Pay Attention to Medicaid and Special Needs Planning

When a client walks into an estate planning attorney’s office, they know their many concerns, but they may not think they are all relevant to their estate planning needs. For example, they know their child has special needs. But, they may not know such information is relevant to the estate plan being developed. As another example, clients may know that they are at risk for long-term care expenses in the future (like each of us). But, they may not know there are many options to consider in addressing those concerns. To address the former concern, we talk with the client about leaving the assets for the special needs beneficiary in a special needs trust for their benefit. They might even want to set up such a trust during life. To address the latter concerns, we talk about a range of options, depending upon their wealth and health.

If they are relatively wealthy and healthy, long-term care insurance is a good option for them to explore. If they are more middle class, we may discuss Medicaid planning options, like setting up an irrevocable Medicaid planning trust for their home or other assets.

A thorough exploration of the client’s needs includes exploring any special needs or Medicaid planning concerns.

Who can help me with my estate planning?

Call today to schedule your complimentary estate planning consultation with Ed Matthews.

Ed Matthews is one of only a few attorneys in the state of Minnesota who is also a currently licensed Certified Public Accountant (CPA). Ed graduated summa cum laude from William Mitchell College of Law in 2003, where he served as Executive Editor of the Law Review.  He is a former Minnesota Supreme Court law clerk.  Perhaps, most importantly, he does not practice probate!  Instead, he has dedicated his life to helping Minnesota families avoid probate and protect their hard-earned assets.

To schedule a complimentary consultation with Ed Matthews, call (651) 501-5608.