You may feel as though estate planning is all about the facilitation of asset transfers. This is certainly at the core of the endeavor, and it is the first step when you are trying to make sure that you fulfill your most basic responsibilities. At the same time, as the years pass and you start to think about your legacy in earnest, you may start to empathize with your loved ones. They will be going through a difficult time immediately after your passing, and you can ease the procedural burden … [Read more...] about Have You Considered Your Final Arrangements?
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What Can a Special Needs Trusts Provide for the Beneficiary?
A special needs trust is a legal device that is used to provide an inheritance to a person with a disability. We are going to look at the ways that the trustee can utilize the assets, but before we get there, we will share some fundamental facts to provide context. Need-Based Government Benefits Everyone needs health insurance, but it is absolutely essential for people with disabilities that will need expensive care throughout their lives. Many of these folks cannot work, so they do not get … [Read more...] about What Can a Special Needs Trusts Provide for the Beneficiary?
Using Disclaimers to Achieve Client Goals: Double Disclaimers
Disclaimers can be a good way of getting assets where you want them to go. If the disclaimer is a “qualified disclaimer,” the client isn’t treated as having made a taxable gift. Sometimes a “double disclaimer” is necessary to achieve the desired outcome. Read on to learn more. … [Read more...] about Using Disclaimers to Achieve Client Goals: Double Disclaimers
Five Reasons to Put an Estate Plan in Place
If you are going through life without an estate plan, you may feel as though it is not important because things will naturally fall into place. In reality, planning is a must for a number of different reasons, and we will share five of them in this post. Prevent Intestacy The condition of dying without any estate planning documents is called intestacy. Imagine the situation your loved ones would face if they find out that you died intestate while they are dealing with the emotional part of the … [Read more...] about Five Reasons to Put an Estate Plan in Place
Why Would Someone Use a Life Estate?
There are many tools in the estate planning toolkit, and as a layperson, you may hear bits and pieces about some of them. Incomplete information can lead to mistakes that yield negative consequences later on, so knowledge is power in this regard. With this in mind, we will look at the estate planning device called the life estate in this post. Real Property Transfers You can potentially use a life estate to facilitate the future transfer of your place of residence or any other type of real … [Read more...] about Why Would Someone Use a Life Estate?
