About Your Estate Planning Checklist

Using an estate planning checklist, the aging of baby boomers to help obtain information about inheritance laws, the protection of their home loss due to long-term care costs and save thousands of dollars by taking some simple and cost effective action by implementing a single documents.We do not know what the future will bring. Baby boomers have indicated that they want to stay in their home and community they are most familiar. Many own their own homes, and will live longer and use community health services than earlier generations did not need aging.

Home care, adult day care, assisted living, respite care retirement communities grow in every community.Yet, due to poor planning, lack of education and preparation, many find themselves frustrated, angry and frankly shocked when they discover that they have to pay out of pocket for these services. Yes, you must pay privately for these services, unless you qualify for Medicaid. Medicare does not cover these services. If you have the shock of learning of this fact is, you learn the term "spending down".

What does that mean to you? "Spending down" is the process of reducing your assets or financial / value of assets to qualify for Medicaid. Simply put, to bring down is nothing more than spending your own money to the countable asset limit for acceptable state is reached. At present, the asset limit in most states Medicaid program $ 2,000.00. Because this is a federal and a state program every state has different limits and interprets the rules on the use of Medicaid differently.More an estate planning checklist.

This brings me to Medicaid asset protection. There are laws that the government has taken to your wealth and inheritance tax reduction and the savings pass on to your family. Most hard working middle class people do not take advantage of these tax laws. Many think the estate planning and trusts are just for the rich? This is simply not the case. No matter what your net worth, estate planning can save money, can be used for other purposes that you want people need.Some alternative or holistic treatments available to them.

Medicaid will not pay for these services. Some people may want to keep paying for the state of family members to come and visit them, if they are unable to pay their own way. Medicaid will not allow them to finance a fund to keep, so they have to move on. With estate planning and trusts that you will be able to learn how the laws in place to protect your assets for future use. This is you and your family or designated beneficiaries.The planning checklist covers many different aspects of your life.

Many think that estate planning is only one will write, but it is much more than that. It is a process that has many steps. These steps must answer seven key questions. I will share with you a couple of today.The first part of the estate planning checklist is a list of your assets. This list has all your assets, both financial and real estate, furniture, cars and jewelry. It is really important to very thoroughly. The next steps on the checklist will put one in place, as well as identifying a financial and health care proxy and the introduction of an advanced directive in place.

An estate planning checklist is an important tool to use when retrieving your Medicaid asset protection information. It will help give you the opportunity to introduce laws which you are legally responsible and protect your wealth for the use you have chosen to use.

Source: http://earlsmoyle.fixza.com/about-your-estate-planning-checklist/

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