We would like to consider ourselves invincible - untouched by the maladies which plague mere mortals. Of course, the “real world” is very different. A disabling injury, a long term illness, or death can strike without warning – leaving your loved ones to deal with all the legal problems that result from you not planning ahead.
An estate plan is an arrangement for the optimum use, conservation, and transfer of your wealth. A carefully crafted estate plan can ensure that someone you trust pays your bills and makes investment decisions in the event that you become sick, injured or incompetent. It can ensure that minor children are cared for in the event that both parents die or become incompetent. It can also ensure that upon your death your wealth reaches the individuals or organizations you select in the manner in which you choose. For someone trying to pay for nursing home care, a special trust can be prepared to qualify him or her for Medicaid while preserving a substantial part of his or her assets. Typical documents include:
Wills
Revocable Living Trusts
Durable Powers of Attorney
Designations of Health Care Surrogate
Living Wills
Special Needs Trusts pursuant to 42 U.S.C. 1396p(d)(4)(A)
Medicaid Qualifying Income Trusts pursuant to 42 U.S.C. 1396p(d)(4)(B)