Anyone who has raised a special needs child can tell you that the cost of doing so can be significant. Yet as a parent, you want your child to get the benefit of every possible source of assistance available right? We all want that for our children. In the case of a special needs child, it can be ever more important to make sure that he or she has access to all the financial assistance programs out there. While the federal government has numerous assistance programs such as Medicaid, SSI and … [Read more...] about Make Sure Your Special Needs Child Receives All the Financial Support Possible by Using a Supplemental Needs Trust
Preparing for a Will Contest
Your Last Will and Testament is intended to be a roadmap for how you wish your assets to be handled upon your death. Unfortunately, in some cases not everyone is happy with the terms of a will. When a family member or loved one is unhappy with the outcome of a will, a will contest often ensues. If you anticipate that a will contest may be filed by someone upon your death, or simply want to prepare for the possibility, then being proactive at the time you execute your will may prevent the will … [Read more...] about Preparing for a Will Contest
Protecting Trust Assets – The Spendthrift Trust
If you have worked hard to create a substantial estate which you plan to pass down to family or loved ones, you undoubtedly don’t want to see the trust assets mismanaged or squandered. One option that is often used during the estate planning process in order to prevent this possibility is the spendthrift trust. When you create a trust, you appoint a trustee to administer the trust. The trustee has a number of responsibilities including communicating with the beneficiaries, paying out the … [Read more...] about Protecting Trust Assets – The Spendthrift Trust
Irrevocable Trusts
A trust can be either inter vivos, meaning it becomes active while you are alive, or testamentary, meaning it takes effect upon your death. Within the inter vivos trust category, a trust can then be either revocable or irrevocable. Not surprisingly, an irrevocable trust is one that, for the most part, cannot be changed once you have created it. A revocable trust, on the other hand, can be modified, amended or terminated at any time by you once created. Although it is best to think of an … [Read more...] about Irrevocable Trusts
Amending a Trust
Creating a trust can be an excellent addition to your estate plan. A trust frequently offers tax advantages, assists in the avoidance of probate and allow you, as the grantor of the trust, to retain a significant amount of control over the assets used to fund the trust even after they have been designated as trust property simply through the trust terms you create. What happens, however, if you decide you want to amend one of the trust terms? Whether or not you can amend or modify a trust … [Read more...] about Amending a Trust
Who Administers an Intestate Estate?
If you die without leaving behind a valid Last Will and Testament, you are said to have died “intestate”. Intestate simply means, in legal terms, that you died without a Will. When a person does leave a valid Will behind, one important provision in the Will is the appointment of an executor to oversee the administration of the decedent’s estate. If no Will is located, then someone is still required to be appointed to serve in the position. Although the name may vary from one state to the next, … [Read more...] about Who Administers an Intestate Estate?
Intestate Succession Explained
Intestate succession refers to the laws of your state that apply when someone dies without leaving behind a valid Last Will and Testament. Intestate succession laws can also apply if estate assets remain after all bequests found it the Will have been satisfied and there is no residual clause in the Will. Understanding the concept of intestate succession can be important when deciding whether or not to execute a Will. The term “intestate” simply means that the decedent died without leaving … [Read more...] about Intestate Succession Explained
Beneficiary vs. Heir
Understanding important estate planning terms is crucial when you are planning your estate. Although the terms “beneficiary” and “heir” are frequently used interchangeable by the general public, the terms actually have two very different legal meanings in most states. Both may be applicable to your estate planning purposes, making a complete understanding of the legal meanings important. Individual states are responsible for laws, rules and regulations regarding wills and trusts, and other … [Read more...] about Beneficiary vs. Heir
How to Choose A Trustee
Who you appoint as the trustee of a trust can have a huge impact on the success of the trust itself. Stories abound in the news of people who made a bad choice in the appointment of a trustee and consequently lost enormous sums of money. Deciding on a trustee can be a very difficult and personal decision. When choosing a trustee for your trust, there are a few factors that you should take into account before making your final decision. The Purpose and Complexity of The Trust: What type of trust … [Read more...] about How to Choose A Trustee
Whitney Houston’s Estate Value Soaring After Death
The world is mourning the death of Whitney Houston who died this week at the relatively young age of 48. The legendary singer/actress was found dead of unknown causes in her Beverly Hills hotel room where she was staying in anticipation of the upcoming Grammy Awards. Best known for the song I Will Always Love You, Houston once seemed to have the touch of gold with a string of number one hits and a successful attempt at crossing over to acting with her role in The Bodyguard. Sadly, the last … [Read more...] about Whitney Houston’s Estate Value Soaring After Death
