After last week’s election, it’s a good time to review your estate plans.
This is solid advice, no matter who wins. Government programs get revised, tweaked or even repealed. Even Medicare benefits and qualifications are subject to changes all the time. And it all has an effect on your estate planning.
A recent post on the ElderCounsel Blog tackles some of the potential changes and it’s worth a read.
Some of the areas that could be affected are:
Government eligibility programs post-election
A Republican policy paper released this year proposed changes to the Affordable Care Act to “create either a block grant or a per capita cap on Medicaid, which would set a limit on how much to reimburse states per enrollee”. Of course it’s just a policy paper at this point. But it gives an idea of the direction they may take.
Improvements for Veterans
President-elect Trump has pledged to reform the Veterans Administration. We will be looking to see how changes to pension benefits affect our veteran clients when the VA publishes their final rules.
The devil may be in the details however, and the analysis of those fine points in the blog make it a worthwhile read.
What this means to us at Generation Law is that when details start to emerge, our clients may want to review their current estate plans, whether they were prepared by us or other legal experts.