5 Things I Would Never

8 Aug 2023 · 1 min

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In this concise advisory monologue, a money‑protection lawyer outlines five fundamental estate‑planning rules he would never violate. He advises never leaving assets directly to children, instead placing them in a trust that benefits them while preserving protection. He cautions against putting children’s names on the home deed, recommending a Medicaid asset‑protection trust with the children as beneficiaries to shield the residence from Medicaid recovery. He similarly warns against naming children on bank accounts, suggesting those accounts be held in a revocable trust with the children as beneficiaries. He stresses the importance of avoiding probate for heirs by establishing a living trust, and finally emphasizes the necessity of a comprehensive, forward‑looking 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.