Archive for the 'HIV' Category

HIV: PRACTICAL MATTERS-PUTTING YOUR AFFAIRS IN ORDER: STIPULATING WHAT HAPPENS TO YOUR PROPERTY AND PROVIDING FOR HOSPICE CARE

February 15th, 2011, Posted in HIV
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Most people stipulate what happens to their property by making a will. No one requires that you do so. If you die without a will (called dying intestate), your property goes automatically first to your spouse and then to your nearest living relatives. Your property will not go to friends or to unmarried partners. To assign property to friends or unmarried partners, you must make a will.
Wills apply mostly to property—money, house, car, furniture, clothes. Wills do not necessarily legislate any of your other wishes. Life insurance benefits will go to the beneficiary, even if the will states otherwise. In principle, a will may specify what your funeral arrangements are and whether you’d like to be buried or cremated, but in practice, wills are often not read until after the funeral.
Over a certain value, property left in a will is taxable. You can minimize the taxes your beneficiaries will pay by setting up trusts or by giving to them a certain amount of money per year while you are still alive. Neither trusts nor gifts under a certain dollar amount are taxable.
Trusts and annual gifts also ensure that you will have property to leave. Some people, rather than use their property to finance their own medical care, decide to put it into trusts or give it to the people they love.
Once they are impoverished, their medical bills will be paid by public assistance programs. Leaving your property in trust or as a gift must be done years before you need extensive medical care: Medicaid/Medicare will check to see if money or property has been given away in recent years. To find out how and when to leave your property, see a lawyer or a financial planner.
A lawyer is the best source of information regarding what happens to your property. Lawyers also often draw up wills. State laws set the forms for wills, however, and if you know the form, you can draw up your own will.
Providing for Hospice Care-Some people want to decide where they will die. Some choose to die at home; some would rather leave their homes as a place for the living, so choose to die elsewhere. In either case, they may choose hospice care.
A hospice can be either a place or a concept, that is, either a building or a program dedicated to care of the dying. Hospice programs can be run through hospitals, nursing homes, or private organizations. Nursing agencies, like the Visiting Nurse Association, often also provide hospice care.
Both private insurance policies and medical assistance provide some level of reimbursement for hospice care, providing the requirements of the hospice are met. To find a hospice or hospice program, ask your doctor or nursing agency or hospital social worker. Your doctor can advise you on when to consider hospice services.
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HIV: PRACTICAL MATTERS-PUTTING YOUR AFFAIRS IN ORDER: STIPULATING WHAT HAPPENS TO YOUR PROPERTY AND PROVIDING FOR HOSPICE CAREMost people stipulate what happens to their property by making a will. No one requires that you do so. If you die without a will (called dying intestate), your property goes automatically first to your spouse and then to your nearest living relatives. Your property will not go to friends or to unmarried partners. To assign property to friends or unmarried partners, you must make a will.     Wills apply mostly to property—money, house, car, furniture, clothes. Wills do not necessarily legislate any of your other wishes. Life insurance benefits will go to the beneficiary, even if the will states otherwise. In principle, a will may specify what your funeral arrangements are and whether you’d like to be buried or cremated, but in practice, wills are often not read until after the funeral.     Over a certain value, property left in a will is taxable. You can minimize the taxes your beneficiaries will pay by setting up trusts or by giving to them a certain amount of money per year while you are still alive. Neither trusts nor gifts under a certain dollar amount are taxable.     Trusts and annual gifts also ensure that you will have property to leave. Some people, rather than use their property to finance their own medical care, decide to put it into trusts or give it to the people they love.     Once they are impoverished, their medical bills will be paid by public assistance programs. Leaving your property in trust or as a gift must be done years before you need extensive medical care: Medicaid/Medicare will check to see if money or property has been given away in recent years. To find out how and when to leave your property, see a lawyer or a financial planner.     A lawyer is the best source of information regarding what happens to your property. Lawyers also often draw up wills. State laws set the forms for wills, however, and if you know the form, you can draw up your own will.     Providing for Hospice Care-Some people want to decide where they will die. Some choose to die at home; some would rather leave their homes as a place for the living, so choose to die elsewhere. In either case, they may choose hospice care.     A hospice can be either a place or a concept, that is, either a building or a program dedicated to care of the dying. Hospice programs can be run through hospitals, nursing homes, or private organizations. Nursing agencies, like the Visiting Nurse Association, often also provide hospice care.     Both private insurance policies and medical assistance provide some level of reimbursement for hospice care, providing the requirements of the hospice are met. To find a hospice or hospice program, ask your doctor or nursing agency or hospital social worker. Your doctor can advise you on when to consider hospice services.*219\191\2*