Trusts are excellent vehicles for probate avoidance, ease of transition of funds to one’s beneficiaries upon death, asset protection planning and estate tax planning.
Chances are, your home is full to the brim with cherished memories of family and friends. But, as you get older, you may start wondering what exactly will happen to your home when you pass away. Fortunately, a life estate can take away the uncertainty of this thought by legally assigning an heir to receive your property without interference from court proceedings.
The most significant threat to your financial nest egg is long-term care.
People with children who cannot support themselves need to think well past their own lifetime and figure out how to provide for children after they are gone.
The services provided by a skilled nursing facility are very important. They are also very expensive. The person who arrives at an elder law office with a bill from a nursing home for $19,400—$646.66 per day—is often the same person who signed an electronic version of an admissions form without knowing what would happen. This…
What types of decisions have you and your loved ones made, or avoided making, about planning for the years ahead?
Understanding the different treatment of gifts by the IRS, Medicaid and VA systems can ensure that property passes as expected.
As government programs do not cover all expenditures related to these categories, ABLE accounts can be used to pay for shortfalls.
In general, estate planning is a practice that requires forward thinking. However, sometimes estate planning must occur in the midst of a crisis.
For disabled persons receiving financially based government benefits, supplemental needs trusts (‘SNTs’) can safeguard benefits and serve as an effective estate planning tool.
