Creative Estate Planning
Based on my experience:
(I suggest you hire a lawyer)
I handled my parents estate planning under the advice of a highly qualified lawyer (years ago not in Florida).
My parents held many cash-type assets jointly. (No real estate as they moved to a CCRC).
I was told due to marriage, each parent individually owned half. I moved assets to all be individually titled and split assets 50%. I assigned direct beneficiaries of my two sisters and I to inherit. When my father predeceased my mother, we directly inherited half of my parents worth and it was no longer subject to be considered an asset in cost of long-term care assistance for my mother. Turns out it wasn't needed anyway as my mother passed nineteen months later. Of course we were trustworthy children who held the money aside if needed. My parents were in their upper 80s at this time and into their no-go years. Everything was easy, I just provided death certificate - no probate. Direct proportional distribution - no work whatsoever except providing death certificate.
If my husband and reach our no-go years together, we are already set for this separation. But we will seek legal advice to protect our assets for long-term care situations, perhaps a trust vehicle may be indicated at the time. I believe there is a five-year look-back period for assets. Also gift-giving patterns are considered and allowed.
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