Question. Can I save my assets from the nursing home? 

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Answer.  Yes, but it takes planning. Under the Medical Assistance rules, there is a five year (or sixty month) look back on gifts and/or transfers. This includes birthday presents, wedding gifts, transferring assets for less than they are worth, etc. If you want to ensure a child or beneficiary receives something, you have to plan early. Otherwise, it will become harder to protect an asset. 

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Question. Do I have to pay taxes when I die? 

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Answer.  Well, it depends. Both the Federal government and Minnesota have estate taxes. If you are over those thresholds, you may be exposed, and required to pay an estate tax prior to any assets going to heirs.

 

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Question.  Can my children make decisions for me when I can no longer make them for myself? 

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Answer. Absolutely. But, you have to put it in writing and follow some requirements. Powers of Attorney and Health Care Directives can be executed in order to appoint a third party to make decisions for you. Without these documents, you appointed agents cannot make decisions on your behalf. 

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Question. I have a Will. Do I have to go through Probate? 

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Answer. If a Will is the only thing in place, the chances are good that a Probate will be necessary. Wills require the Probate process to be enforced. There are other options available to a Will, but yes, Wills require Probate to be upheld. 

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Question. Can I sell my property for less than it's value?

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Answer. Yes, you can sell your property for whatever you would like to. You can give it away. BUT, there may be consequences, both in taxes and potential long term care qualifications, that can appear to selling for less than value or gifting assets away. 

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Question. How do I keep my kids from fighting when I am gone? 

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Answer. Be clear and consistent. Though this isn't an absolute cure for bickering siblings, the more clear and concise parents are in their wishes, the more likely children are to respect and follow them. The more often they hear the same thing, the more likely they are to recognize your wishes later. 

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