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Protecting a Beneficiary from a Surviving Parent

One of the most important parts of estate planning is designating beneficiaries. If you want to leave assets to your grandchildren or great-grandchildren but not their parents, the situation can become a bit complex. If there are minor children listed as beneficiaries, there are some steps you will need to take to ensure that the money and assets actually go to the children named.

One of the best ways to do this is through a trust. Certain types of trusts can be held until the child is 18 or 21, or you can designate a specific event or time period for the funds to be released, such as upon getting married or graduating from college. A trust that is set up in this way cannot be touched by the child’s parents, or anyone else, until the time that it has been designated to be released.

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Three Reasons Not to Put Off Estate Planning

Estate planning is one of the tasks that many people put off until it is too late. In reality, everyone should have a plan for their estate or at least a notarized and filed will. You never know when something might happen that could incapacitate you or end in your death. To ensure that everyone and everything is taken care of, estate planning is important.

If you have not done estate planning, or if you have and it is outdated, you need to start working on this now rather than later. Here are some of the reasons you shouldn’t put off estate planning any further.

Provide for Children

Whether you have minor children, grandchildren, or adult children, you still want them to be taken care of in your absence. Estate planning ensures that your assets are used to care for your children. If you have minor children in your custody, whether your own children or your grandchildren, you will also need to provide for who will care for them if you are no longer able to do so.

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Three Signs It’s Time to Think about Medicaid Planning

No one wants to think about a time when they can’t take care of themselves, but for some people it is inevitable. Rather than allowing the transition to catch you off guard and unprepared, it is a good idea to start Medicaid planning early. Here are some signs that you should be thinking about Medicaid planning.

Dementia or Alzheimer’s Diagnosis

Often dementia or Alzheimer’s disease is diagnosed early on. And when that happens, you have an advantage. If the disease is caught early enough, you will have some time with your wits about you to make plans for the eventual time when you will need to be cared for. As soon as you have such a diagnosis, you should begin Medicaid planning to cover nursing home costs.

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