This presentation by Elliott Stapleton provides a visual summary of the following estate planning devices:
Will: Appoints a Guardian to care for minor children nominates an Executor to distribute, your assets and ensures those assets go to the right people but does transfer assets through Probate.
Trust: Avoids Probate, limits expenses, and allows for additional protections on distributions.
Financial Power of Attorney: Elects an individual to make financial decisions on your behalf, if you’re disabled.
Healthcare Power of Attorney: Elects an individual to make medical decisions on your behalf, if you’re disabled.
Living Will: Describes your preferences on medical treatment and life support.
If you have questions on long-term care and the Medicaid spend-down, feel free to watch Elliott Stapleton’s webinar presentation on Asset Protection Planning.