5 Things This Money Protection Lawyer Would Never Do!

6 Aug 2022 · 1 min

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In this concise video, a money‑protection lawyer outlines five estate‑planning actions he would never take, explaining the safer alternatives he recommends. He advises against leaving assets directly to children, instead using various trusts that benefit them while protecting the estate. Specifically, he would not place a child’s name on a home deed to avoid Medicaid recovery; he would instead place the home in a Medicaid asset‑protection trust with the children as beneficiaries. He would not add children to personal banking accounts, preferring to hold those accounts in a revocable trust that names the children as beneficiaries. He would avoid probate altogether by establishing a living trust. Finally, he stresses the importance of having a comprehensive plan in place to protect 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.