Likely Problems IF You Do Not Have an Estate Plan in Place!

South Pasadena CA

02 January, 2020

3:42 PM

Description

Likely Problems If You Do Not Have an Estate Plan in Place was written by Pasadena Now. Information was taken from an interview with attorney and founder, William K. Hayes, Esq. How often can it be said that attorneys truly get real satisfaction from their jobs? Many attorneys engage in fields which require that they be in constant dispute and contention with opposing attorneys and sometimes with their own clients. However, to hear William Hayes of the Hayes Law Firm tell it, he constantly receives satisfaction from doing the work that he does. Known to his clients as, “Bill”, his estate and elder law practice focuses on trusts, probate, and helping people to qualify for Medi-Cal if they are being overwhelmed by medical bills. The Hayes Law Firm helps their clients plan their estates to protect themselves and their families while they are living, as well as leaving a legacy for their loved ones when they ultimately die. Bill says that his law practice allows him to gain instant gratification by knowing that he has helped people through difficult times. “I enjoy what I do,” Attorney Hayes said. “I get to work with positive people who have worked hard to create something good in their lives, and I get to be the solution that helps them preserve it. I like that.” Attorney Hayes began his law career as an entertainment attorney. Attorney Hayes began his law career as an entertainment attorney for Universal Studios where he wrote contracts for many creative people, including the writer of the screenplay for the film Jaws. Later during his entertainment law career, he worked for Motown Records as well as for an entertainment law firm which represented an array of musical artists from Linda Ronstadt and Alice Cooper to Barry White and The Jazz Crusaders. The law firm for which Bill worked also represented artists in the film and television industry. One such artist was the winner of the Academy award for best actress, Susan Hayward. When Ms. Hayward died, Bill was requested to handle the probate of her estate. “Though I had never handled a probate or any other estate matter in my life, I went from entertainment to handling probate, and I found that I really liked it. Working with Ms. Hayward’s family gave me a satisfaction that I had never received while working in the entertainment industry. After handling that probate, whenever any matters came up regarding estate or trust law, I was always ready to become involved.” Thereafter Bill handled the trusts for many prominent music, television and film industry people. The Allure of Estate Planning and Probate When Bill went into private practice for himself, probate and trust matters became a significant part of his practice and slowly his practice evolved to the point where he began to specialize in trust and probate matters. However over the years of doing trust and estate work, it became apparent to Bill that after having created the trusts for his clients, as they aged, many of them began to encounter medical problems and those medical bills began to slowly eat away at the estates that the clients had created. Though the clients had health insurance, it became clear that not many of them had long-term care insurance. Your health insurance does not pay for long-term care health problems and in most instances, that burden is left to the client to privately pay out of their own pockets. The US Health and Human Services Department says that 7 out of 10 adults over the age of 65 will wind up having long-term care health problems, and 40% of that number will wind up having to stay in a nursing home. Attorney Hayes came to the realization that the potential loss of a client’s estate to health expenses must be factored into the planning, otherwise the planning is incomplete. “If you haven’t considered long term care medical expenses into your planning, then you really haven’t planned at all.” In most instances, Medicare will only pay for up to 100 days of skilled nursing care before the financial burden is shifted back to the person receiving the healthcare. Approximately 66% of all bankruptcies in the United States derive from medical bills. Though people often prepare estate plans, they do not prepare a plan of action to deal with how they will preserve their estates if they should encounter overwhelming long-term care health problems and medical expenses.... Continue Reading Article: https://www.losangelestrustlaw.com/the-problems-that-you-are-likely-to-have-if-you-do-not-have-an-estate-plan-in-place/