Episode 10: In this episode of Protect Your Nest, Attorney Brandon Lawrence discusses the rising need for memory care facilities to assist aging individuals suffering from dementia, severe memory loss, and Alzheimer's. He details the physical and financial requirements to qualify for Kentucky Medicaid, while noting that a non-applicant spouse is allowed an asset limit of $162,660. Lawrence explains that while a home and a car are excluded from these initial limits, strategic planning with irrevocable trusts is crucial to prevent the state from recovering care costs from the home after the owner passes away. To emphasize the importance of regular estate plan reviews, he highlights high-profile legal battles, including a family trust dispute involving actor Malcolm-Jamar Warner and the intestate estate of Chadwick Boseman. Finally, he explains that under Kentucky law, individuals cannot legally disinherit a spouse without a prenuptial agreement, and failing to plan simply defaults to state intestate laws that split the estate between the surviving spouse and parents.

Conclusion

So it was good talking to you again as usual and I look forward to the next episodes and go back and look at other episodes on my website, YouTube. I hope you found this information helpful.

You can find more of these estate planning episodes, of course, on my website, lawyerforthecity.org, YouTube, Spotify, other podcast platforms. This has been attorney Brandon Lawrence, the Lawyer for the City, and this has been Protect Your Nest Podcast. Until next time, let's talk it over.

Have More Questions or Want to Set an Appointment with Brandon?

Website: www.LawyerForTheCity.org

Phone: (502) 996-7735

Email: help@LawyerForTheCity.org

This podcast is meant to provide information and is not legal advice. Brandon's principal office is located at 101 N. 7th Street, Louisville, Kentucky 40202.