How Will You Obtain the Care You Need?

October 18, 2019 by Michael J. O’Brien, Estate Planning Attorney

What’s the right direction for you in planning for the help you might need in the future? Seven in ten of us will need long-term care at some point in our lives. Here are possible paths for covering the assistance you may need.

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Michael J. O’Brien, Estate Planning Attorney

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Michael has a comprehensive knowledge of estate palnning needs and trust issues. I trust his guidance and counsel completely.

Jim Client Review September 8, 2020

In the field of estate planning there are many different legal devices that are utilized, and each unique situation will call for a unique course of action. We endeavor to look at the various estate planning tools that exist in our posts here on the blog, and in this one we would like to take a brief look at life estates. Using a life estate would be a way to leave your home to your children in an efficient manner outside of the probate process. You become a life tenant, and as such you remain in your home and enjoy ownership rights throughout the rest of your life. When you are executing a life estate you name what is called a remainderman. Under this example you want your children to inherit the home, so you make them your remaindermen. Once you pass away they assume full ownership of the home outside of the probate process. A life estate can also be useful if you were angling toward Medicaid eligibility. Medicaid tallies the value of all of your property when determining your eligibility. If you were to create a life estate and act as the life tenant the countable value of your home would be less than its true value because you are retaining incidents of ownership. Life estates can also be useful for those who want to protect the interests of their children when they get remarried. You could name your new spouse as the life tenant and your children as the remaindermen. Upon the death of your surviving spouse your children would become owners of the home.

Tom Client Revew September 8, 2020

Personal, professional service and follow up. Did what he said he would do at the agreed price.

Paul Client Review September 8, 2020

Michael and his team work very closely with you to help build a strategy for you regarding estate planning. They do not overdo it. They work hard to be certain their suggestions/recommendations fit your needs. Michael asks great questions, listens well and delivers on his commitments. I was very appreciative and hugely satisfied.

Anonymous Client Review September 8, 2020

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