Attorney-CPA Joe Cordell and co-host Susan Arthur discuss some of the speed bumps that can occur when you designate someone as a beneficiary in a will. Susan tells the story of a couple and the controversy surrounding the late wife’s pension fund and which family member or members she named as the beneficiary or beneficiaries to her pension fund.
Joe explains a variety of legal terms and clauses that factor into who is determined to be the beneficiary of a will. He also breaks down the pros and cons of having your assets go through your estate, rather than directly to the named beneficiaries. Joe follows up by talking about problems that can occur within the language of naming a beneficiary.
Joe also talks about how being a beneficiary can affect your qualifications for Medicaid, as well as how an irrevocable trust can help balance your surviving beneficiary’s need to qualify for Medicaid for future long-term care, with your need to plan your estate and name your beneficiary.