Best Estate Planning Attorneys in Saint Petersburg, FL

Most often, no. Usually, it will go to relatives. But the law, not you, decides which relatives your estate will go to. By preparing a will, you can make sure you are choosing where your assets go, or to whom they are given after you die.

Property held jointly is usually not subject to a will until the last surviving joint owner dies. Life insurance, IRAs, profit sharing plans, and more are frequently payable to a named beneficiary(ies) and are NOT controlled by or subject to a will or trust.

Most often not. If the trust assets or income can be used for your benefit, then they are available to pay the nursing home or for your at-home costs.

Most often not. There is a type of gifting that applies to federal estate tax issues but not Medicaid issues. There are a few specific times when one can gift money without penalty.

People finding themselves in a situation where a family member is going into the nursing home are sometimes led to believe that the purchase of an annuity is the best or even the only way out. This is rarely the case. In fact, the use of annuities in Medicaid planning is useful in only a very small percentage of cases. Often, the case can be handled in other ways that are more advantageous to the Medicaid applicant and family. An annuity, when purchased, leaves the person locked into what is usually a low-yielding investment, with the remainder possibly going to Medicaid. Medicaid laws, rules, and interpretations are constantly changing. Before you rely upon any Medicaid information or advice, you should make sure your advisor knows all the facts of your particular situation and the most current Medicaid laws, rules and interpretations.