Are you having a hard time planning your estate? Our Rochester attorneys can walk you through what might be a frustrating process. Here is what you need to know about the basics of estate planning.
Planning Your Estate | Emergency Medicaid Planning
As a Rochester Elder Law Attorney, people often ask me about emergency Medicaid planning. Emergency Medicaid planning can be utilized if someone has signed a power of attorney with a statutory gift rider or if they’ve had a guardian appointed to them by the supreme court. This essentially allows someone to preserve half their assets and use the other assets for their care.
Planning Your Estate | Probates
As a Rochester Estate Planning Attorney, people often ask me what probate is. Probate is the process by which the court determines that the will of the deceased person is valid, that it was properly executed, and all necessary people have been notified. That is the process under which your will would be accepted by the court.
Planning Your Estate | Non-Probate Assets
As a Rochester Estate Planning Attorney, people often ask me what assets non-probated assets are. Essentially any assets that are in your name alone are probate assets which shall pass through your will. We’re seeing more and more that there are many assets that do not pass through your estate. For instance, life insurance that you have a named beneficiary will go directly to the beneficiary unless your beneficiaries are deceased, in which case it will pass through your will. Joint bank accounts in most cases do not go through probate. Annuities do not go through probate. Your IRAs normally have beneficiaries and those IRAs are rolled over to avoid income tax.
Planning Your Estate | Living Trusts
As a Rochester Elder Law Attorney, I am often asked by clients whether or not they should have a living trust. This all depends on their particular circumstances. There’s a few good reasons for having a living trust. There’s Medicaid planning, there’s planning for second marriages, and planning for those that are incapacitated. Living trust can be revocable or irrevocable. After I review all of my client’s financial information and determine what their goals are I can recommend to them whether or not a living trust is appropriate in their situation.
If you have any further questions about planning your estate, give our office a call today. Our Rochester estate planning lawyers are here to help you.
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