One of our other articles in this issue of our newsletter describes some of the problems that can be created for your family if you don’t get your estate plan documents in place. And it is hard to make good decisions about your planning if you do not know the options you have and the tax and other effects of those options. We often hear the following questions from clients:
- How can I give a child access to my bank accounts if I become incapacitated? (There is more than one way.)
- What is probate, and how can I avoid it? (There is more than one way to do that, too.)
- Why should my power of attorney be personalized? (So you can maintain control even AFTER you may become incapacitated.)
- Is it a good idea to give assets to my kids? (Maybe, but there are different effects from doing it different ways.)
- How much in taxes will my children pay if I give or leave them assets? (Usually none, and we can explain that – you will be pleasantly surprised.)
- What are the requirements to get eligible for Medicaid if I need long-term care? (That’s on pages 10-12 of the guidebook.)
- If I leave assets for a disabled child or grandchild in a special needs trust, will there have to be a Medicaid payback? (Not if you do it right, see page 13.)
For over a year, we have provided to our clients a printed guidebook entitled “Estate Planning Highlights.” This little booklet summarizes many of the estate planning topics and answers the above and many other questions that folks have about wills, trusts, powers of attorney, gifting methods, taxes, trusts, Medicaid and special needs trusts. It provides a wonderful explanation of these issues that may answer your particular question or equip you to discuss your planning needs with us intelligently.
This guide is now available for you to download from our website. To download and print the guide, go to http://www.ElderLawMS.com/contact/forms/ and click on item number 9 in the list.
Then call us to set an appointment to help you get your estate planning done just right!