Planning for Nursing Home Expenses
November 4, 2020
A revocable trust is great for many reasons, but it does NOT protect assets from nursing home expenses.
- 1067 N. Mason Road, Suite 3, St. Louis, MO 63141
A revocable trust is great for many reasons, but it does NOT protect assets from nursing home expenses.
One component of your estate plan may be a testamentary trust, which is a legal document, usually created within a will, that becomes effective at your death.
Estate planning is the process of transferring the management of your assets, if and when you are unable to manage them yourself due to disability or death. Whether you have $100 or $100 million you should have an estate plan.
Most people wish to have more control over who and how their assets are managed than what the state laws provide, and so they draft documents that can override the Laws of Intestacy, when those laws do not match their objectives.
It’s difficult to go a few hours without interacting with a digital account. Whether that is email, online banking or social media, many daily tasks involve digital informational storage.
Some states are great to live in, but not so great to die in.
’Per stirpes’ vs. ‘per capita.’ Making the wrong choice could cause an estate planning disaster.
Estate planning is all about ensuring that your wishes are met after your death. All estate plans should include a will and powers of attorney. However, in many cases, a trust has additional benefits beyond what can be accomplished with the will and powers of attorney.
Without an estate plan in place, clients will be reliant on state laws and probate courts to appoint individuals who will be responsible for financial affairs and health-care decisions, in the case of illness and ultimately the transfer of assets upon death.
Consult an elder care lawyer preemptively, to avoid making a panicked phone call in the moment.
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St Louis, MO 63141
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