In this Elder Law Minute, Crystal Post explains the importance of understanding your assets and ownership to guide estate planning.
Video Transcript:
Hi, I’m Crystal Post. I’m the new Junior Associate at Dent Coulson Elder Law. I’m really hoping that these Elder Law Minutes provide some insight and understanding to complex issues that everyday people face in the estate planning journey.
Today, I’m going to talk about the crucial first step in estate planning, estate administration, and elder law: knowing what you own and how you own it. You may know what you own, but not how you own it. For example, you may think you own some farmland with your sibling, but you don’t realize that it’s actually owned by a trust.
When it comes to these areas of the law that can be very personalized to your situation, the foundation of figuring out what we can do lies in understanding your assets and income. I won’t bore you with the details, but let me assure you that the law treats these types of property differently. So it’s important that you organize and keep track of your assets and income.
An organized and updated inventory of your financial situation is essential to properly determine which path forward would be best.
Contact Us for Assistance
Thank you for watching our Elder Law Minute. If you need help with powers of attorney or any other estate planning needs, please call Dent Coulson Elder Law.
Also looking for information about Medicaid and Asset Preservation? Visit these articles:
“Your Trusted Advisor on the Elder Care Journey”
Dent-Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Dent-Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (618) 632-7000 (IL) or (314) 567-9292 (MO), or Contact Us and we will get in touch as soon as possible.
