There are many different types of trusts, but they all fall into two basic categories: revocable and irrevocable. What’s the difference? The terms of a revocable trust can be changed and even revoked at any time. You can continue to maintain complete control over the assets in the trust and also continue to benefit from any income generated by those assets. There are no tax advantages, however, because the assets are still considered part of your estate. A revocable trust turns into an … [Read more...] about What’s the Difference Between A Revocable and an Irrevocable Trust?
General
What Happens to a Revocable Living Trust When the Trust Maker Dies?
Since a trust does not go through probate, the process for settling an estate is a little different what you’d expect when there’s a Will. If you’re the Successor Trustee, and especially if you’re the spouse, this can be a little intimidating, and certainly emotional. The first step is to call your estate planning attorney. He or she has done this before and will be able to guide you every step of the way. You should set up an appointment with your attorney for approximately three weeks … [Read more...] about What Happens to a Revocable Living Trust When the Trust Maker Dies?
Why Do I Need An Estate Planning Attorney?
A lot of people wonder what the big deal is about estate planning attorneys. After all, can’t any lawyer draw up a will? Technically, yes; but you probably need an estate planning attorney for anything more than a very simple will. And that’s the thing: you probably need more than a simple will. So, the first question really is, “Why do I need an estate plan?” A solid estate plan can help you accomplish all kinds of things beyond just passing on your assets through a will. It can help you … [Read more...] about Why Do I Need An Estate Planning Attorney?
What is the Funeral Rule?
Did you know that you do not have to buy funeral packages from your funeral home? Whether you plan your own funeral in advance or you have to plan the funeral of a loved one, you should know that you have rights in regards to funeral services. The Funeral Rule is a law monitored by the Federal Trade Commission. Understanding your rights when purchasing funeral goods can save you money and allow you to only get the services you wish to have. Getting Prices The Funeral Rule requires a funeral … [Read more...] about What is the Funeral Rule?
What Are Your Rights As A Nursing Home Resident?
Although you might no longer live at home, you still have rights as a nursing home resident. Unfortunately, many seniors either aren’t aware of these rights or don’t understand what to do when these rights are infringed. Here’s just a few of the most important rights you or your loved one is entitled to. Rights Regarding Personal Freedom As a nursing home resident you have the right to your own personal freedom. This means you are afforded the same rights every other citizen has in their home. … [Read more...] about What Are Your Rights As A Nursing Home Resident?
The Importance of a Living Will
A Living Will, unlike your Last Will and Testament, is used while you are still alive. Your Living Will goes into effect when your doctor states you are no longer able to make medical decisions for yourself. What It Does Your Living Will is a place to state all of your wishes regarding your medical care. You can dictate what types of treatment you are willing to accept if you should become terminally ill or unable to speak for yourself due to injury or incapacitation. You can use your Living … [Read more...] about The Importance of a Living Will
Estate Planning Q&A: Can My Spouse Handle My Affairs if I Become Incapacitated?
Many people mistakenly believe that if they become ill or injured and are unable to manage their own affairs, their spouse will be able to step into their shoes and take care of things for them. While this is partially true – your spouse can continue to manage your joint bank account, for example – you still need to consider disability planning even if you’re married. Here are just a few of the things your spouse can’t do for you: Sign for you during real estate transactions; Sell your … [Read more...] about Estate Planning Q&A: Can My Spouse Handle My Affairs if I Become Incapacitated?
What is a Pour-Over Will?
If you have a revocable living trust, then your estate plan should include a Pour-Over Will, a unique legal document that ensures all your property makes it into the trust. When you fund your trust, you formally transfer property you own into the name of the trust. But we all know that what we own today may not necessarily be what we own tomorrow. Quite the contrary, we acquire and get rid of property all the time, making it extremely important to keep your Trust updated at all times. But … [Read more...] about What is a Pour-Over Will?
An Overview of Long Term Care Facilities
When many people hear the term “long-term care facility”, they automatically think “nursing home”. But while nursing homes are certainly one type of long-term care facility, there are a variety of other options that come under the umbrella of long-term care. A long-term care facility is one that provides medical and/or non-medical care and assistance to people suffering from a chronic illness or injury. A person who has had a serious accident and needs intensive rehabilitation after a … [Read more...] about An Overview of Long Term Care Facilities
Leaving An Inheritance to a Minor? Plan Carefully.
A lot of people don’t realize that children who inherit money aren’t allowed to take control of the money until they reach legal adulthood. If money or other property is left outright to a minor, then the court gets involved and the money is either placed in a restricted account, or a special guardian is appointed to manage the property on the minor’s behalf. If there’s a chance that one of the people you’re leaving property to might be a minor when the transfer happens, proper planning can … [Read more...] about Leaving An Inheritance to a Minor? Plan Carefully.
