Oct. 9, 2020
I have presented:blogs in the past pertaining to Estate Planning. It has become a relevant issue lately for many people in light of the cultural changes taking place which have been caused by this pandemic and rethinking of setting priorities. It cannot be overstated how important it is for people to properly structure their assets for Estate planning purposes, As recent history has shown us, no one knows what the future will bring. The proper Estate planning will make life so much easier for your loved ones and extended relations in the event that something unexpected should happen to you.
Equally important to the requirements of having a valid updated Last Will and Testament, Power of Attorney and a Living Will, is the necessity of examining the current title to how your assets are held. In most cases, a joint account will pass to the joint account holder, rather than in accordance with the named beneficiary in a Will. For this reason ( and many other reasons), people should carefully and thoroughly analyze all of their assets to make sure that they are owned by in the proper names to allow for the intended passage after death.
On additional thought regarding Estate planning pertains to Medicaid Lien If an individual requires the services provided by Medicaid and the method of payments are not properly structured, the unintended result can be that a Lien is placed on all of the individual's assets and said Lien will be needed to be satisfied out of any potential inheritance left to your loved ones.