You need to keep it up-to-date and make changes after certain events occur to ensure that your assets will be distributed according to your wishes when you pass.
A person requiring long-term care in a nursing home will often require Medicaid benefits to pay for that care as nursing homes costs can average anywhere from $10,000 to $15,000 monthly.
Although many cases go unreported, the National Council on Aging suggests that the financial exploitation of the elderly may amount to a staggering $36.5 billion annually. That may just be the tip of the iceberg.
There are many ways to hand down a house—from gifts to outright sales, irrevocable and revocable trusts to wills—each with different benefits and drawbacks.
