Top Ten Myths of Elder Law & Estate Planning
I can transfer or retitle my assets right before entering a nursing home and qualify for Medicaid.
Saving inheritance taxes is the most important estate planning goal.
Putting my children’s names on my deed will protect it from being taken if enter a nursing home.
A revocable trust avoids estate taxes.
A joint account is not a countable asset for Medicaid purposes.
An agent under a power of attorney can make health care decisions on my behalf.
A will governs all assets, even accounts with joint titleholders or beneficiaries.
You can’t own a home and be eligible for Medicaid benefits.
An IRA is always a countable resource for Medicaid purposes.
A disabled person cannot inherit money without losing government benefits.
The experienced Elder Law and Estate Planning attorneys at Fiffik Law Group are available to assess your family situation and suggest Asset Protection Strategies that are right for you. Contact us today to begin the conversation.