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March 2015 Archives

Medicaid planning: How it can affect an estate plan

The population of the United States is getting older as people live longer. Increasing numbers of people require long-term care, and Medicaid is often an integral part of planning or that eventuality. If a District of Columbia resident is engaging in Medicaid planning, it could affect how the rest of his or her estate plan is crafted.

Good intentions can sabotage estate planning documents

District of Columbia residents who create even a basic estate plan might be unintentionally sabotaging the efforts put into those documents. For many people, estate planning is the way to pass on their assets after death. However, in an effort to either avoid probate or make it easier on family members, some people end up contradicting their efforts.

Understanding the probate process helps in picking an executor

Choosing an executor for an estate is one of the most critical decisions in estate planning. Whomever a District of Columbia resident chooses must be able and willing to perform numerous tasks while carrying out his or her wishes. Having at least a basic understanding of the probate process may help make a determination of who would be best for the position and how to construct an estate plan to make the process as easy as possible.

Updating estate planning documents in a second marriage

Many District of Columbia residents who have been through a divorce and are marrying for the second time tend to be more realistic about their futures. The need to protect themselves in case something goes wrong most likely includes reviewing an existing estate plan, since estate planning in a second marriage often looks very different from how it was done the first time around. Updating these documents is crucial to protect heirs, beneficiaries and even a new spouse.

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