When you have already worked hard for decades to
accumulate your Bonita Springs wealth, you should find the best way to protect
your assets and heirs from predators and creditors after your death. You can
embrace various strategies to ensure your assets are distributed to your
beneficiaries as you intended them to be. Since each person has unique
circumstances, it is crucial to seek professional assistance
to ensure that you make the best legal decision, which is unique to your
circumstances. That said, a Trust would be more effective for some, while a
Will may be useful for others. In most cases, a Trust will be more superior
than a Will.
Many times, you have heard that it is always better to
give than to receive. It is a good practice unless you think that someday, you
will apply for Medicaid. If you consider the Medicaid long-term care benefits,
then you need to rethink about giving away your property or money, because any
gifting will subject you to specific penalties. Gifting before applying for
Medicaid reduces your eligibility and exposes you to the risks of penalty.
A Power of Attorney is a document written which grants
permit to an agent, who acts on behalf of principal. The power of attorney
applies when the principal is unfit to make decisions concerning a case. A
power of attorney is a very crucial document. It can be implemented when one is
mentally, physically, and cognitively incapacitated and there is a need for
someone else to make your final decisions. The power of attorney is durable.
“Durable” shows that the agent chosen can act even in cases of
disability or incapacitation. Powers of an attorney are different as
Estate planning is never a one-and-done type of a deal.
You may have a totally solid estate plan in place today, but it can be
worthless with time if you do not update it.
Regardless of who you are, your life circumstances will
evolve continuously as your finances, family situation, goals and the law may
change, necessitating the need to update your estate planning documents. If you
do not experience a major life event, you should review your estate plan at
least yearly to update its terms.
However, numerous life events prompt you to update your
estate plan to save your loved ones from conflicts and court cases. Below are
some major life events that require you to review your plan immediately:
When you apply for Medicaid, the government will
“look back” at the previous five years preceding the date of your
application. Specifically, Medicaid evaluates how many gifts of money you gave
to individuals or entities, with some exceptions. These gifts are added up and
then divided by Medicaid’s penalty divisor to determine how many “penalty
period” months they attach to your application.
After the loss of a loved one, one of the last things
you want to consider is any debt they’ve left behind. When a family member
dies, their assets, including life insurance policies, vehicles, real estate,
bank accounts, and retirement investments, among other things, comprise their estate. The estate may be bequeathed to
heirs, but it can also be used to settle outstanding debts of the deceased. A
professional probate lawyer, such as The Mattar Firm, can help you and your
family navigate what constitutes the estate and which debts will need to be
settled from the estate.
A comprehensive estate plan needs to address all your
assets. This plan may be straight forward for most people as they only include
the most common items, such as personal property, their residence, and
financial accounts. Other assets, such as retirement funds, life insurance, and
annuities, do not necessarily require inclusion in the living trust. This all
is contingent on the classification of account.
The city of Naples has hard working people who want to
feel safe as they go through their daily lives. It takes more than a seatbelt
and good brakes to feel safe in Naples. People need to know that if something
does happen to them that there is someone who can speak on their behalf and
make the right medical decisions. That is why the people of Naples need to
become familiar with health proxies.
A clinical term describing children and adults who
require partial or full assistance to perform necessary daily activities,
special needs children have been diagnosed with permanent and severe
psychological, mental/cognitive and/or physically disabling conditions.
Disorders considered as “special needs” range from Down Syndrome,
blindness and attention-deficit disorder to cerebral palsy, dyslexia and
The people who are best prepared for their golden years
are those who understand that planning for those years is a lifelong activity.
North Fort Myers residents who have had the foresight to talk to an estate
planning professional should take that discussion a step further and talk about
protecting assets and paying for long-term health care.