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
Pre-Planning Your Own Funeral
Many people think about planning ahead and create an estate plan that includes a Last Will and Testament and various other estate planning documents. If you have created an estate plan, or are in the process of doing so, you may wish to consider pre-planning your funeral as well. Pre-planning your own funeral offers a number of practical and emotional advantages. By making arrangements ahead of time, or at least expressing your wishes ahead of time, you will spare your family and loved ones … [Read more...] about Pre-Planning Your Own Funeral
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?
Estate Planning for The Small Business
If you are a small business owner, you have special concerns when it comes to estate planning that should be taken into account when you create your estate plan. As you have undoubtedly worked hard to build up your business, you should take care to ensure that it will not be lost or mishandled in the event of your death. How you approach your estate planning with regard to your business will depend on a number of factors, principal among them is what business entity you chose for your business … [Read more...] about Estate Planning for The Small Business
Do You Need an Elder Law Attorney?
As we age, our family members and loved ones age as well. If you are lucky, you will have parents, grandparents or other family members who are still around to enjoy their golden years. The golden years, however, can be fraught with medical, emotional and even legal issues that may require the assistance of an elder law attorney. Elder law is a relatively new term within the legal field and refers to a broad area of issues that may face the elderly and those who care for them. If you are the … [Read more...] about Do You Need an Elder Law Attorney?
You May Qualify for Medicaid
Most people have heard of the Medicaid program, yet many do not know exactly what services Medicaid covers or how eligibility is determined. Medicaid is a federally funded program that is administered by the individual states. What this means is that there are basic eligibility guidelines mandated by the federal government, but individual states may provide additional coverage or eligibility criteria. The Medicaid program provides healthcare coverage to those who meet eligibility requirements. … [Read more...] about You May Qualify for Medicaid
The Importance of An Advanced Directive for the GLBT Community
Advanced directives, also known as health care directives or living wills, are common estate planning tools that can be used by anyone. Although the importance of creating an advanced directives is applicable to anyone, it can take on heightened importance for members of the Gay, Lesbian, Bi-Sexual and Transgender, or GLBT, community. State laws determine whether advanced directives are recognized within the state, and if so, what form they must take, what may be included, and what limitations … [Read more...] about The Importance of An Advanced Directive for the GLBT Community
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
What is a Conservatorship?
If you are the parent of an adult disabled child or the family member of an elderly individual in declining health, you may need to consider petitioning the court for conservatorship over the individual at some point in time. As in many states, Oregon separates the duties of a guardian and those of a conservator. A conservator has control over the finances, money, and property of the protected person while a guardian has control over the personal affairs of the protected person. Before a court … [Read more...] about What is a Conservatorship?
