StoryTime 005: Why Trusts Matter — Smart Estate Planning 101

“Estate Planning 101 — Why Trusts Matter”

Trusts are powerful estate planning tools—but only if used correctly. In this extended StoryTime episode, Mark explores a case where a well-intentioned plan backfired when someone tried to disclaim inheritance to protect Medicaid benefits.

The scenario:

• Mom was on Medicaid and expected to inherit $80,000.

• To avoid losing her Medicaid coverage, the attorney advised her to disclaim the inheritance.

• That inheritance would then pass into a trust managed by someone else who could use the funds to help Mom.

But here’s the catch: Medicaid treated the disclaimer as an asset to which Mom had authority—deeming it an improper transfer and disqualifying her from coverage, leading to a full financial penalty.

Mark then shares his journey—from law school to working in elder law and estate planning—underscoring the nuance and legal risks that generic advice and DIY tools often overlook.

He covers critical planning strategies, including:

• Avoiding probate

• Choosing between revocable vs. irrevocable trusts

• Power of attorney vs. guardianship

• Long-term care and Medicaid issues

• Protecting assets while qualifying for benefits

When the stakes are high—like Medicaid eligibility—Mark’s key message is simple: Don’t rely on one-size-fits-all advice. Work with someone who truly understands the law and your goals.

Watch the full video and dive deeper into estate planning at the StoryTime with Mark library.