Was working with a Lafayette couple recently. They married later in life. They each had a child from their previous marriage. They signed a Marriage Contract before they married because they wanted to keep their estates separate.
They each had things that they wanted to leave to their spouse. And they each had things that they wanted to leave to their respective children. They also wanted to protect assets from probate and from nursing home poverty.
They quickly realized when we started visiting that both of their estates would be subject to probate in multiple states, and that if one of them entered a nursing home, all of the assets of both spouses will need to be consumed or "spent down" before one of them would qualify for Louisiana Long Term Care Medicaid. They figured that if both of them went into a nursing home, that they would be forced to spend-down their assets at the rate of about $16,000 each month!
They were pleased that we were setting up an estate legal program that protected them from these potential legal and financial nightmares. Now they know that they are protected, their spouse is protected, and their children are protected. No matter what happens in the future, this couple met with the right attorney, at the right time, and took the right action, the first time, in order to preserve their estates. Congratulations to them!