Just went through this for a Loved one. The expense up front for Will, Irrevocable Trust, promissory notes,Treatment of assets, (Hard and Paper) etc..was expensive to set up (9K) for her, but well worth it to protect assets and ensure later in life medicare/medicaid "spend down" does not acquire it all from her. Younger folks have no Idea the actual cost of Long term HC later in Life. She is spending 11K a month for assisted living.
Additionally, Folks need to understand Irrevocable trusts (if you are considering setting one up to protect life long assets need to be in place prior to a mandatory medicare/medicaid Look-back period (varies by state some are 5yr, some 4, some 3). Their are also special provisions for primary residence treatment so the asset is not counted within the computations. There is also the treatment of Inherited IRA's etc that require advanced understanding for any surviving beneficiaries.
This is why I just smile and keep quiet when I here these younger generation kids talk about Financial Independence Retire Early (FIRE) at 35 or some such nonsense.
They Truly have no clue.
Don't put off until tomorrow, what should be done today.
My 2 cents
- Scoot
Additionally, Folks need to understand Irrevocable trusts (if you are considering setting one up to protect life long assets need to be in place prior to a mandatory medicare/medicaid Look-back period (varies by state some are 5yr, some 4, some 3). Their are also special provisions for primary residence treatment so the asset is not counted within the computations. There is also the treatment of Inherited IRA's etc that require advanced understanding for any surviving beneficiaries.
This is why I just smile and keep quiet when I here these younger generation kids talk about Financial Independence Retire Early (FIRE) at 35 or some such nonsense.
They Truly have no clue.
Don't put off until tomorrow, what should be done today.
My 2 cents
- Scoot