Tag: Medicaid planning

Following the death of a spouse, it’s crucial to revisit and update your estate plan. Experts recommend four key steps: updating powers of attorney to designate new decision-makers, reviewing your will or trust to ensure assets are distributed as intended, checking and revising beneficiaries on accounts like life insurance and retirement savings, and considering adding a trust to protect assets and potentially qualify for Medicaid. These adjustments are vital as the surviving spouse is now legally considered single, potentially impacting asset protection.