In this Elder Law Minute, Kaye DeSelms Dent explains why keeping receipts and financial records can be essential for Medicaid planning and future long-term care needs.
Introduction
Hi, I’m Kaye DeSelms Dent with Dent Coulson Elder Law here with an elder law minute for you. These videos are intended to educate you about the elder care journey which begins earlier in life than you might think. We hope that you find them useful and if you have further questions, please call us at Dent Coulson Elderlaw.
The Importance of Prenuptual Agreements in Estate Planning
Today I want to talk to you about the importance of prenuptual agreements in estate planning.
A lot of times people don’t think about how important these agreements can be. They may think they’re only for the ultra wealthy like Paul McCartney who didn’t have one that ended badly in a divorce.
They also don’t think about how important it may be to encourage their children and grandchildren to get prenuptual agreements as they enter into marriages.
Prenuptual Agreements and Estate Planning in Illinois
In estate planning in Illinois specifically, a person cannot disinherit a spouse completely using a will. In order to do that, we have to use a revocable living trust agreement. But these things can be assisted through proper use of prenuptual agreements.
Protecting Family Inheritances
Also, sometimes we are planning for parents who are concerned that their children might risk inheritances if they are married without a prenuptual agreement.
We’ve had situations where clients have required their children to enter into prenuptual agreements in order to receive assets through family trusts.
This is particularly important for families who have significant assets, business assets, farms, other land assets.
Discussing Family Dynamics and Concerns
So, when we are discussing estate planning with clients, we bring up sometimes unpleasant things people don’t want to think about, but if we don’t think about them now, we might not be able to do something about it later.
Be open with your estate planning attorney about family dynamics, about any concerns you have with your marriage, with children’s marriages, whether they’re actual concerns or just the whatifs or that you want blanket protection.
Those things need to be discussed upfront to be properly incorporated into your estate plan.
Working With Family Law Attorneys
Now, at Dent Coulson Elder Law, we are an elder law firm, not a family law firm. If we have clients in need of prenuptual agreements, we do refer them to family law attorneys that we want to work with in creating the proper estate plan and the proper balance to achieve the client’s goals.
Closing
We hope you find this useful and if you need any assistance with your estate plan or your family situation, please give us a call at Dent Coulson Elderlaw.
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.