Believe it or not, almost everyone has an Estate. Your Estate includes everything that you own, your house, your car, checking accounts, savings account, life insurance, investment accounts and personal belongings.
An Estate Plan provides direction to your family members as to how you want your assets divided upon your death.
To ensure that your wishes are carried out, you need to create an Estate Plan. A simple Estate plan includes the following a:
- Durable Power of Attorney, and
- Health Care Proxy
A will provides you instruction but it does not avoid probate. Many families and professionals create Trusts.
An individual may choose to create an irrevocable trust to protect their assets from the nursing home. Medicaid Planning is an important part of the Estate Planning process and it is important to contact an Attorney so that you can have everything in place before the look back period runs out and before it is too late to start your Medicaid planning.
There are also many other trusts that will keep you Estate out of Probate and allow the individual to protect and shelter their Estate from Estate taxes.
By having he appropriate estate plan in place, you will have peace of mind that your wishes will be carried out.