We at Estate Planning Consultants of Hawaii have made our 2017 New Year’s Resolutions, have you? A properly drafted estate plan can be protected even more with new laws and stipulations, that have been passed that would be beneficial for you and your family to add to your revocable living trust to better protect your family.
You may want to update and review the financial and medical agents you appointed and the distribution of your assets to see if they reflect your current thinking.
Changes may include but are not limited to; new beneficiaries, distribution of assets, new personal representatives, newly married or divorced, addition of children or grandchildren, acquisition or sale of real property, a death in the family and special clauses to manage potential disagreements.
You should also carefully consider whether you or a loved one may need long-term nursing home care in the foreseeable future. If you eventually need long-term nursing home care, the costs will quickly ravage your estate. Average nursing home costs in Hawai'i are $10,000-12,000 per month. In just 5 years’ time, that would be $600,000-$720,000. This may be the ideal time to see if you could qualify for Medicaid, and, if so, what steps should be taken now to preserve your estate for your beneficiaries and make you eligible for Medicaid.
A FREE one-hour meeting at the Kahala Office of Estate Planning Consultants of Hawaii, Inc. (EPCH) will put you well on your way to making the proper provisions for protecting your family's assets. You will discover that most, if not all, of a person's assets are potentially at risk - even joint bank accounts and insurance policies.
With the competent assistance of an EPCH Attorney, you will identify the value of the assets at risk. With this knowledge, our firm will craft the best possible asset protection plan for your family's needs.
We look forward to the opportunity to help your family.
Call Stephen Capone today at 808-371-1868 for a free consultation to review your Trust documents.