April 20, 2017

Many individuals are looking forward to the future and the future generations when it comes to putting together a will and other components of an estate plan. However, you may also be interested in putting together an estate plan and in particular, your will to assist your elderly parents. Although no one wants to think about their own mortality, it can be important to consider all potential opportunities for estate planning well in advance. 

If you were to pass away in advance of your parents, your parents could struggle significantly. A will could assist your elderly parents from avoiding government benefits in the event that you passed away before they did. For example, if your parents were listed as the beneficiaries on a life insurance policy, a large payout from the life insurance company could make it impossible for your parents to qualify for the government benefits they need through Medicaid, unless you have a critical provision listed inside your will.

If your parents have limited resources and were planning on receiving Medicaid to assist them with their health care concerns in older age, you may need to take additional steps to consult with an experienced estate planning attorney about the best way to approach holistic estate planning.

Holistic estate planning should view not only what happens to your assets after you pass away, but how your individual beneficiaries will be impacted by such a move. This allows you to come out with strategies and tactics that can assist with making the transfer of assets as complementary to everyone as possible.