Although a Last Will and Testament generally serves as the foundation of any comprehensive estate plan, most plans also include a variety of additional documents and strategies. One of the most common additions to an estate plan is a trust agreement. If you plan to include a trust agreement in your estate plan you will need to decide which type of trust is right for your plan. Understanding the difference between a testamentary trust and a living trust is essential to deciding which type of … [Read more...] about What Is a Living Trust?
Famous Estates-Champ or Chump? George H.W. Bush
George H.W. Bush (1924-2018) 41st President of the United States, 1989-1993 Political Life In the words of President Harry Truman and President Ronald Reagan, "There is no limit to the amount of good you can do if you don't care who gets the credit.” President George H.W. Bush embodied these words. In his early life, H.W. became one of the youngest aviators in the Navy, graduated from Yale University, and reached millionaire status all before the age of 40. As the President of the … [Read more...] about Famous Estates-Champ or Chump? George H.W. Bush
What Happens to Creditors of a Decedent during Probate?
Probate is the legal process that is typically required after the death of a decedent. Most people think of probate in terms of the distribution of estate assets. However, this is only one aspect of the probate process. Have you ever wondered, for example, what happens to creditors of a decedent during probate? Few people die completely debt-free. Therefore, most decedents leave behind some creditors. Knowing how those creditors are handled during probate is important if you are directly … [Read more...] about What Happens to Creditors of a Decedent during Probate?
What Medicaid Covers
You make reach a point in your life when it becomes clear that Medicaid is the only option for help with your long-term care expenses. If you have never participated in the Medicaid program, however, you may have a number of questions and concerns about everything from the program eligibility requirements to what Medicaid covers. Because there are so many factors that can impact the benefits you receive as a Medicaid recipient it is always best to consult with a Medicaid attorney if you have … [Read more...] about What Medicaid Covers
Advanced Directives – Do You Need One?
You are likely accustomed to making decisions for yourself, from small, seemingly insignificant decisions to major decisions. What happens, however, if you suffer from a terminal illness or a catastrophic accident that leaves you incapacitated and unable to make decisions for yourself? If that does come to pass, the only way you can be sure your wishes will be followed is if you executed an Advanced Directive that covers the situation. Advanced Directives are legal documents that allow you to … [Read more...] about Advanced Directives – Do You Need One?
Questions To Consider When Choosing a Guardian for Minor Children
When most people think of the purpose of a Last Will and Testament they envision the distribution of estate assets after death. While your Will does allow you to decide who will receive which assets after your death, it can also serve one other vitally important purpose – allowing you the opportunity to nominate a guardian for minor children. In fact, your Will is the only chance you will have to officially tell a judge who you would want to assume the care of your children if you are gone. … [Read more...] about Questions To Consider When Choosing a Guardian for Minor Children
Top Three Reasons to Create Your Estate Plan
You have likely been inundated with advice by well-meaning friends, family members, and co-workers about how important it is to create an estate plan. Like the majority of Americans, however, you have yet to take their advice. If you are like many people, the reason you have yet to create your estate plan is as simple as the fact that you don’t see a need for one. You do need one though, even if you are unaware of the need. Take a moment to consider the following “Top three reasons to create … [Read more...] about Top Three Reasons to Create Your Estate Plan
Ways to Minimize Family Fights over Your Estate
You have worked hard all your life to amass the estate assets you have. Whether you have a modest estate or a large estate, chances are good that you want to leave what you have to your family and loved ones when you die. Furthermore, you probably hope to accomplish the transfer of assets without any drama or conflict; however, the realist in you is concerned that someone may be unhappy with the terms of your estate plan which could easily lead to a lengthy, and costly, legal battle over your … [Read more...] about Ways to Minimize Family Fights over Your Estate
Is Your Home at Risk If You Apply for Medicaid?
The longer you live, the greater the odds are that you, or a spouse, will need long-term care. The cost of that care, on average, will run over $75,000 a year as of 2015, and is expected to continue to increase in costs in the years to come. Unless you have a long-term care insurance policy, you will either have to pay for this care out of pocket or turn to Medicaid to help cover the costs. You may have heard nightmare stories about people losing their assets when they were forced to apply for … [Read more...] about Is Your Home at Risk If You Apply for Medicaid?
Who Should Be the Trustee of Your Testamentary Trust?
One of the many important reasons to have a comprehensive estate plan in place is to ensure that your children are provided for in the event of your death or incapacity. If your children are still young they cannot inherit directly from your estate. Therefore, many people choose to create a trust to hold onto estate assets until the intended beneficiaries are old enough to inherit the assets directly. A trust that only takes effect at the time of death is known as a “testamentary” trust. Though … [Read more...] about Who Should Be the Trustee of Your Testamentary Trust?
