Best Probate Attorneys in Providence, RI

A Cautionary Tale in Medicaid Planning - When selling, buying or re-titling an asset talk to your Estate Planning Attorney ... During the home-buying process, you work with many individuals. Your realtor, a real estate attorney, but you may not have thought to talk to your estate planning attorney. Skipping this step could cost you and have a major impact on your estate plans. I recently had a client that had a trust set up out of state and they decided to relocate to Rhode Island. During their relocation, they bought and sold properties. The team they were working with were unaware of the specific rules and regulations as it wasn't their main area of practice. After the transaction was completed, they came to me to review and update their estate plan, but unfortunately, the impact had already been made. These transactions had a major affect on their Medicaid asset protection estate plan generating an additional look back period. Moral of the story - even if you think you're making a change that isn't impacting your estate plan - you should consult your estate planning lawyer. They can help review the new documents associated with your home purchase or other asset in agreement with your existing estate plan. This is to ensure that everything aligns and works towards your overall estate planning and Medicaid planning goals. Buying/selling a home or other asset can be the right decision for you, but let's ensure you go into this new chapter fully protected.