When creating your estate plan, you may wish to make use of one or more trusts. A trust can be very complicated, or amazingly simple. At its core, a trust is comprised of a grantor who creates the trust, a trustee who oversees the trust, one or more beneficiaries, and assets that are used to fund the trust. In many cases, the grantor, trustee and beneficiary position may be held by the same individual. While trusts come in many varieties and perform a wide array of functions, the two broad … [Read more...] about Trusts — Irrevocable Versus Revocable
Top Three Major Life Changes That Warrant Updating Your Last Will and Testament
Creating a Last Will and Testament is the foundation of any estate plan. While executing a Will is certainly essential, updating it is equally as important. As the saying goes “nothing stays the same.” So how do you know when you need to update your existing Will? Although each person presents unique circumstances, there are some common events that warrant revisiting your Will, as well as any other estate planning tools you have in place. Major life changes always warrant updating your Will. … [Read more...] about Top Three Major Life Changes That Warrant Updating Your Last Will and Testament
Probate Overview
If you are considering the creation of an estate plan, one important consideration is often the avoidance of probate. In order to understand why avoiding probate is such an important facet of estate planning, you need to have a firm understanding of what probate is and how the probate process operates. Probate is the legal process that is often required when someone dies. Although the process may vary somewhat from one state to the next, there are commonalities. Probate begins when someone … [Read more...] about Probate Overview
Planning for Your Pet in Your Estate Plan
For many, a pet is much more than a pet, he or she is part of the family. According to the Humane Society of America, more than half of American families are home to at least one pet. Although dogs are the most popular pet followed closely by cats, there are an infinite number of other animals from birds to pigs that are kept as pets. Regardless of the type of animal that you have made part of your family, chances are that you wish to ensure that your pet will be well taken care of after you are … [Read more...] about Planning for Your Pet in Your Estate Plan
Trust Creation & Pour-Over Wills
When you visit an estate planning attorney to become apprised of your options with regard to vehicles of asset transfer you may well find that a trust is the most appealing option. Depending on the nature of your assets there are a number of different trusts that can be utilized to achieve specific objectives, and many people with significant, diverse holdings may want to use a combination of them. But even people with relatively simple financial profiles often choose to use a trust such as a … [Read more...] about Trust Creation & Pour-Over Wills
Elder Law – How to Petition for Guardianship
If you have an elderly family member or loved one who has become incapable of caring for himself or herself, you may wish to step in and help make day to day decisions for your family member or loved one. Unfortunately, you may also have found out that having good intentions, or even being related to the person, is often not enough to allow you to make those decisions. Often, an appointment as guardian of the ward, or person who needs assistance, is required before you can help. State laws … [Read more...] about Elder Law – How to Petition for Guardianship
Estate Tax May Have New Look In 2013
One of the things that you would do well to keep in mind when you are considering the subject of estate planning is the fact that things do not stand still. When you first arrange for a consultation with an estate planning attorney and walk out of the office with an estate plan in place you could get complacent, feeling as though you have satisfied this responsibility. This is a mistake because that initial plan is going to have been devised based on your life as it stood on that day. Time … [Read more...] about Estate Tax May Have New Look In 2013
Aging Is A Journey, Plan Carefully
When you decide that you would like to go on a trip you are generally going to invest a good bit of time making preparations. Of course you want to identify your destination, and you will probably develop an itinerary. And if you are like a lot of people, you will consider all the contingencies that may arise and make sure that you are prepared to handle them. Life itself can be viewed as a journey, and along these lines it is important to make preparations for all the eventualities of aging. … [Read more...] about Aging Is A Journey, Plan Carefully
Inheritance Planning & Supplemental Needs Trusts
If you wanted to leave an inheritance to a loved one who is suffering from a mental or physical disability there is an inherent challenge involved, especially if this individual is receiving long-term nursing care that is paid for by Medicaid. Medicaid is a government welfare program that is designed to pay the health care expenses of those who do not have adequate financial resources to meet their medical needs. The cost of long-term care being what it is (in 2010 the national average for a … [Read more...] about Inheritance Planning & Supplemental Needs Trusts
What Is Medicaid?
Unfortunately, many Americans are without much needed health care coverage. As a result, people often cannot afford preventative health care or treatment for serious medical conditions. If you are without health care coverage, the Medicaid program may be an option. Most people have heard of the Medicaid program, but many do not know how the program is administered, what it covers and how you may qualify. Medicaid is a program that is funded by the federal government; however, the program is … [Read more...] about What Is Medicaid?
