information, all online banking and credit card accounts, etc. 

  2. Password protect their passwords. Once a list of all digital assets has been created, it may be time to password protect that information. There are online password manager tools that you can use to keep the information secure, or you can print out a hard copy and store the information in a safe and secure place, like a fire-proof safe or security box.

  3. Consult with an attorney. A final step to ensuring that your parents’ digital assets are protected may be to consult with an estate planning or elder law attorney.  Even if your parents already have an estate plan in place, it can be important to make sure it is updated to account for their digital assets, including giving their heirs access and rights to the digital assets upon death or incapacity.

To learn more about how to protect and plan for digital assets, please reach out to our office to schedule a meeting time.

Can Mom Get All of Dad’s Income? Yes! How to do It.

Can Mom Get All of Dad’s Income? Yes! How to do It.

THE BACKGROUND STORY

A few times every year, I visit with an adult child and their mother at my office. They explain that “Dad” is in a nursing home, and isn’t able to come home. They realize that the safest place for him is in a nursing home. But Mom can’t afford the $8,500.00+ monthly cost of nursing home care, and she thinks that they have too much money to get medicaid. Mom also mistakenly thinks all of Dad’s income would go to the nursing home. Needless to say, she’s scared.

Like so many others, the family believed one of many Medicaid Myths. First of all, they don’t have too much money to qualify for Florida Medicaid. Mom is allowed to have $128,640, and she has less than that. Sure, Dad’s income is too high for Florida Medicaid’s Income limit of $2,349.00, but there’s a workaround called a Qualified Income Trust.

WILL MOM GET ALL OF DAD’S INCOME?

It’s true that much of Dad’s income will go to the nursing home, at first. However, there are affordable legal steps that will help Mom get ALL of Dad’s income. With our help, Mom will likely not worry about paying bills or choosing between groceries and medications. And the best news, she can sleep comfortably knowing that her husband is safe and that she’s financially secure.

LET’S BAKE THE CAKE

Here’s how we do it. We go to Court and prove that Mom can’t live on the meager amount of Dad’s Income that Medicaid allows. We prove that Dad wants his income to go to Mom instead of the Nursing Home. Dad even has a separate lawyer to represent his interests.

As long as the numbers align (and we don’t file until they do), the Judge will grant Mom’s request that all of Dad’s income go to Mom. And Medicaid has to honor the court order. We then inform Medicaid about the Court’s decision and Viola! Mom gets the rest of Dad’s Income.

If you’d like to meet with us to discuss this subject, call 386-256-1443, text us @ 386-855-8976, or visit our contact page to send us a message. We’d love to help you.