The Use of Immediate Annuities in Medicaid Planning for Married Couples
Immediate annuities can be a useful tool to protect the spouse of a nursing home resident who applies for Medicaid.
Read moreMany websites offer customized, do-it-yourself wills and other estate planning documents. Although such products are convenient, using them could create serious and expensive legal problems for heirs.
These digital services appear to offer a cost-effective and easy alternative to visiting an estate planning or elder law attorney. But is online estate planning worth the convenience and initial savings? While online services might work fine if you have little or no property, small savings or investments, and a traditional family tree, anyone whose needs are not simple should not try to create an estate plan without the help of an attorney.
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And you'll likely need a lawyer to definitively determine whether or not your needs are indeed simple. Do you have an estate that is taxable under state or federal law? Do you own significant amounts of tax-deferred retirement plans? Do you know how to fund a revocable trust? Is there anything about your estate that is unusual, such as having children from a previous marriage or a disabled child? If you have any questions about your estate plan, you need to see a professional.
The following are some examples of what can happen if you try to create an estate plan without the help of an attorney:
The irony is that using a boilerplate will form in these cases not only frustrated the decedents’ testamentary intent, but ultimately cost their estates far more than a simple consultation with an estate planning or elder law attorney would have.
Contact your attorney to create your plan.
Immediate annuities can be a useful tool to protect the spouse of a nursing home resident who applies for Medicaid.
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Read moreMy mom has a power of attorney with both my brother and me named as agents. The power of attorney document lists our wrong ad...
Read moreMedicaid Rules, etc