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Need advice on estate planning

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cthiell

Guest
I'm looking for some advice on estate planning.

I'm 70 years old and my wife is 69. I own a house and want to ensure it is passed to my children and not the state when we die or are placed in assisted care living. Essentially asset protection. I understand if the property is not placed in one of my children's names the state can take it. I also found out there's something called a "look back" period of 5 years so if the house is placed in my Son's name and I die tomorrow, the state could still claim it. I've also been told that placing property in your children's names was deemed illegal a number of years ago because so many people were doing it. What sort of plan should I pursue to ensure my children inherit my property ?

Thanks
 


ALawyer

Senior Member
You want the state to pay your bills and the kids to get the house and all your other assets. Understandable, but that why there are laws that prohibit some otherwise common approaches. As quite frankly, I don't want to pay for what is welfare for you if you can afford, or could have afforded, to pay for it yourself. Nor would you want to pay for me so my heirs can live high on the hog.

One approach is to protect yourself against huge potential costs down the road with long term care insurance. A second is to buy life insurance.

The first step is to see an experienced estate planning attorney in your state. There are lots of things that can be done, and if you live long enough you can do them. But be cautious about putting everything in a kids name. Kids also get sick, into accidents, even die, or can have financial reversals, or divorces, etc.
 
C

cthiell

Guest
Life Insurance....

Thank you for the reply. You mentioned Life Insurance... Could you supply a quick primer on where life insurance is used in
asset protection ?

Thanks
 

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