Did you know that there are many rules that govern inheritance? A good estate planner can help you filter through the rules and make sure that you protect the maximum amount of wealth for your loved ones.
It’s important to remember that you don’t have to handle all the aspects of your estate planning on your own. By working together to put together a will or trust that makes sense for your situation, you’ll gain the peace of mind that your loved ones will be taken care of after you’re gone without all the stress of trying to do it alone.
Did you know that a nursing home is allowed to ask if you are covered under private insurance? A nursing home can also ask if you are eligible for Medicaid or Medicare. A nursing home cannot ask financial questions that would confirm Medicaid ineligibility. An elder law attorney can help you to understand your rights in these conversations.
Health is most people’s top focus, yet there are numerous unexpected deaths each year. “Though estate planning isn’t a one-size-fits-all thing, it is something everyone should think about,” said Tom Johnson, a Minnesota lawyer. “Everyone is going to pass away, so everyone should have something in place.”
Did you know that jointly held assets will pass to the surviving joint asset owner? Also, life insurance is generally passed to the designated beneficiary. A will is important because if the estate is named as beneficiary, the court may have to determine distribution, a process controlled by state law. An elder law attorney can help navigate these issues.
An estate plan has several components, including a will; the assignment of power of attorney, and a living will or healthcare proxy. For some people, a trust may also be necessary. When putting together an estate plan, you must be aware of both federal and state laws governing estates.
