Published: May 10, 2026 • By Rick Allison, CFP®
Too many people neglect Estate Planning. Now may be an excellent time for people to consider an Estate Planning strategy.
I know an elderly man in his eighties with no Estate Plan for him or his wife. He is a smoker as well and has health problems. He is of the belief that attorneys charge too much and this is his justification for not getting an Estate Plan. This is not very smart to be pefectly honest. Dying without a will is not a good Estate Planning Strategy.
Through our relationship with Estate Guru, we can help clients with their Estate Planning legal documents. On our Home page, we have our Estate Guru Intake Form and the Estate Guru Pricing Guide that includes our fee.
There is a local attorney in our area that charges $5,000 for an Estate Plan! Through our firm, you can get attorney reviewed and high quality Estate Planning documents for less than $1,200.
A Living Trust saves you typically 3% or more (in most states) in Probate fees. Plus, it eliminates delays in asset distribution.
A Living Will is a legal document that tells the hospital whether you want to be resuscitated or not.
A Durable Power of Attorney or Financial Power of Attorney allows someone you trust, or a corporate trustee to step in and handle your financial affairs, if you become incapacitated. It can be springing, or permanent depending on your health condition. A springing power is where it only goes into effect once you become disabled. If you recover, then it is not effective any more. A permanent power goes into effect when you have a permanent health condition without any chance of recovery, such as late stage Parkinson's, Alzheimer's or ALS.
A Health Care Power of Attorney is where you appoint someone (the Agent) to handle your health care needs. Typically included with this is a HIPAA release, although most hospitals make you sign an HIPAA release upon arrival. Your Health Care Power of Attorney Agent could sign this on your behalf, if you were incapacitated upon hospital admission.
What is a Right to Return? This is a document that says that you have a right to return to your place of residence, if your condition improves. This is typically used so your residence is not sold to pay Medicaid expenses.
Medicaid Protection Trusts are Irrevocable Trusts. Medicaid has a five (5) year look back for gifts, before they pay a dime for your health care. This means you cannot give away all your assets today and qualify for Medicaid. Only an Elder Law attorney can draft these legal documents. I can refer you to one, if needed.
Medicaid only allows $2,000 in cash, all your assets have to be given away in the last five (5) years and all income must be assigned to the Nursing Home, before Medicaid pays a cent. Did you know this?This includes pensions and Social Security. There is a Spousal Allowance, but even that is very low. In 2026, the maximum assets that a spouse can have is $162,660. Everything above that has to be paid for Nursing Home expenses without Medicaid Planning.
I always tell people who do not want to pay an Elder Law attorney this fact:
Either you are going to pay the Elder Law attorney or you are going to pay the Nursing Home owner.Every month that goes by, you lose some of your assets! Waiting just compounds the issue. The Elder Law attorney is the only person that can help you conserve your assets in this situation. We would be glad to explain this in more detail. We typically recommend Elder Law attorneys in these situations. They are some of the most compassionate lawyers out there!
Important: Every situation is different. We use Estate Guru who is different from other online legal document preparation firms. They have an attorney licensed in your state of residence that reviews and is assigned to your legal documents. We assist in the data input and help notarize the finished legal documents.
Note: We are not attorneys and do not prepare legal documents. In some cases, it may be more appropriate to use a local attorney as opposed to Estate Guru prepared legal documents. Each case is different. In more complex client situations, involving Elder Care and Medicaid Planning, we recommend a local Elder Law attorney. Elder Law cannot be done online! You have to have an Elder Law attorney.
Would you like to discuss whether a referral to a local attorney, a referral to an Elder Law attorney, or whether utilizing our relationship with Estate Guru is right for you? Call Rick at (904) 460-2700.
This article is for informational purposes only and does not constitute legal advice, personalized investment or tax advice. Please consult with your legal or tax professional before making any decisions.