The hot issue in the media today is Obamacare. There is obviously much confusion, misunderstanding and strife in matters affecting our health care.
One issue that has for a long time been of real concern is what happens if you have to go into a nursing home or other long-term care arrangement. People have mistakenly believed that their health care insurance, including Medicare, would take care of them in such a situation. That is not correct.
If you have to go into long-term care, and you have not put in place appropriate planning, you will be forced to spend down everything you have except for $2,000 before the state will participate in the expense of your care. Too many of us have seen families that have lost everything they have to provide such care. The proper application of public benefit triggers, if drafted into your estate plan, can save over half of your assets.
Our firm does not advocate that people who can and should contribute to their long-term care expenses should avoid all responsibility for themselves. However, given what people have paid in taxes over the years, most would prefer to leave what they can to their children, charities, or other beneficiaries. Only by proper planning can you accomplish this.
If your estate plan does not have the public benefit triggers, it would be a very good idea to see how they can be added. If you are not sure if your plan has the triggers, please feel free to visit with us for a review.
Contributed by MH Phoenix, Cave Creek and Flagstaff Estate Planning Attorney B. West Hunsaker.
About Morris Hall:
At Morris Hall, we have focused our legal practice on estate planning for over 40 years. Along with estate planning, our attorneys help clients and their families with matters of probate, trust administration, wills, power of attorneys, business planning, succession planning, legacy planning, charitable gifting and other important legal aspects. We also have divisions in financial, real estate and accounting to help you incorporate all of your planning together, ensuring that everything works perfectly for your needs and situation. Our Arizona offices are located in Phoenix, Mesa, Scottsdale, Cave Creek, Tucson, Prescott, Flagstaff and Arrowhead. Contact us today at 888.222.1328 to schedule an appointment!
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.
- What Happens If Someone Passed Away without a Will or Trust? - December 1, 2022
- What the Proposed Treasury Regulations Mean for Deductions Under Internal Revenue Code Section 2053 - September 16, 2022
- Does Your Estate Have Sufficient Liquidity? - September 14, 2022