There have been many advertisements and websites that tout the benefits of a living trust, but like other estate planning tools, it may not be suitable for each and every estate. While there are certainly many benefits, we need to review the disadvantages as well. The Disadvantages of a Living Trust A trust, whether a living trust or any other type, is a complex legal document and agreement, and as such, a trust is more work to create than other estate planning tools that avoid probate. To … [Read more...] about The Advantages and Disadvantages of a Living Trust
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Four Things You May Not Know About Medicaid
Medicaid is a state-run, federally-funded program that helps pay for medical care for those who cannot afford it on their own. Medicaid often enters the lives of senior citizens for nursing home expenses, but there are several little known facts regarding this program. 1. Gifting Restrictions In order to qualify for Medicaid, an applicant must meet eligibility requirements for both income and assets. In order to meet the asset limit, you are not permitted to simply gift property or … [Read more...] about Four Things You May Not Know About Medicaid
Three Ways Estate Planning Allows You to Maintain Control
Estate planning is normally something people like to avoid. Nobody likes to think of what could happen should they lose the capacity to make their own decisions or to think what’s going to happen to their family after they pass. In reality, estate planning allows you to maintain control of many aspects of your life, as well as your passing. 1. Controlling Medical Decisions One aspect of estate planning is the preparation of advance medical directives. These documents allow you to specify … [Read more...] about Three Ways Estate Planning Allows You to Maintain Control
What a Trustee May and May Not Do…
Choosing a Trustee is as important a task as choosing an Executor for your estate. We’ll review the Trustee duties and what a Trustee may and may not do within those duties. First, let’s review the purpose of a Trust as an estate planning tool. A trust is a legal arrangement in which a "grantor," the person creating the trust, transfers ownership of property into the name of the trust and selects a Trustee to manage it. The Trustee may be a family member, a trust attorney, or, in the case of … [Read more...] about What a Trustee May and May Not Do…
Advance Medical Directives Glossary
Are you familiar with a Medical Power of Attorney document? How about a Durable Power of Attorney for Health Care? Are they one and the same? The terminology used in law and estate planning can be confusing. Advance medical directives have a number of legal documents with similar names, but different purposes. First, let’s define Advance Medical Directives, which are documents used in estate planning that allow you to convey your decisions about end-of-life care ahead of time, as well as … [Read more...] about Advance Medical Directives Glossary
