What Are the Top Three Estate Planning Priorities?
Sometimes you make assumptions with regard to the things that are important to people, but in the real world, you find that your assumptions are mistaken. This can enter the picture when it comes to estate planning. A recent article in Forbes is quite enlightening on this level.
An estate planning attorney who is a member of the American Academy of Estate Planning Attorneys shared some interesting information about the top three priorities that he hears clients speak about on a consistent basis. They are actually somewhat surprising, so we will take a look at these interesting priorities in this blog post.
Everyone wants their family members to get along, but this is sometimes easier said than done. When an estate is being distributed, feelings can be tender. There are many people who are very concerned about maintaining family harmony.
If you take the right steps when you are planning your estate, you can keep this in mind and make sure that you are not making decisions that are going to cause ill will among family members after you are gone.
Quality Long-Term Care
Quality long-term care is another thing that many people are very concerned about. People who look into the subject understand the fact that Medicare does not pay for long-term care, but Medicaid does pay for living assistance. Most people in nursing homes are enrolled in the Medicaid program, and many of them were never poor.
To qualify for Medicaid to pay for long-term care, people give assets to their loved ones so that they can meet the requirements, because Medicaid is a need-based program with an asset limit of just $2000.
Due to the fact that a government program that is intended for financially needy people would be paying for the long-term care, many people think that the care that they receive would be substandard. In fact, this is not the case at all. You can get quality long-term care, even if Medicaid is picking up the tab.
Informed individuals understand that there are limitations and drawbacks that come into play if you maintain personal possession of your property and arrange for its distribution through the creation of a last will. They know that trusts can be preferable in many instances, but they are worried about losing control of the assets.
With a revocable living trust, you would gain multiple different advantages, but you would in fact maintain control of the assets while you are living. Plus, there are other trusts that you cannot revoke that can satisfy certain estate planning objectives. However, you can continue to receive income from some types of irrevocable trusts.
If you would like to discuss your estate planning priorities with a licensed lawyer, send us a message through this page to set up a free consultation: Dallas TX Estate Planning Attorneys.