When you get to the point in life that you need to use Medicaid for your healthcare, you won’t want to be ineligible because of assets such as your home, savings and life insurance policies. Medicaid is only available to people on a limited income. While your income may be limited in the future, your assets can cause you to be ineligible. Your home may not always count against you, though. It’s important to talk to an estate planning attorney to find out exactly what the regulations are in your state. Simply giving away your assets to a friend or relative may not solve the problem. Medicaid has a policy called the “look back.” It is period of time that can be anywhere from three to five years, depending on the date that you let go of your assets. Medicaid now checks what assets you have, what assets you have sold or given away, and when you took action. Because of the “look back” policy, it behooves you to plan years in advance. The imperative thing is to get all the facts about Medicaid before applying, and to find a professional who understands all of the rules and regulations. A professional estate planning attorney can help you with Medicaid asset protection.
A living trust is an integral part of a well-rounded estate plan. Forming a living trust allows you to protect your assets so more can be passed along to your heirs. A living trust is also a way to keep your heirs from having to deal with unnecessary probate proceedings after you are gone.
An estate planning attorney can go over the variety of trusts that may be used depending on your goals and circumstances. You would create and fund a living trust while you are still alive, rather funding the trust through assets in your estate that are sold after your death. After you fund the trust, you will designate a trustee who is to control the assets of the trust. It’s up to you to decide who will be the trustee. It could even be yourself until you are gone.
Many people think they don't need an estate plan because they feel that their estate is not big enough to need expert planning. A middle class family with a home, two cars, and a retirement and savings account, is a perfect candidate for an estate plan. Assets pile up surprisingly fast. A good estate plan can be used to distribute your estate to your heirs so that taxes are minimized. Your estate is comprised of all you possess to include – savings accounts, homes and land, cars, and investments. To minimize tax liability for your heirs you need to sit down with an estate planning attorney.
Estate planning is about more than just reducing estate taxes, although that is a valuable and component. A good estate plan covers many eventualities, such as a living will, what person will assume the care of dependent children, power of attorney etc.
They are many different methods of estate planning; it is best to leave your estate plan in the hands of a professional. Estate planning requires knowledge of complex laws and statutes. If you have a house, car and banking account that you want to leave to your heirs, you should consult an estate planning attorney.
Are you a baby boomer? If you are, you might be one of the many boomers who have done little to no estate planning. You might think that a simple will is enough. Perhaps you have a small nest egg, but not a huge fortune so you think that estate planning is not for you.
Estate planning is for everyone. Most baby boomers have done well financially, but have paid little attention to how their assets will be distributed upon their death. If you are one of those who has worked hard, accumulated significant assets, and supported charitable causes, then you are not alone! Many baby boomers want to continue working through retirement and want to give money to charitable causes. Professional legal advice can help you through the planning phases of retirement and charitable giving.
You probably don’t have the type of comprehensive estate planning in place that you need to match the complexity of your finances and lifestyle. And, this is not an area of your life where you can do-it-yourself (i.e. money under your mattress) or just ignore the situation.
At Meurer Law Offices, we can give you comprehensive estate planning advice. From living wills to financial power of attorney to revocable living trusts to charitable planning and more, we can help you plan for the future while still enjoying your success today. For estate planning advice in Denver, call Meurer Law Offices at 303.991.3544.
Many of us have procrastinated in crafting an Estate Plan to provide an orderly distribution of assets to our heirs. The thought of eventually dying is something we’d rather avoid. As much as you might like to avoid thinking about your eventual demise, remember, what took you a lifetime to amass and save usually will take your children, on average, eighteen months to spend. Meurer Law Offices helps you to protect your assets and pass your legacy on to your heirs.
Elder law attorney in Denver, Michael Meurer, assists in crafting Estate Plans to minimize tax burdens and enable your loved ones to avoid lengthy probate proceedings and contested wills. He will take the time to go over with you options to plan your estate including ways to avoid probate court and ways to prevent disputes and litigation among your heirs. Call Meurer Law Offices to schedule an appointment today.
