Chuhak Chats & Tecson Tips: National Estate Planning Awareness Week (Part 5)

Recognizing National Estate Planning Awareness Week, here are some tips from Christine Barone, certified Elder Law and Estate Planning attorney and Molly Ward, Estate & Trust Administration & Litigation attorney at Chuhak & Tecson, P.C.

We would like to remind you that estate planning includes long-term care planning for purposes of Medicaid qualification and asset protection. You can plan for both qualification and asset protection if you include the correct provisions in your estate planning documents. Attorneys will often meet with people who are in a crisis, which necessitates immediate estate planning. This can include making immediate plans to qualify for and apply for Medicaid benefits in order to pay for his or her or a loved one’s long-term care. Having the right provisions in your powers of attorney are imperative in allowing an attorney to assist the nominated agent under a power of attorney with Medicaid planning and qualification should the need arise for long-term care and protection.

Often times the impetus to engage in estate planning is when a couple has children.  It allows parents to name who they would like to act as the guardian of their minor children in the event something should happen to both parents.  In addition, many couples also incorporate revocable living trusts to ensure that assets pass outside of probate court and guardian estates, in the most tax efficient fashion, and provide asset protection for beneficiaries.  For young children, parent will want to protect them not only from the outside world — but also from themselves.  Think about how you wish to provide for your loved ones today — and in the future.