The reasons for having an equity strategy are as diverse as the people involved and, as it seems, the many myths surrounding the subject do quite a bit of damage.
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Compelling reasons to develop an estate plan
One of the typical reasons that induce the development of an estate plan would be the following. The more the following reasons apply to some circumstances, the greater the need to finish property planning. With a proper estate plan, you can plan:
1. Designation who will take care of your affairs in the event you become disabled and in the event you move. If you don’t, a court will decide for you not only who receives your wealth, but who will create the distributions.
2. Medicaid planning and its influence on your wealth if you have to go into a nursing home. Nursing homes can now cost up to $ 75,000 a year, or even much more, and also a long stay can quickly impoverish all but the wealthiest families.
However, with proper preparation, it is possible to protect assets and keep the wealth in your home intact. Given that there is a 50 to 50 chance that the average adult will spend a minimum of a year in a long-term care facility, it is obvious that this kind of preparation is really important.