Financial Education Foundation of Anne Arundel County

I had the opportunity to present the basics of estate planning at the Glen Burnie Regional Library as part of the outreach by the Financial Education Foundation of Anne Arundel County. The goal of the non-profit is to reach people who normally do not have access to financial planners and estate attorneys. Generally, the level of knowledge about wills and probate was quite high. Those attending the presentation understood the need for a will and how the probate process was handled by the Register of Wills Office. The interesting questions came up in regards to Medicaid Planning and Nursing Home care. I could pass on some cautions on what not to do to ensure that there are good records and no disqualifying transfers should the day come when a person needs nursing home care. Unfortunately, planning and qualifying for Medical Assistance requires in depth knowledge and planning beyond an overview course. My counsel is to seek good assistance in planning for Nursing Home admittance. Your neighbor may have some good ideas, but the situation may be different for your family member based on changes in law and the amount of assets available. Financial Education is a good start, but follow on research and input from experts is important before you risk all lifetime of savings to pay for nursing care.