“What is estate planning in Alabama?”
My name is Bill Miller, and I’m an attorney at Adams Miller in Anniston, Alabama. My partner Bruce Adams and I handle estate planning and elder law matters. We frequently get the question, “What is estate planning in Alabama?”
Estate planning is a fairly simple concept, but most people think it only applies to people who are very wealthy, but nothing could be further from the truth. Estate planning basically comes down to three questions – Who is in control of my stuff? Who gets to benefit from my stuff, and when?
You know, it is easy when you are alive and well. Obviously you control your stuff. You decide who gets what, when you’re going to pay your bills, who you are going to give donations to and things like that. But what happens to your assets when you die? If you do not have a plan in place, then the state of Alabama has a plan, and I assure you it is probably not the one you would have chosen for yourself.
What happens to your assets if you become incapacitated or incompetent in the hospital or in a nursing home? What happens to your stuff then? Who controls it? How do you access the accounts to pay your bills? Those are all things that are involved with estate planning in Alabama.
What happens if you have to go into a nursing home in Alabama when you have a lot of assets? Medicaid in Alabama is not going to pay for your nursing home care if you have more than $2,000.00 in nonexempt assets.
So all of these questions come into play in trying to decide what estate planning is. It is different to everyone, but it applies to everyone.
For more information, order a free copy of our report The 7 Biggest Mistakes People Make in Their Estate Plan by clicking the link. You can also register for a free estate planning workshop by calling us at 256-251-2137 or visiting www.AnnistonEstatePlanning.com.