Things a Money Protection Lawyer Would Not Do

14 Jun 2024 · 1 min

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In this brief advisory video, a money protection/estate‑planning lawyer outlines five practices they would never follow when planning for the transfer of wealth. First, they advise against leaving assets directly to children, recommending instead the use of a trust to benefit them. Second, they warn not to place a child’s name on a home deed to sidestep Medicaid recovery, suggesting a Medicaid asset‑protection trust with the children as beneficiaries. Third, they caution against adding children to personal banking accounts, preferring to hold accounts in a revocable trust with designated beneficiaries. Fourth, they stress the importance of avoiding probate by establishing a living trust. Finally, they emphasize that one should never die without a comprehensive estate plan in place.

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.