Senior Information

/Senior Information

How To Talk With Your Parents About Estate Planning

Talking with a parent about their estate planning is never easy, but it is a crucial conversation. Less than a week ago I met with a young woman in Statesville whose father passed on without any estate plan. Unfortunately, she received an inheritance of about $60,000 that made her ineligible to receive her social security disability benefits and unless she spent the money down to under $2,000 by today she also would be removed from the Medicaid program and have to pay for her extremely expensive medicine out of pocket. She would then have to go through the whole Medicaid application process again. If the father had simply put her inheritance into a special needs trust, she would have had that money available to supplement the things Medicaid and social security didn’t handle.

2017-05-20T16:43:25-05:00September 16th, 2014|Legal Info, Senior Information|