Philadelphia estate planning tools explained

No matter how little you own, you must create a comprehensive, well-drafted estate plan for the present and future. Many things in life are beyond your control, and if you ever become incapacitated, your family shouldn’t have to live in confusion and amidst legal hassles. Estate planning also allows you to decide about your assets after your death and other aspects of wealth management. A Philadelphia estate planning lawyer can help you draft the right documents, but for your help, here is an overview of various tools. 

The basics

The basic guidelines for Medicaid are set by the federal government, but the state governments manage respective programs. The coverage can vary by state, and so can eligibility. Medicaid is typically available for select groups of people, including disabled individuals, pregnant women, children from low-income households, and older people over 65. The income and assets of a person are key pointers for Medicaid eligibility. Some states have expanded their program, allowing more people to benefit from Medicaid. 

The coverage

Medicaid covers care at health clinics that are a part of the program. It also covers home health services, hospitalization costs, cost of lab tests, cost of nurse-midwife during pregnancy, and transportation to health care facilities. Many states offer more coverage through their Medicaid programs, and one could also get benefits like glasses, hearing aids, and cancer screenings. Medicaid, of course, also covers long-term care for seniors. 

1. Wills. Your will allows you to decide how your estate is distributed after you are gone. A Will only comes into effect after your death, and you can make provisions for your funeral too. Also, you can use the document to name a guardian for your minor kids. You have to also mention an executor in your will. 
2. Trusts. If you want to avoid the probate process, a trust could be a better choice than a will. Trusts are not for the ultra-rich alone. You can create a trust, for which you can name a trustee of your choice. All your assets (the ones owned by you and not held jointly) will be transferred to the trust. There are also Special Needs Trusts, which are useful for individuals getting Medicaid benefits. 
3. Powers of Attorney (POA). A Power of Attorney (POA) for finance allows you to choose a person who can make financial decisions if you are incapable of doing so. You can also create a POA for healthcare, which allows a person of your choice to make medical decisions for you if you become incapacitated or ill. 
4. Health Care Directives. Also called a living will, a healthcare directive allows you to decide and give your instructions about treatments and end-of-life care. If you cannot speak up, your advanced health care directive will help your loved ones honor your wishes. if you want read about change southwest flight then click on this link.
5. Guardianship. For some vulnerable adults, guardianship could be a necessary estate planning document. Not many people know about adult guardianships, and it is wise to contact an attorney to know the various details. 

Don’t skip estate planning for the future. There is no better time to have an estate plan. The pandemic has made it evident that life is unpredictable, and even the best people are vulnerable. Create an estate plan so that your family and loved ones don’t have a hard time when you are not around or are incapable of making decisions.