Created: February 20, 2022
Modified: September 16, 2022

Frequently Asked Estate Planning Questions

Joel Johnson, CFP® answers estate planning FAQs on WFSB Channel 3’s Better Money this weekend.

Nursing Home Costs and Inheritance Tax

Proper estate planning can help to avoid nursing home costs and inheritance tax, but it’s important to not do it yourself. This needs to be done by an attorney who is an expert in Medicaid planning. With proper estate planning, it is possible to reduce or even eliminate inheritance tax for their kids.

Revocable Living Trusts and Irrevocable Living Trusts

A revocable living trust is very efficient when someone passes away, as it speeds up the probate process and the assets can go straight to the children or beneficiaries. With a revocable living trust, the testator can put assets in but is able to change their mind, taking assets out. With an irrevocable trust, it can not be changed once it is put in place.

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