![]() This is a simple tool you can use to specify who inherits. Leaving money to someone who you don’t trust to be responsible with managing it.īy thinking about who you hope to provide for, you can make informed choices about the kinds of tools to use to make your plans for what happens after your death.Īgain, an estate planning attorney can assist you with identifying circumstances that exist that could affect the legal tools you must use to implement your plan.Īrmed with knowledge of your heirs’ needs and the potential threats to your wealth, you can make an estate plan that facilitates the timely and efficient transfer of your property to the appropriate parties after death.Leaving money or property to minor children who cannot yet manage the funds. ![]() Other issues that could affect your planning process include: You would need to take this into account when making your estate plan. Providing an inheritance directly to these individuals could jeopardize their access to these benefits. You will also need to consider any unique circumstances that could affect the people who will inherit your wealth-or your ability to provide for them.įor instance, individuals with special needs may receive means-tested government benefits such as Supplemental Security Income (SSI) or Medicaid. An attorney can help you with this process if you aren’t sure where to start. The first step in your estate plan should be to identify all of these potential threats to your estate so you can choose the right tools to keep your money and property safe. You may also wish to protect your assets against creditor claims, make sure that an irresponsible heir doesn’t spend the money that you leave to them, take steps to reduce or avoid estate taxes if you have a larger estate, or avoid the probate process. Making a Medicaid plan to avoid spending down your wealth while ensuring you can get access to nursing home coverage can be very important. Medicaid does cover custodial care in a nursing home, which is the routine care most people need-but you must have limited assets to qualify. Nursing home care is very costly and it’s not covered by Medicare or other medical insurance except in very limited situations. One of the most important ways you can do this is to create a Medicaid plan. You’ll want to be sure that your money and property are safe both during your lifetime and after you pass. Protecting assets against potential loss is one of the key parts of estate planning.
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