A money-protection lawyer explains five estate-planning mistakes to avoid: leaving assets directly to children instead of in trusts, putting a child's name on a home deed to dodge Medicaid, adding children to bank accounts, and failing to set up a living trust to avoid probate.
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.
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