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By Fate Kersey
What happens when you die without a will? Intestate succession laws govern what happens to your estate if you have no will. Intestate succession laws specify who will inherit your property. Survivors, siblings, and friends will inherit your property, but if you have no children, the state will take the...
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By Fate Kersey
The question of what happens to the funds in a Special Needs Trust (SNT) when the beneficiary dies has a complicated answer. It all depends on how the SNT is set up. The money belonging to the beneficiary should not be placed in the same fund as third-party funds. And...
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By Fate Kersey
Pros and cons of creating a special needs trust for disabled children. These trusts have very strict distribution rules that prevent beneficiaries from receiving Medicaid or SSI benefits if they receive significant cash distributions. Disqualification is likely if the trust does not meet this stringent standard. But this restriction doesn’t...
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By Fate Kersey
In this case, a special needs trust was necessary because the children refused to serve as attorney-in-fact for their mother. When these children refused, the attorney went to the family and found a cousin who agreed to act as her attorney-in-fact. As a result, a special needs trust was established...
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By Fate Kersey
As an individual, it is essential to prepare an estate plan in advance to ensure that your wishes will be carried out in case something unfortunate happens to you. You should consider who you want to be the executor of your estate, and consider who will be your alternates. An...
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By Fate Kersey
What is the main difference between a traditional trust and a special needs one? Essentially, a special needs trust is a trust that is made up exclusively for the benefit of a person with special needs. The assets of such a trust are managed by a trustee, who is usually...
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By Fate Kersey
You may not be aware of it, but a will does not have to be registered to be valid. Even though it requires additional work, a will still serves as a legal document, so it’s important to know where to look for it. It’s the last chance to leave instructions...
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By Fate Kersey
The purpose of a special needs trust is to provide funds to help your special-needs loved one. Although most trusts are set up using insurance proceeds or a portion of the parents’ estate, you can also set one up with no funds. In either case, it will pay for the...
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By Fate Kersey
You are entitled to an attorney for a number of reasons, including the right to represent you in court. If you or your loved one is deemed legally incompetent, the court can appoint a guardian to make decisions for them. The guardian can also make changes to the guardianship if...
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By Fate Kersey
What is the estate planning process? The estate planning process involves taking steps to protect your assets, minimize expenses, and pay any estate taxes. There are different strategies for each asset type, including real estate, business interests, and family-owned businesses. Trusts and permanent life insurance are also commonly used. An...
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By Fate Kersey
When it comes to protecting your loved one’s financial future, a Special Needs Trust is a wise choice. These trusts protect government benefits and secure an inheritance or court settlement for a disabled individual. Because the disabled individual can’t manage their own money, there is a lower risk of exploitation....
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By Fate Kersey
When you’re struggling with financial problems, you may be asking yourself: “Do I need asset protection?” If you answered “yes” to either of these questions, then you’re on the right track. However, you should keep in mind that there are many different kinds of asset protection strategies available. Some of...
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By Fate Kersey
While a will is necessary for clarifying details, it is not sufficient on its own. Estate planning includes a will and other legal documents that outline how your assets will be distributed upon your death. You need to consult an attorney for advice, as well. Here are some benefits of...
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By Fate Kersey
There are two different types of special needs trusts. Self-settled trusts are often used for personal injury settlements, while third-party special needs trusts are set up through a third party. The main difference between self-settled trusts and third-party special needs trusts is that a self-settled trust must repay Medicaid for...
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By Fate Kersey
A Special Needs Trust is a legal arrangement in which one party holds property for the benefit of another. State laws vary, but generally a person can create a trust for a disabled relative and keep it within the maximum resource limit. Property in a Special Needs Trust can include...
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By Fate Kersey
Estate Law is the field of law that deals with the financial and property matters of a deceased person. It includes a number of basic obligations and can include a variety of transactional and litigation issues. Listed below are a few common estate planning topics: Estate lawyers assist clients in...
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By Fate Kersey
Many people do not understand what the difference is between estate and elder law, and are often unaware of their rights. But understanding what these two fields of law are important is the first step to avoiding a conflict or tragedy. Fortunately, there are several legal professionals who offer a...
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By Fate Kersey
What can the funds in a special needs account be used for? The standard for what the money can be used for is broad, but there are some restrictions. Distributions must benefit the beneficiary. This can include purchasing a car, a home, furniture, medical supplies, and even vacation money. Social...
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By Fate Kersey
Unlike a traditional trust, which passes ownership to family members, a Bloodline Trust passes to a child or grandchild in perpetuity. Its purpose is to protect an inheritance from creditors and a divorce. However, a child may become a poor manager of money and may spend the inheritance foolishly, so...
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By Fate Kersey
When choosing an estate planning attorney, ask yourself a few important questions. Will the attorney ask you questions? Do they seem genuinely interested in your situation? Will they offer you a free consultation? If not, you should find out what they charge for their services. Once you’ve narrowed down your...
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By Fate Kersey
If you are considering setting up a special needs trust, you might be wondering: what are the rules? There are several important aspects to consider when making this kind of trust. Most importantly, these trusts are not funded until the beneficiary dies. In other words, if your child has many...