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When Beneficiary Designations Go Wrong
Beneficiary designations are one of the simplest ways to transfer assets—but when not coordinated properly, they can undo an otherwise well-designed estate plan. Retirement accounts, life insurance, and payable-on-death accounts pass directly to the named beneficiary, regardless of what your will or trust says. Problems arise when designations are outdated, incomplete, or inconsistent with your…
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Power of Attorney with Gifting Authority
When long-term care is needed suddenly, timing matters. Medicaid crisis planning often involves transferring or repositioning assets. But those steps can only be taken if someone has legal authority to act. A standard financial power of attorney is often not enough. To implement certain Medicaid planning strategies, the document must specifically authorize gifting and asset…
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Understanding the Medicaid Penalty Period
Many families are surprised to learn that divesting assets before applying for Medicaid can create a penalty period—a stretch of time when Medicaid won’t pay for care, even though the person otherwise qualifies. What makes this especially stressful is that the penalty period does not begin when the gift is made—it starts only after a…
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The 5-Year Look-Back in Plain English
Medicaid doesn’t just look at what you own today—it looks back five years. This is called the 5-year look-back. Medicaid reviews financial transactions for the 60 months before an application is filed. Gifts to children, transfers of land, or selling property for less than fair market value can all trigger penalties. If Medicaid finds a…
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Protect What You’ve Worked a Lifetime to Build
Long-term care costs can consume a lifetime of savings. Medicaid, not Medicare, helps pay long-term care costs. Proactive Medicaid planning helps you prepare in advance, before a crisis, so assets can be preserved, care options remain flexible, and stress is reduced. With thoughtful planning, you can protect a home, savings, and other assets while still…
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Your New Year’s Resolution: Estate Planning
The new year is a natural time to set meaningful resolutions. Making a resolution to create or review your estate plan is a powerful step toward ensuring your wishes are honored and your loved ones are cared for. An effective estate plan does more than distribute assets. It can reduce the risk of family conflict,…
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Tips for Commitment Without Marriage
More couples than ever are building deep, lasting relationships without ever walking down the aisle. Many couples are opting out of marriage, but not out of commitment. However, the law has not kept pace with modern relationships. If you and your partner choose not to marry, you must have an estate plan tailored to your…
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Remember Other Beneficiaries
While your children may be your top priority, you do not have to leave everything to them. Many parents feel a balance is best: leaving their children enough to be supported but not so much that they come to rely on their inheritance and fail to make anything of themselves. You might consider creating a…
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How Your Children Receive Their Inheritance
Inheritance planning is not just about how much each child gets but also about how they receive it. These decisions can be different for each child. For older children who responsibly manage their finances, a lump sum may be the right choice. For younger adult children, you could consider distributing the inheritance in installments at…
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Fairly Does Not Necessarily Mean Equally
Parents generally try to treat all their children fairly. “Fair” does not always mean “equal.” A thoughtful estate plan considers each child’s unique circumstances to create distributions that truly support their needs. If one child has a high-paying career while another struggles financially, you may want to provide more financial support to the child who…
Category: Estate Planning
Eckert & Krautkramer, LLC
Protecting Assets, Preserving Dignity, Ensuring Peace of Mind
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