Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Highlights from: What is The Most Important Lesson to Teach Your Kids?
Dec 28, 2023
Learn about trusts, winning the lottery, 529 plans, pre-nups, advice on setting up savings for a child, submitting questions, discussing prenups, and using a home equity loan for college tuition.
24:49
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Quick takeaways
- Having both a will and a trust is crucial for Medicaid planning and protecting eligibility for benefits.
- Deciding between a cash amount or annuity for lottery winnings depends on financial situation, sophistication, and desired access to funds.
Deep dives
Importance of Having a Will and Trust for Medicaid Consideration
It is crucial to have both a will and a trust for Medicaid planning. A five-year lookback period is applied by Medicaid when determining eligibility for coverage. Any money given away within the five-year period may disqualify an individual from receiving Medicaid benefits. However, a trust does not affect the step-up in cost basis on a home when the owner passes away.
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