Wills & Trusts
When you pass away, you want to ensure that your family is taken care of. This can be done through a last will and testament. A will is a legal document specifying how a person wants all their assets and property to be distributed after death. You can cancel, rewrite, or modify a will any time you wish, although it is critical to work with an estate planning attorney whenever you want to make these changes.
There are several reasons why having a last will is essential, including, but not limited to:
- It provides guidance on which assets should be distributed according to your wishes instead of according to state law or intestate succession laws (which dictate who inherits if there is no will).
- It ensures that assets pass directly from the deceased person’s name.
A trust is an arrangement where one person has control over the assets of another person. The person with authority is known as the trustee, and the person who owns the assets is known as the beneficiary. A trust can be created for many different reasons and set up for various purposes.
Many people set up trusts if they have minor children or the beneficiary is disabled. Another reason a person may set up a trust for a beneficiary is if they feel the beneficiary may not be responsible enough to handle the trust’s funds on their own, such as someone with substance abuse or gambling issues. The estate planning attorneys at White & Jocham can discuss different types of trust with you. Contact us today to learn more.
Achieve the retirement lifestyle you desire with our team of experts. Our goal is to take the worry, confusion, and stress out of your long-term planning by offering simple solutions that will grow, transfer and preserve your wealth. We will analyze your income and expense and design a retirement plan suited to your current financial situation. Working together, we can help you with a range of financial planning that will help you generate income in retirement, preserve your assets during market downturns and efficiently transfer those assets to your heirs.
Understanding Wealth Management
During our first consultation, we’ll discuss your current financial situation, goals, and other factors impacting your overall wealth management. Together we will create a retirement plan custom-tailored to your needs.
Risk Management Planning
Our CPA, Certified Financial Planner, attorneys, and Certified Private Wealth Advisor, will comprehensively analyze life, disability, long-term care, and other risk management solutions to protect your assets for you, your family, and the organizations you cherish. We also provide a custom analysis of every Social Security claiming option available to maximize your and your spouse’s income throughout your lifetime.
Asset Protection Planning
The White & Jocham team is here to help you manage your assets and wealth, even when entering a nursing home. You don’t have to go broke in a nursing home. Medicaid benefits ease the stress of nursing home bills that potentially exhaust your savings or leave you with debt. Our attorneys will help you navigate the Medicaid application and approval process, ensuring that your family receives the benefits they deserve.
How do you know if you are eligible for Medicaid?
If you have a family member in a nursing home who requires constant medical attention, they may be able to qualify for Medicaid benefits. To be eligible in Indiana, you must be in a nursing home, earn approximately $2,000 in monthly income, and have less than roughly $2,000 in assets or resources on any day of the month.
Medicaid should cover the following:
- Doctor visits
- Hospital visits
- Prescription costs
- Dental care
- Vision care
- Mental health care
- Family planning
Medicaid planning is a strategy that allows you to exempt some of your assets so you can be eligible for Medicaid. It can also help you protect your assets from nursing home bills through an irrevocable trust and ensure they remain available for your family. White & Jocham can advise you on measures you can take to help your loved one qualify for assistance.
Long Term Care Planning
Let the team at White & Jocham help you develop a plan for paying for nursing home expenses, in-home care expenses, and additional finances involved in your care as you age. We also offer special needs planning services. When a cherished member of the family has special needs, it can be stressful to consider what may occur after your death. We develop special needs trusts so that after you pass, your loved one can have finances, living arrangements, and care planned.