When Should I Revise My Will?

Estate Planning Documents

We’re all aware that having a Last Will and Testament is a good idea – after all, it protects assets from taxation and ensures our dependents are properly cared for. But when should your existing Will be revised?

Update Your Last Will and Testament When These Major Life Changes Happen

There are certain life events that have a significant impact on your financial wellbeing or responsibilities, and the changes they bring mean it’s time to update or re-write your Will. Here are a few:

  • Getting married.
  • Getting divorced – ex-spouses are entitled to any inheritance named in your most recent, legal Will.
  • Developing health complications – you or your spouse or your child.
  • Caring for a special needs child.
  • Having children, blending your family or having grandchildren – including providing financial care for a child, inheritance, and naming legal guardians.
  • Moving into another state or country, as you’ll have to comply with different estate and probate laws.
  • Receiving an inheritance.
  • Getting involved with charitable organizations.
  • Significant changes in law (especially regarding estate taxation, etc.).

Other Legal Documents to Update Simultaneously

To ensure that your estate is fully in line with your new Will, your Living Will should also be created or updated. This is a legal document that outlines your desires regarding future medical treatment and care in the event that you are unable to express informed consent, including an advanced directive to ensure that your wishes regarding advanced life-saving care are respected.

Similarly, you should take this opportunity to also create or update your durable Power of Attorney. This is another essential tool that ensures that certain decisions, including financial decisions, are made in line with your wishes in the event that you are incapacitated

Speak to Your Estate Planning Attorney in New Jersey today

Frank R. Campisano is an experienced estate planning attorney with a long history of service and loyalty to his New Jersey clients. In addition to assisting you with creating, storing or updating your Last Will and Testament, he can assist you with developing trusts, healthcare proxies, Power of Attorney documentation and much more.

For a free consultation, please contact us today and speak to Frank R. Campisano or visit our website at http://www.scclegal.com/

A Guide to Medicaid Planning When You are Single or Widowed

Elderly woman touching face of young female nurse

When it comes to Medicaid planning, a lot of the focus is on how you can go about protecting your assets through different strategies under existing spousal protection rules – but what about people who are unmarried or widowed? Fortunately, there are solutions, says a leading elder law attorney in New Jersey.

  • Gifting: Gifts made during the look-back period (currently set at 5 years) can make you ineligible for Medicaid for a certain period of time. However, this can form a part of your asset protection strategy. The purchase of an annuity, for example, can ensure that funds are available for care during this period of time without you having to draw on that gift.
  • Exempt transfers: These are assets that you are allowed to gift within the look-back period without compromising your Medicaid eligibility. Only certain types of gifts qualify as exempt transfers, however. These include money or assets given to a child or grandchild under 21 who is disabled, deeding your home to your child who has lived with you as your caregiver for at least 2 years, funding a trust for a disabled family member under 65, or deeding your home to a sibling if they have equity interest in the property and have lived there at least one year. While these are the most common exemptions, there are others that you may qualify for.
  • Purchasing exempt transfers: Some Medicaid planning strategies include purchasing assets that would then qualify as exempt transfers, protecting your financial wellbeing without compromising your Medicaid eligibility. Some assets that may qualify as exempt transfers include burial reserves, medical equipment and even a vehicle.

Effective Medicaid Planning Strategies from Your Elder Law Attorney in New Jersey

Frank R. Campisano is highly experienced and compassionate elder law attorney with considerable knowledge of Medicaid issues. In addition to planning ahead financially for Medicaid eligibility, he is also able to assist with applications, appeals and other Medicaid issues. If you or a family member needs assistance with their Medicaid planning or protecting their assets effectively, don’t hesitate to get help today.

In addition, you can also prepare additional estate planning documents, such as your Last Will and Testament, Healthcare Proxy, Power of Attorney documents and trusts.

For a free consultation, please contact us today and speak to Frank R. Campisano or visit our website at http://www.scclegal.com/

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