The decision to need long-term care is often fraught with emotion. Often family members have preconceived notions about the quality of care and facilities that are available. Depending on the type of long-term care needed, it can be very expensive. This is largely because it isn’t covered by regular health...
When planning your estate, it’s important to know what constitutes probate and non-probate assets. This will help ensure that your wishes are carried out as planned. For example, if you own an individually owned savings account that is worth $20,000, it will pass to your children according to your will....
If you’ve lost a loved one, it’s important to know how probate and estate administration work so that you can protect your assets and interests. Probate is the court process of settling an estate and distributing all property to beneficiaries. Estate administration, on the other hand, is the administrative process...
A durable power of attorney is a legal document where you appoint someone to make financial decisions on your behalf. This is a very useful tool for life planning. Unlike a non-durable power of attorney, a durable power of attorney lasts until you pass away or the order is revoked....
When a person creates a living trust, they name a trustee to manage their assets. This trustee will then distribute the trust’s assets to one or more beneficiaries upon the grantor’s death. This can be useful in situations where a person becomes incapacitated and unable to manage their finances. The...
A pour-over will is created along with a trust to ensure that all assets avoid probate upon a testator’s death. The assets will then be transferred to the trust after death and distributed according to the instructions in the pour-over will. A pour-over will is particularly useful when the testator...
Divorce is a difficult and emotional time for anyone, but it is important to ensure your assets are protected from legal disputes between you and your former spouse. One way to do this is by updating your estate plan. This will ensure your wishes are carried out when you pass...
If you have a significant amount of highly appreciated assets (stock, real estate, or other property), a charitable remainder trust can be an excellent way to convert those assets into income and save capital gains taxes. Creating a charitable remainder trust requires careful planning and legal expertise. An Edelman Financial...
Most people put off estate planning because they think they aren’t old enough, they don’t have enough assets, they don’t know where to begin or who can help them or they simply don’t want to deal with it. But everyone over the age of 18 should have some important documents...
When a non-US citizen spouse is named as a beneficiary, there are issues that can arise for the US estate. These include issues with taxes, inheritance and fiduciary duties. A trust is a legal entity created to hold and administer funds and assets for the benefit of its beneficiaries. It...
Medicaid is a joint federal-state program that helps cover medical costs for people who have limited income and resources. It covers a variety of health care services, including doctor visits, hospital stays, and long-term care. It also helps provide special nutrition services through WIC. Many Americans would not have access...
There are a number of things that can make a probate invalid. Some of these include lack of testamentary capacity or the presence of undue influence. When a will is deemed invalid by the court, the estate is divided according to the law of intestate succession. Typically, the person contesting...
In the US, inheritance laws can be complicated. It’s a good idea to consult a financial advisor to understand what your heirs may be entitled to after you pass away. It’s important to make sure you’re realistic about the amount you are leaving to your heirs, assess your current financial...
If you have been named as a beneficiary to someone else’s trust or estate, it’s important that you are aware of your rights. It’s also critical that you be proactive in ensuring that you receive the inheritance to which you are entitled. Beneficiaries fall into two broad categories: primary beneficiaries...
There are a lot of people who have a question about who is entitled to someone’s estate. The answer can depend on many different factors. Intestate succession laws, inheritance, and who is the surviving spouse are just a few of the many questions that may come up. Survivor spouse If...
Revocable If you are looking for a way to pass your assets on to your loved ones without the burden of estate taxes, a revocable trust may be the answer for you. A revocable trust is an arrangement in which the owner of the assets, called the “grantor,” has complete...
In order to prove a legal guardianship of a child, you need to show the court evidence of the person’s duty to the child and that they have authority to do so. You can use letters of authority or certified copies of court records. Certified copies of court records When...
If you want to avoid paying taxes on your income, you need to take advantage of a trust. There are various types of trusts, including revocable and irrevocable gift trusts. These trusts are also known as living or discretionary trusts. You will need to know the benefits and drawbacks of...
The “Five and Five Rule” is an estate planning tool used to give a trust beneficiary the power to exert some of the controls over an asset. This tool can also be used to impose certain conditions on an estate plan. Lastly, it can be used to review an estate...
Living trusts can be very helpful if you are interested in minimizing the amount of estate taxes you will pay. In addition, a living trust can also help you avoid court proceedings. If you have personal property or mineral rights that you would like to protect, you can place those...
There are three main types of property law. These are tenancy in common, personal property, and real property. Each type has its own governing rules and regulations. Real property Real property law covers a variety of topics, including the sale of land, mortgages, and other forms of financing. It also...
