The laws that govern Medicaid are constantly changing and so too are the appropriate planning strategies.

I wish it were simpler, but unfortunately, leaving an inheritance to minors is a bit complicated. This month’s blog post will walk you through the options.

Personal independence—the ability to stay in charge of our own lives—is something we should aim for all year long and is the subject of this month’s post.

When you pass away, if your assets (like your house, bank accounts, or car) are only in your name without a designated beneficiary, joint owner or a trust, they will need to go through a process called probate.

If assets are transferred into the Medicaid Protection Trust five years before a Medicaid application is made, those assets will be protected from long term care costs and from collection from the state of Ohio after death.

It is generally a good idea to have a named beneficiary of a retirement account, like a Traditional IRA or 401(k) or other tax deferred retirement account because a named beneficiary is able to stretch distributions more than an estate can, mitigating the income tax due from the distributions.

Generally, I advise against this arrangement. There are two primary reasons for my position.

Creating estate planning documents is only part of the process. Equally important is ensuring that the right people know where the documents are located and can access them when needed.