Frequently Asked Maine Estate Planning Questions
Common Questions Our Clients Ask
1. Does AIM assist with MaineCare/Medicaid application?
Yes, we have completed many successful Mainecare Applications. Planning for assistance with Long-Term Care expense through MaineCare requires detailed analysis of an individual or couple’s financial situation, assets and income. We take the time to ensure that we can legally protect certain assets while qualifying a person for the MaineCare benefits sought.
2. Will I need a Power of Attorney? (Financial and Healthcare)
Emphatically YES! It is a key document for anyone, from students off to college to the elderly and everyone in between. This lets the selected Agent help you when you need the help. Also, it prevents the necessity (and expense) of obtaining a Court-ordered Guardianship/Conservatorship if you are ever incapacitated.
3. Should I have a Will or a Trust?
Most people and families are different. Different families have different needs, desires and goals. Each personal situation and family dynamic must be reviewed and analyzed before a determination can be made whether a Will or a Trust is advisable. Trusts are common these days, and often for widely varying purposes.
4. Do I really need an attorney, or can I just download a form?
Everyone is different! As such, a “download form” is pretty vanilla. It cannot anticipate all of the details of any individual’s or couple’s family dynamic, desires and goals. It is not recommended, particularly with such an important document.
5. Must I transfer my home into my children’s name or just use a Will?
Putting your home or any other asset in your child’s name, especially more than one child, exposes that property to the child’s creditors and predators. You could find yourself defending against your child’s creditors. We usually recommend against this, as it can create many different problems. Go to #3.
6. Is Putting my children on my bank accounts a good idea?
As with the answer to #5, above, you risk the possibility of exposing bank or other accounts to the creditors of the child. Car accidents, divorces – lawsuits that may give others the rights to your child’s assets – are the number one reason NOT to name a child on a joint bank account. There are other ways to avoid Probate and make sure that account goes to the person you want it to go to. If you need a loved one to pay your bills and deal with your accounts, go to #2.
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