There are many things to discuss with your estate planning attorney. As you can imagine, if it has anything to do with estate planning, your attorney can step in and provide you with the advice you require.
Unfortunately, many people only turn to this type of legal professional when they have questions about their will, trust, or power of attorney. While there is nothing wrong with getting guidance in regards to these details, you should remember this: an experienced attorney can also provide assistance with a variety of insurance related matters.
This isn’t to say that you should consult with a estate planning attorney before purchasing a car insurance policy. However, there are particular types of insurance that are typically associated with an estate plan.
Here are three types of insurance to discuss with your attorney. Along the way, pay close attention to the way that each policy can impact your estate plan:
Long Term Care Insurance
With this type of policy in place, you’ll have coverage in the event that you require some type of long term care in the future. An example of this would be nursing home care or home health care.
Either way, when you have long term care insurance, you don’t have to worry nearly as much about how you will pay for this type of care should it be required in the future.
From an estate planning perspective, you’re always looking toward the future. Furthermore, you want to do whatever you can to protect your assets while you’re living and upon your death. Without the right long term care insurance policy, you’re taking a big risk.
Health Insurance and Medicaid
While your estate planning attorney may not be able to tell you what type of health insurance to purchase, this is still something to discuss with your estate planning team.
Here is why: you may qualify for a government program, such as Medicaid. Medicaid.gov defines this program as follows:
“Medicaid is a joint federal and state program that, together with the Children’s Health Insurance Program, provides health coverage to over 72.5 million Americans, including children, pregnant women, parents, seniors and individuals with disabilities. Medicaid is the single largest source of health coverage in the United States.”
So, if you have any reason to believe that you qualify for this program now, you may want to consult with an attorney. The same holds true if you’re wondering how to improve your chances of obtaining Medicaid in the future.
Even though it should be pretty clear that life insurance is a big part of creating an estate plan, some people continually overlook this point.
When purchasing a life insurance policy, you need to make a variety of high level decisions. Here are some of the questions to answer as they pertain to your estate plan:
- How much coverage (death benefit) do you need?
- What type of life insurance policy makes the most sense?
- Who will you name as the beneficiary of your policy?
As you answer these questions, you may soon find yourself comparing the answers to your current estate plan. For instance, you need to take your time as you choose a beneficiary. Remember, this is the person who will receive the death benefit when you pass on.
Be sure to discuss all details of life insurance with your estate planning attorney. By doing so, you can be rest assured that you don’t overlook an important detail.
As you can see, there are many insurance related topics to discuss with your estate planning attorney. If something is on your mind, don’t hesitate to ask your attorney for feedback and assistance.
Even if the person is unable to help, he or she can probably point you in the right direction for the time being.
At our law firm, we’re constantly discussing insurance matters with our clients. No matter what you want to talk about, we’re available to hear you out and help you decide what to do next. Feel free to contact us today to setup a consultation. We look forward to helping you!