This article is a paid partnership with Ettinger Law Firm. The content is provided by the advertiser and published for informational purposes only. It should not be construed as legal or financial advice. As people age, asset management, protection and distribution become increasingly important. However, these duties for adult children assisting parents in estate planning…
This article is a paid partnership with Ettinger Law Firm. The content is provided by the advertiser and published for informational purposes only. It should not be construed as legal or financial advice.
As people age, asset management, protection and distribution become increasingly important. However, for grown children assisting parents in estate planning, these tasks can be monumental. Fortunately, there are plenty of tips to make the process easier. With the right knowledge, they can avoid probate, reduce taxable income and keep assets within the family.
It’s time to talk to your parents about their property
Are your parents putting off estate planning because they think they’re still years away from considering their estate? People tend to put it off until retirement. Until then, they have a lot of work to do. Better to start planning for the future sooner rather than later.
While estate planning decides what happens to your assets after you’re no longer around, there’s no such thing as planning “too soon.” Accidents, illness and health emergencies do not wait until retirement age. By opening up the conversation with your parents, you help them prepare for such events and provide you all with much-needed comfort.
Why a Will Is Not Enough for an Estate Plan
Wills detail how someone, known as the testator, wants their money and property to be distributed after they pass away. If you have parents, you may think you are all set, but this legal document alone is not enough. This allows them to do only a narrow set of tasks and does not protect their assets.
An estate plan is a set of legal documents, including wills, beneficiary designations, powers of attorney, and powers of attorney. It shows how to manage things and funds according to the wishes of the deceased. It goes well beyond probate, covering medical, guardianship and financial issues that arise after the testator’s incapacity or death.
Even if your parents have relatively few assets, estate planning can help provide them with care and comfort during their golden years. For example, it reduces costs associated with long-term treatments such as elder care, cancer treatment and palliative care.
Medicaid is the single largest source Health coverage for 77.9 million people in the United States by 2026. Eligibility is based on Modified Adjusted Gross Income, which takes into account taxable income.
Using a Medicaid Asset Protection Trust (MAPT) can be used in certain circumstances to help reduce countable assets, depending on individual circumstances and state regulations. This allows them to exempt their savings, stocks and real estate, including their primary residence, from the Medicaid asset limit. They can even spend the funds on allowable expenses like home repairs, property taxes, and home insurance.
Debunking Common Estate Planning Myths
Sometimes adult children who help their parents with estate planning give the wrong advice. Well-meaning but ill-informed advice makes things difficult. If you think a will is sufficient for an estate plan, you may believe other common misconceptions. To help your parents as much as you can, you need to expose them.
Take MAPT for example. This allows those who would otherwise be ineligible for Medicaid to qualify and get the long-term care they need. Despite its benefits, many people avoid it because they misunderstand it.
One common myth is that MAPT takes five years. while technically it takes five years The time to protect each asset from long-term care facilities is proportional to the time you build it. Say one of your parents has to go to a nursing home four years after establishing MAPT. You will only have to pay for the remaining year.
Another common estate planning myth is that having a will protects your family from probate. Probate is a court-supervised process that settles an estate by probating a will, paying debts, and distributing assets. It has a reputation for being expensive, stressful and time-consuming.
If one parent predeceases the other, their joint assets usually go to the surviving spouse. However, if both die at the same time or if the surviving spouse dies without adding another co-owner, a will becomes necessary. You need a revocable living trust or named beneficiaries to avoid probate entirely.
An Estate Planning Conversation Starter Script
Talking about what happens to money and assets after incapacity or death can be awkward, but it’s necessary. Don’t wait for your parents to take the initiative. Choose your language carefully when opening a thread. You want them to know you are here to ensure their wishes are understood and to prevent future family conflicts.
Emphasize their autonomy. Planning for the future allows them to take control of their finances, possessions, decisions, and home. Treat the decision as empowering them to choose how they want to be treated in their golden years.
Remind them that they have spent a lifetime building and accumulating wealth. Estate planning allows them to preserve their life’s work and ensure that their belongings are passed on. It also prevents confusion, disagreements and stress, ensuring a smooth, peaceful transition in the future.
Building the Key Components of an Estate Plan
By helping parents with estate planning, adult children preserve their dignity and empower them to make their own choices for their future. If they don’t know where to start, that’s okay. Other than experienced attorneys, few people have extensive experience with estate planning.
As they plan for the future together, they should consider powers of attorney, irrevocable trusts, MAPT, wills, and beneficiary designations. There is no one-size-fits-all plan because everyone’s financial capabilities, portfolios, and desires are different. Families should begin by evaluating what they want from the estate planning process.
Adult children must provide for their parents’ retirement. Minimizing taxes and reducing countable assets ensures they have enough funds to support themselves without jeopardizing Medicaid eligibility. Whether you want to donate to charities or keep assets within the family, it’s important to avoid probate.
How Ettinger helps organize estate plans
With 12 locations and a large team of legal experts, Ettinger Law Firm The largest elder law and estate planning law firm in New York. Since its founding in 1991, it has prepared thousands of estate plans for generations of families. This can help your parents protect their assets and still qualify for Medicaid.
This law firm’s areas of expertise include Medicaid asset protection, elder law estate planning, Medicaid strategies and applications, estate tax savings, and probate and trust administration. It combines elder law and estate planning for a comprehensive approach.
Over the years, Ettinger has been recognized by prominent institutions and won several awards demonstrating its commitment to its clients. In 2024, the 125-year-old Marquis was featured as an Honorary Listener in WhosWho. The following year, it was named Best Elder Law Firm. As of 2026, it has an A-plus rating from the Better Business Bureau.
No deposits are required – you don’t pay a penny until you sign a document. However, Ettinger offers free calls and emails. He can provide a free legal review and advice before you agree to an attorney-client relationship. If you need help understanding legal concepts, the team will take the time to educate you. You will still have plenty of time to decide.
Frequently Asked Questions About Estate Planning
Interpreting the law can be difficult, especially for adult children who assist parents in estate planning. There may be legal jargon you don’t understand or debts you don’t know about, which makes things difficult. The more you know, the easier things will be.
What is the difference between estate and inheritance taxes?
Estate tax is owed when property is transferred after death. The estate of the deceased pays them. Inheritance taxes apply only in selected states. Beneficiaries pay them after they receive property from the estate.
How can I politely teach my parents about estate planning?
If you’re worried about making things awkward or starting a fight, it’s wise to strategize before broaching the subject. Framework estate planning, such as honoring their life’s work, fulfilling their wishes, or building a bridge for the next generation, rather than focusing on their death.
How do I manage things like crypto and social media?
Are your parents’ emails, social media accounts, blogs and virtual currencies included in their wills? The Revised Uniform Fiduciary Access to Digital Assets Act sets out rules for ownership of digital assets. The terms of service agreements may also control the transfer of assets. It is best to consult legal experts for portfolio advice.
Children Can Help Parents with Estate Planning
When you help your parents with estate planning, you protect a lifetime of assets to build and protect their legacy for future generations. Whether their portfolios are a mystery to you or you manage their finances down to the last utility bill, it’s always a good idea to get help from a legal expert.
Over time, your parents’ assets, health, and desires may change. Even if it stays the same, taxes and laws evolve. By working with elder law and estate planning attorneys, you protect their plans from becoming obsolete.
