Your most valuable property may be your home, which is true for many people. You likely want your children to inherit that value when you pass away.

However, you may also have concerns about planning for the future, especially if your health declines and you need expensive long-term care. You may be aware that Medicaid can pay for these services. However, Medicaid rules say you can own no more than around $2,000 in assets to be eligible. Now what?

Not talking to your adult children about their inheritance comes at a cost. Do what you can to manage expectations for adult children as they forge their financial plans. Knowing their general inheritance situation can change their decision-making process and lead to better outcomes.

Visiting an attorney to get your estate plan done is one New Year’s resolution that you should definitely keep. None of us knows whether or when we may find ourselves seriously injured or sick.

In a survey published this past fall, more than 1,000 participants aged 18 to 99 shared insights on their estate plans – or lack thereof. In fact, more than half said they have not consulted an estate planner regarding a trust or will.

Even if your children get along well, the distribution of your assets can require conflict resolution skills. Without previously experiencing any significant conflicts, even close siblings can struggle to maintain happy family relationships when settling your estate.

With multiple generations getting together for holiday meals, gift exchanges and quality time, these annual gatherings present an opportunity to broach sensitive but important topics with your aging loved ones.

Many couples in their 30s and 40s are providing for their families and balancing care duties between the needs of children and parents. Managing it all takes preparation, organization, and communication.

Creating a living will ensures your future health care decisions and plans are respected. A living will is a legal document outlining medical treatment preferences and end-of-life care if you can’t communicate or make decisions for yourself.

Many power of attorney forms allow for a variety of options in designating who may act as your agent. Depending on the rules of your state, this can be one person or more than one person.

Powers of attorney can be overridden. However, the “who” and “how” depends on whether the principal is of sound mind.