Have you discussed you estate plan with your family?

The Law Office of Sylvie L. F. Richards, Esq., PLLC Leave a comment

Yikes! According to a new study done by financial services company Edward Jones, about one-third of Americans say they don’t plan to have the inheritance talk with their family.*

Right now is the time to have open conversations about estate planning, especially in blended families. Our law office recommends that estate plans be reviewed every 5 years – at minimum – since family composition changes, the health of the people in the family changes, and family finances change. A Wills contest is expensive, and it creates lasting resentments among family members. #estateplanning #inheritance

*Source: https://www.wsj.com/personal-finance/hash-out-the-inheritance-now-or-fight-your-family-later-5fd836b9?fbclid=IwAR1BEdHRgd6kksSv8ZEyh1BS7jBxXmIT_KBiHUyLP_GGJpSJdcaTyZfC6dg_aem_ATSpxd45VEqbJ6WLnRytnQ_XYVeDcxfTp6zUoc6hDukcz3thkeJMuFEZvY9bpJbcQNljjUpvsrm7yhShiA8g2Nap

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Should you put the Family Home into a Medicaid Asset Protection Trust?

The Law Office of Sylvie L. F. Richards, Esq., PLLC Leave a comment

When Medicaid puts a lien on the family home for unpaid long-term healthcare debts it causes financial distress and heartbreak for remaining family members and individuals.

One way to prevent this is through a Medicaid Asset Protection Trust (MAPT). BUT there is a 5-year look back period!

So, if someone knows they are genetically predisposed to a debilitating disease that will require long-term care, or if their spouse or significant other is, they should strongly consider putting the family home into a MAPT now *BEFORE* the onset of symptoms.

Explore how our law office can protect your assets and beneficiaries at http://www.sylvierichardsesq.com/medicaid-asset…

#newyorklawyer #legaladvice #uws #Medicaid #MAPT #homesweethome

Some of our Legal Services…

The Law Office of Sylvie L. F. Richards, Esq., PLLC Leave a comment

Our Estate Planning Services Include:

– Wills

– Trusts

– Revocable Living Trust

– Irrevocable Trusts such as Special Needs Trust and Supplemental Needs Trust

– Powers of Attorney

– Health Care Proxy & Living Wills

– Medicaid Asset Protection Trust

– Qualified Personal Residence Trust

– Charitable Remainder Trust

Contact us at www.sylvierichardsesq.com to start a dialogue about your estate plan!

#attorney#lawyer#estateplanning#newyorklawyer#upperwestside#needawill