At this time every year, I write a brief newsletter article to remind clients, colleagues and business contacts to update their estate plan and powers of attorney documents. Information becomes dated, named trustees and beneficiaries might need to be changed, and financial situations change as well. Tax consequences always need to be considered when passing assets to others. Long Term planning is important to prepare for especially asset protection. It is important to understand the rules which apply to successfully qualify for Medicaid. I often meet with clients as they prepare for the future to determine timelines for long term planning. It does not mean anything has to happen today but knowledge and information is key to being prepared.
Hope to see you in 2016.