How To Find A Good Estate Planning Attorney

An estate planning attorney is a professional who helps customers to make legal documents that are used to direct what will happen to their personal estate or property when they die. One of the most common documents that they help a person write out is a will. 

They can, however, create other documents depending on the requirements of their customers. If you ever need the services of such an attorney, it is necessary to find the best in the industry so that you can benefit from top-notch services. Some of the most important things to consider include:

Experience

You want to work with an expert who has been in the estate planning industry for a long time. This is because they have probably learned the techniques that are used to offer top notch services owing to the number of customers they have worked with before. If possible you can ask for a list of some of the names that they have gone with before. If you want to get more knowledge about estate planning then you can also look for Alexandria Estate Planning Attorney Speedwell Law.

Personalized service

You should only work with an estate planning attorney who gives personalized service as this is the only way that you will have a solid working relationship with the attorney. Look for one who answers personally to all your queries rather of sending someone else as this shows that they don't have time for you.

The professional should also have several avenues that you can reach them through so that customers can pick the one that is most convenient for them. You can also check out speedwelllaw.com/ to get more info about estate planning.

Strong ethics

Estate planning is a very sensitive issue that requires being addressed with a lot of importance. This is essential because the customer will not be around to see whether their wills will be governed the way they wished. This implies that it is necessary to find an attorney with strong personal ethics and integrity. You can tell a lot though communicating with the lawyer to see if they are the best persons for the job. 

Estate Planning Traps and How to Avoid Them

There are many estate planning traps that can sabotage your goals. Below are some common estates planning mistakes that can undermine your estate plan, and advice on how to avoid them. Remember, your estate plan will speak for you when you cannot, so it's imperative to get it right. Always seek the guidance of a certified elder law or estate planning attorney.

-Permitting the provisions of your will to conflict with the beneficiary designations of your assets. 

Review all your beneficiary designations, and make sure they are in synch with your will. If you want to get more knowledge about estate planning then you can also visit http://speedwelllaw.com/alexandria-estate-planning-attorney/.

– Creating a living trust but failing to transfer your assets into it.

Consult your elder law attorney about what assets belong in your trust. Then contact your financial institutions to retitle the appropriate assets into the name of your revocable trust.

– Leaving specific assets to specific people.

Generally speaking, it's better to leave your heirs percentages of assets rather than specific assets.

– Believing that your will provides protection if you become disabled.

Create a health care surrogate to ensure that if you become incapacitated, someone you know and trust can make your medical decisions. Create a Durable Power of Attorney appointing someone to make your financial decisions, or alternatively, create and fund a revocable living trust.

– Making one or more children co-owners of your assets in order to avoid probate of the asset.

You may make your child a beneficiary of your asset, or allow the asset to pass to your child through your will or trust.

Medicaid Planning: How To Protect Your Assets

Medicaid is a benefits program which is state and federally funded and administered by each state. Sometimes the rules can vary from state to state.

One primary benefit of Medicaid is that, unlike Medicare (which only pays for skilled nursing), the Medicaid program will pay for long-term care in a nursing home once you've qualified. If you are looking for Medicaid Attorney, then you can Schedule Your Planning Session With Our Attorneys by visiting our website.

1. PLAN YOUR ESTATE.

Even after a loved one has moved into a nursing home, legal strategies can be used to protect assets. Generally, this will require having a suitable durable power of attorney.

2. PRE-PAY FUNERAL EXPENSES.

A pre-paid funeral plan (if done correctly) is an exempt asset under the Medicaid rules.

3. GIFTING OR TRANSFERRING ASSETS.

The gifting or transferring of any assets for less than fair market value within the 5 years look back period will cause a penalty under the Medicaid rules.

4. CONVERTING COUNTABLE ASSETS TO EXEMPT ASSETS.

In addition to a pre-paid funeral, other assets are exempt (not counted) under the Medicaid rules. These include 1 home, 1 car, life insurance up to $1500.00, personal and household items and $2000.00. Buying a new car or undertaking home repairs or improvements are allowable.

5. PAYING BILLS OR OTHER PERSONAL EXPENSES.

Paying credit card bills, mortgages, car payments, or other personal expenses are permissible under the Medicaid rules.

6. GET HELP FROM A MEDICAID EXPERT.

There is no magic bullet when it comes to Medicaid planning. Typically, one or more strategies are used to protect assets depending on the individual circumstances. However, nearly everyone knows someone who claims to have some personal knowledge about Medicaid planning.