About Estate Planning Newport
This brings me to Medicaid asset protection. There are laws that the government has put in place to reduce your assets and inheritance taxes and pass those savings onto your family members. Most hard working middle class individuals do not take advantage of these tax laws. Many feel that estate planning and trusts are just for the wealthy? This is simply not the case. No matter what your net worth, the money estate planning can save you, can be used for other purposes that you may need.
Some individuals want to have alternative or holistic treatments available to them. Medicaid will not pay for those services. Some individuals may want to continue to pay for out of state family members to come visit them, as they are unable to pay their own way. Medicaid will not allow them to have a fund to keep finances to allow that to continue. With estate planning and trusts you will be able to learn how to utilize the laws in place to protect your assets for the future. This will benefit you and your family or designated beneficiaries.
The planning checklist covers many different aspects of you life. Many think that estate planning is just writing a will, but it is much more than that. It is a process that has many steps. Those steps must answer seven very important questions. I will share a few with you today.
The first part of the estate planning checklist is to make a list of your assets. This list should include all your assets, financial as well as real estate, furniture, automobiles and jewelry. It is really important to be very thorough. The next steps on the checklist are putting a will in place, as well as identifying a financial and health care power of attorney and putting an advanced directive in place. An estate planning checklist is an important tool to utilize when collecting your Medicaid asset protection information. It will help give you the ability to utilize the laws put in place that allow you to legally and responsibly protect your assets for the uses that you chose.
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