Don’t Deed Your Home to the Kids (Yet).

Estate Planning, Probate

People sometimes deed their property to their children while still alive in order to make sure the home goes to the kids after the parent has passed.  However, this shortcut often comes with significant unanticipated risks/costs. When a homeowner dies, the home...

I Didn’t Take My Ex-Spouse Out of The Will

Estate Planning

Although never planned, divorce is a complication of life that affects many.  What happens if your Will leaves everything to your now ex-spouse because you never changed the Will after a divorce?  When you pass away, will your ex-spouse still get your assets? ...

Can I Stay in the House?

Asset Protection, Trust, Wills

Without preparation, the passing of a loved one can result in difficult and unexpected challenges.  In recent columns, I have addressed this point with the example of a second marriage in which the husband moved into the house already owned by his new spouse.  Upon...

The Critical Link Between Retirement Planning and Estate Planning.

Estate Planning

For most of us, retirement is a goal we hope will allow us to enjoy the fruits of previous sacrifices.  While preparation increases the likelihood that we can enjoy our golden years, there are many uncertainties that determine whether retirement is an opportunity or a...

Will there Be a Reading of The Will?

Estate Planning, Wills

Everyone has seen the movie or television show when the family gathers for the reading of the will.  It is usually a dramatic event with an unexpected twist that makes for a good movie plot.  Is there actually any requirement to have the family meet for a “reading of...

Qualifying for Medicaid Assistance – Is There a “Five Year” Penalty if I Give Assets Away?

Asset Protection, Estate Planning

In the last several columns, I have addressed the medical and financial requirements necessary for seniors to receive Medicaid assistance for long term care.  You may have noticed that nowhere in those columns did I mention the so called “5 year rule,” a rule that...