11/14/2023 0 Comments Elderand![]() ![]() Unfortunately, the Social Security benefits program can be very complicated. Income from Social Security can be one of your most valuable sources of funds as a retiree. While your estate plan is a key part of this, there are other steps you may need to take to preserve and protect your assets. This could involve making a Medicaid plan so you can qualify for Medicaid nursing home coverage without spending down your assets.Īn asset protection lawyer can also help you to shield your estate from taxes after your death so your loved ones can inherit more money and property. Unfortunately, you’re uniquely vulnerable to losing these assets as you age because nursing home care is expensive and not covered by Medicare or most insurers in the majority of circumstances.Īn asset protection lawyer can help you to understand the steps you need to take to protect your wealth as you grow older. Throughout your life, you may acquire substantial assets that you hope will support you as you age or that will allow you to provide for your loved ones after you are gone. Work with an experienced elder law attorney to learn how the probate process works, what your family can expect, and whether taking steps to avoid probate may be worth your efforts. For example, assets held in trust won’t transfer through probate, nor will jointly held assets that give rights of survivorship to co-owners. You can also arrange to transfer assets outside of the probate process. In many cases, if you have a smaller estate, a simplified probate process is possible. These are the laws that govern the settling of your estate after your death. Understanding probate laws is a key part of the estate planning process as well. Your lawyer can also help you to make a will that is valid under the laws where you live. You can even create a trust for someone who has special needs to ensure they don’t lose access to means-tested benefits and that a trustworthy person is managing the funds for them.Īn experienced estate planning attorney can help you to understand whether trust creation is right for you and can explain key rules such as the differences between revocable and irrevocable trusts. You can create trusts for many specific purposes, such as the care of a pet after you are gone or to protect assets you are leaving behind for someone who isn’t very good at managing money. For example, you can create a trust for minors for whom you wish to leave money and name a trustee to manage the funds until the children turn 18 or until they get married. A trust, on the other hand, gives you more control over your money and property during your lifetime and after your death. The creation of a will and/or the creation of one or more trusts can be one of the most important parts of estate planning.Ī last will and testament allows you to provide instructions for who should inherit your assets. If you are aging and you don’t have plans in place to protect your assets and ensure they are transferred to people or causes you care about after you are gone, you should speak with an experienced attorney to ensure your wishes are respected. ![]() Many laws apply to the estate planning process including rules governing the validity of wills, as well as laws that determine when an estate will be taxed or how trusts work to govern the ownership and control of assets.Įstate planning is something everyone should do in order to control their legacy–it’s not just for wealthy people. However, many people choose to make their estate plan as they get older. Estate PlanningĮstate planning involves preparing for what happens to your assets after you pass on. There are a variety of issues and problems for which seniors might need legal assistance. ![]()
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