The Complete Guide to Medicaid and Nursing Home Costs by Publishing Atlantic;

Author:Publishing, Atlantic;
Language: eng
Format: epub
Publisher: Atlantic Publishing Group
Published: 2016-10-21T15:00:16+00:00

Chapter 5

Asset Protection Strategies — Wills, Deeds, & Your Home

Often, it is not enough to have a will to protect your assets from Medicaid. Now you need more. There are different types of wills that can be prepared by an attorney. A will is a legal document that tells how a person’s property should be handled when they die. A will should be written to express the wishes of the person requesting it. Married couples can prepare wills that address inheritance tax protection and the issue of long-term healthcare. By making arrangements, you can insure your spouse will have quality arrangements and medical care.

A well spouse can take action and make sure that if something happened to them, all assets can pass into a Special Need Trust for the ill spouse. All assets will be protected; then the person can apply for Medicaid. A holographic will is one written without witnesses, but few states recognize these wills as legal. Oral wills are also recognized in few states and only in compelling situations like impending death. A self-proving will is one that has been witnessed and signed. It has all formalities required by state law. It can have an attached affidavit signed by a notary public.

A formal will is used in probate. It is put in writing signed by the person making the will and another witness.

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