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Many people believe you must make some provision for your children in your Will. However, there is no legal requirement that a child or any other person be included as a beneficiary of your estate with the exception of your spouse. A spouse cannot be left out of an estate with out the spouse's consent.
A person can qualify for Medicaid benefits by putting all of their money into a special type of trust. Although this was true at one time, Medicaid no longer recognizes those types of trusts and, in fact, the creation of a trust to hold assets may be more harmful than helpful.
Should I give my home to my children so that I qualify for Medicaid benefits? Giving your home away turns an exempt asset (an asset that is not counted for Medicaid eligibility purposes) into a nonexempt asset and again, may be more harmful than helpful to the Medicaid qualifying process.
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McMurry & Livingston, PLLC
333 Broadway, 7th Floor
P.O. Box 1700
Paducah, Kentucky 42002-1700
Phone: (270) 443-6511
Toll Free: (866) 529-7747
Fax: (270) 443-6548
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| The firm handles Estate Planning matters, which is that area of law dealing with the distribution of an individual's property at his or her death, taking into account wills, taxes, insurance, property and trusts so as to gain maximum benefit of all laws. The Estate Planning/Probate department offers a wide variety of legal services including the review of existing estate plans, preparation of simple and complex wills, wills with minors' trusts, revocable living trusts, charitable remainder trusts, charitable lead trusts and advice concerning other tax advantageous options. In addition, our attorneys assist in the preparation and filing of probate and estate petitions and documents, advise and assist executors and trustees in regard to estate and trust administration and coordinate the filing of federal estate tax returns if needed. We also assist individuals seeking to become guardians, including preparation and filing of all required documents and court appearances. |
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