What Are The Main Differences Between Estate Planning And Estate Planning For Medicaid?
If you expect to need Medicaid, then you should create or update your estate plan for this potential.
The truth is, that estate planning and estate planning for Medicaid are two different animals. When you are planning with Medicaid as a factor you have to do so in such a way that preserves your eligibility for the benefit while you protect the inheritance you want to go to your loved ones. Estate planning can be a complicated task especially if you have many considerations to think about when you are putting your life’s events documents in place. You can find more resources and support with this process when you work with the Canton estate planning attorney at The Law Office of Brian S. Karpe, LLC.
How Estate Planning and Medicaid Estate Planning are Different
Everyone, no matter how big or small their wealth is, should have a solid and comprehensive estate plan in place. While you may believe that if you are not a person with robust assets that it does not matter what happens to the moderate number of things you own, you would be wrong. Everyone can benefit from a well-designed and thorough estate plan. If you do not have an estate plan, Connecticut statutes detail who will receive your property upon your passing. These laws are known as “intestacy statutes.” The purpose of an estate plan is to form a strategy for after your death concerning the things you wish your heirs and beneficiaries to receive. In a small way, it also acts to ease possible legal disputes and issues with your assets that could arise after you pass. Its objective is to optimize your assets for your chosen beneficiaries and if needed, reduce estate tax burdens.
There are many estate planning techniques that can be used for your unique needs, but if you have Medicaid in the future, then some may not work well for your purposes. This is because when you are estate planning for Medicaid, your objectives are a bit different. Here, the established and knowledgeable Canton estate planning lawyer at The Law Office of Brian S. Karpe, LLC can help.
There are limits to one’s income and assets to be eligible for Medicaid in Connecticut. So, if your income and assets are over this limit, you will need Medicaid planning to find the right strategy. Also, while it is necessary to meet those limits to qualify for Medicaid, it is essential to plan to protect your estate from being seized by the government to repay Medicaid benefits after death. This allows you to instead have your assets distributed as an inheritance to your loved ones. For example, in the absence of an estate plan for Medicaid, if you intended to leave your home to your heirs, Medicaid estate recovery could be the entity that benefits from the sale of your home.
Speak to a Connecticut Estate Planning Lawyer Today
In addition to how you work your estate plan to account for Medicaid when you start this process is also critical. Starting far in advance of the need for Medicaid is crucial because of the strategies you may use to safeguard your wealth and not violate Medicaid’s rules. Call the Canton Medicaid estate planning lawyer at The Law Office of Brian S. Karpe, LLC C to schedule a free consultation at 860-217-1458 and learn more about estate planning for Medicaid.