5 Never Do’s. From Your Lawyer.

10 Feb 2023 · 1 min

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In this brief video, a money‑protection lawyer outlines five estate‑planning practices he would never recommend. He advises against leaving assets directly to children, placing children’s names on a home deed, or adding them to banking accounts, because these actions can expose the estate to Medicaid recovery and probate. Instead, he recommends using various trusts—such as Medicaid asset‑protection trusts, revocable trusts, and living trusts—to name children as beneficiaries while preserving asset protection and avoiding probate. He concludes by emphasizing the importance of having a comprehensive plan to safeguard the family’s financial future.

Chapters

As a money protection lawyer, here are 5 things I would never do. Thing 1, I would never leave anything to my children when I die. I would leave it to a trust, which would benefit them in many different ways. Thing 2, I would never put their name on the deed to my home to get around Medicaid recovery. I would put my home in a Medicaid asset protection trust, and my kids would be the beneficiary of that trust. Thing 3, I would never put my kids on my banking accounts. I would put my accounts in my revocable trust, and my kids would be the beneficiary of that trust. Thing 4, I would never ever make my kids go through probate. I would create a living trust, which would avoid probate. And thing 5, I would never leave the planet without a good plan in place to protect my family.