Estate planning is all about five essential documents. Documents drafted 30, 20, or even 10 years ago may need updating. Major life events such as marriage, the birth of children, or starting a new business, all have serious estate planning considerations.
Most people want to help their parents as they age. However, and in addition to potential Medicaid penalties, there is a large risk many adult children do not consider when loaning their parents large sums for temporary financial support: the state may take the money instead of allowing them to be paid back.
Before distribution of assets, a Personal Representative (PR) has the responsibility to follow the terms of the Will (if one exists) or statues regarding intestacy to the greatest extent possible, undertake all necessary actions to manage the estate’s assets, and pay the proper debt as well as appropriate taxes.