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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...
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By Fate Kersey
In the past, property owners did not have to care how they used their land, but today, property owners are held accountable to governmental regulations. Zoning may restrict the size, cost, height, and a number of improvements on the property. Covenants may restrict the use of the real estate, typically...
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By Fate Kersey
Having a solid estate plan is crucial for all assets. It will help eliminate any misunderstandings over who gets what when you pass away. Even small estates will benefit from a well-thought-out plan. Consider the following four factors when putting together a comprehensive estate plan: A will is traditionally the...
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By Fate Kersey
If you’re wondering how much does it cost to set up s a special needs trust, you’ve come to the right place. Here’s a list of common fees and additional information to consider. First, there’s the asset management fee. If you choose a third-party asset management company, this fee is...
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By Fate Kersey
If you’re looking to protect your assets, you should consider some asset protection plans. These plans will help you limit the amount of money that can be stolen, while providing your beneficiaries with the peace of mind that they’re getting the protection they need. This is because many types of...
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By Fate Kersey
You may be wondering how long it takes a lawyer to do a revokable trust. It can vary significantly based on the complexity of the trust. Fortunately, there are several things that you can do to reduce the time it takes to complete the trust process. For one thing, you...
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By Fate Kersey
A special needs trust (SNT) is an estate planning tool used by people with disabilities to provide financial support to the person with the greatest need. Unlike ordinary trusts, these trusts must include explicit language that states they are intended to be supplemental care trusts. They must also contain language...
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By Fate Kersey
Why is asset protection important? It’s important for a variety of reasons, including safeguarding your property and minimizing risk. Asset protection is necessary for business owners, since it allows them to borrow money and supply customers without fear of losing everything. It can also be helpful for property managers who...
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By Fate Kersey
If your child has special needs and you have a Special Needs Trust, you need to know what happens to your child’s funds at your death. If your child has public benefits, they would continue receiving them. If your child is unable to work, your assets in a Special Needs...
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By Fate Kersey
If you want to protect your assets, you may be wondering how to create an asset protection trust. While the idea is simple, this type of trust requires some planning. You may need to set up an asset protection trust if you own a home or have other property. You...