When you create a revocable living trust, you create an entity that can legally own property. After transferring some or all of your property to the trust, you can direct the trust to transfer the property to new owners after you die without the necessity of having to go through probate. But living trusts also offer you the opportunity to appoint someone to manage the property should you become incapacitated. Here’s how it works. Trustees When you create a revocable living trust you … [Read more...] about Your Living Trust and Your Incapacity
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Elderly People Aren’t The Only Ones Who Need Estate Plans
If you ask the average person what estate planning is and who needs it, you’ll likely hear answers that involve elderly people. While it’s true that your need for an estate plan grows the older you become, the reality is that estate plans address choices that all capable adults can, and should, make. Elderly people aside, there are specific groups of people who need to create an estate plan as soon as possible. Single People If you are a young person living on your own, you definitely need … [Read more...] about Elderly People Aren’t The Only Ones Who Need Estate Plans
What Should I Transfer to my Living Trust?
Revocable living trusts serve as an important piece of many estate plans because they allow you so much flexibility in determining how you wish to transfer your assets after death. But what assets are we talking about? What should you transfer to your living trust? While your estate planning lawyer will give you specific steps you need to take and will advise you about the types of property you should transfer, here are some general categories that apply in most situations. Personal … [Read more...] about What Should I Transfer to my Living Trust?
Many Don’t Know About Changes in Health Care Laws
Even though the Affordable Care Act was passed into law in 2010 and has already begun making significant changes in how Americans find, pay for, and keep healthcare insurance, millions of Americans remain woefully uninformed about this important legislation, commonly referred to as Obamacare. The law not only affects those on Medicaid in states that have chosen to adopt the expanded program, but it also affects millions of other Americans who have had difficulty obtaining and paying for … [Read more...] about Many Don’t Know About Changes in Health Care Laws
Practical Steps to Help You With Tangible Personal Property Problems
Many people in New York are asked to serve as a personal representative or executor over a relative’s estate. Even if the estate is not very large, you will likely have to deal with the problem of cataloging, valuing, and distributing all the pieces of tangible personal property the relative left behind. Here are some practical tips you can use to help you with that process. Find a helper. When you create an inventory of tangible personal property, it’s always a good idea to work with … [Read more...] about Practical Steps to Help You With Tangible Personal Property Problems
