Should Elder Orphans Seek Assistance From Finance Professionals For Their Estate Planning?

If someone considers themselves an elder orphan, having multiple professionals at their disposal is definitely a good thing. Financial professionals can include certified financial planners and other financial advisors, public CPAs, and non-estate planning attorneys. Those professionals should each be accountable to you, as a client receiving professional services. Professionals are all governed by licensing boards, professional accountability, and responsibility rules. Having multiple professionals in your planning prevents the problem of one person having too much power, who is unaccountable to anyone. While the cost is increased by involving more professionals, there is a larger cost of being completely financially wiped out by a sole financial professional with terrible morals and ethics.

What Can Be Done, In Terms Of Asset Protection Planning, For Long Term Care For An Elder Orphan?

In reference to asset protection planning for long term care for someone who is ageing alone, there are options in Florida. If you need long term care and you are ageing alone, you can first look to continuing care retirement communities. These are going to be large elder care communities that will have independent living, assisted living, and skilled nursing all under the same roof. Wherever you may be in that community, you are going to be paying a monthly fee. You are also going to be paying a buy-in fee. The buy-in fee is usually non-refundable and is a very large number. This is a great option for someone who does not have a deeply compelling interest to leave money to a particular charity or family member upon their death.

As for asset protection planning for someone who cannot afford to or does not desire to seek continuing care in a retirement community, there is an option for Medicaid planning that would involve a charitable special needs trust, called a pooled trust. The pooled trust is a good asset protection planning tool for someone needing Medicaid assistance and wanting to have money set aside for their needs. The way that the arrangement typically works would be that you have a non-profit trust company managing your money. You would have a beneficiary advocate, who can be yourself, someone you know and trust, or a combination of both. The beneficiary advocate would communicate with the trustee about your needs and also deliver invoices, work orders, and other receipts for reimbursement that solely benefit you and your care.

The pooled trust would be a third party licensed, bonded, regulated entity charged with managing your money and maintaining your Medicaid eligibility. This would save on having to spend the assets under their control faster. The issue with the pooled trust that is upon your passing, if there is any money left over, the pooled trust can retain the assets, if your Medicaid lien exceeds the money they have retained. The pooled trust can be set up upon your death, if the trust is going to retain your assets to be distributed to a particular charity of your choosing. You can maintain charitable goals for your estate plan, but you won’t be able to maintain the typical goals of leaving money to particular people in your life.

For more information on Financial Professionals For Elder Orphan Planning, an initial consultation is your best step. Get the information and legal answers you are seeking by calling [number type=”1″] today.