Financial Success for Life

In many families, planning for the future is often thought of, but following through with the plan is seldom accomplished. Having a will and a life insurance policy is a step everyone must take to prepare their family and spouse for the future. When there are children under the age of 18 years old in a family, planning is a necessity. Nothing is more devastating than losing a loved one, but imagine being a young child left orphan by the unthinkable.

Losing a parent is hard enough; ending up in a foster home is even harder. By failing to plan for one’s children, a state foster system may take control of where the children go if both parents are deceased. Estate planning is not just about making sure that there is financial security, but also that there is emotional security.

Writing down what people say when they say it is important, because in the end what you are trying to achieve and create is a sort of “relationship agreement” that spells out how you and they all see the future together. Maybe what comes out of these farm succession and planning conversations is a collection of relationship agreements on simple issues as well as your mutual ideas for the big ones.

Whenever two or more people are involved in a long term interdependent relationship there is likely to be disagreement. In a family business these disagreements are often more acute because they are never just about business – they are always tinged with something personal, everyone has a history and a future that gets lumped into whatever infraction of the code is observed by the others.

Succession and planning for the farm’s future is an excellent time to unearth these sore spots and create agreements on how they should be handled in the future. This is the time when everybody will have their chance to set the record straight and provide their input into how things should be in the future.

Estate Planning : Family Estate Trust

Writing it all down is important. Each party to the process, that should be every one, will come away feeling that their county had been heard from. Nothing makes us feel better than having our say and knowing that it’s been noted for serious consideration!

Question 4: How to apply for Medicaid: Are there other ways to protect my assets?

There are many ways to protect assets. Medicaid will not penalize anyone if they choose to spend their assets; however, one must be careful to avoid fraudulent conveyance. Fraudulent conveyance is the act of divesting your assets for less than a fair market value consideration or payment. An expert can walk you through a proper estate plan that will avoid these potential problems or contact Estate Street Partners.

Question 5: How can I protect my home?

Medicaid allows for the applicant to retain a principal residence. Your home is considered exempt property. However, unless there is a surviving spouse, Medicaid will be reimbursed if the home is sold after your death by a lien being put on the home. This is where it is advised to sell or transfer to an irrevocable trust such as the UltraTrust™

Question 6: Is it wrong to hide assets to qualify for Medicaid?

When applying for Medicaid, full financial disclosure is required. It is best to consult with an elder law expert before making any decisions or contact Estate Street Partners.

Question 7: Is this information reliable?

These are just a few questions that are commonly asked. When applying for Medicaid, it is always best to do the research. Find out what the current requirements are for eligibility in your state and consult with an experience attorney or contact Estate Street Partners to discuss your assets. States typically offer online information and forms that you may download and print, however no states allow you to currently apply for Medicaid online. To get simple information about your state’s Medicaid application eligibility, forms, contact information, and address as well as an overview of your states plan, click here.

Question 8: Should I hire an expert?

Simply stated: absolutely. This is the best way to make sure laws are being followed and your assets are protected.

Question 9: How do I find an expert?

Any expert that practices elder law can help or contact Estate Street Partners. Make sure the expert is experienced and has a good rapport. You want to make sure you trust the right person with your assets

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