You can have several different goals for your estate plan but that can sometimes get a little bit tricky. Complexities can arise when you have children from a previous marriage and you get married again. On the one hand, you want to make sure that your new spouse is provided for after your death. On the other hand, you probably want to take care of your children as well. Our Ashland trust attorney wants to tell you about a QTIP trust and how it can improve your estate plan. What Type of Trust … [Read more...]
What Happens If I Leave Assets Out of My Living Trust?
Our Florence living trust lawyer believes that a living trust can be an effective tool for constructing your estate plan. This is because living trusts are very versatile and are usually a great fit for most people and their goals. You don’t have to be super rich to benefit from a living trust, either. Regardless, if you do not properly fund your trust, there could be serious consequences. Let our Florence living trust lawyer explain what happens if you leave assets out of your … [Read more...]
What are the Advantages of an Irrevocable Trust?
The importance of protecting your wealth cannot be overstated. There are many effective strategies that can be used in asset protection planning to benefit you and your family now and in the future. Irrevocable trusts are one strategy, but there are others. If you spend your life accumulating your wealth and assets, you should know your options for protecting them. Keep in mind that you don’t have to be extremely wealth for your assets to be at risk. Using Irrevocable Trusts for Asset … [Read more...]
Charlotte Medicaid Attorneys Explain How to Protect Healthy Spouses
When one spouse applies for Medicaid benefits in order to fund long-term healthcare, the other spouse is often referred to as the “healthy spouse” or the “community spouse.” If you know anything about Medicaid benefits, you know that protecting your assets from Medicaid recovery is typically a concern, this concern grows when there is a healthy spouse involved. Let our Charlotte Medicaid attorney explain strategies for protecting the healthy spouse while applying for Medicaid benefits. Medicaid … [Read more...]
Estate Planning vs Will: What is the Difference?
We all know that death is an inescapable part of life. With that realization comes the need to plan, in some way, for this eventuality. Believe it or not, most Americans do not have an appropriate plan for what happens to their estate after their deaths. A common question that many clients have when they first begin to consider the need for estate planning is: what is the different between estate planning and having a will? In other words, aren’t they the same thing? Not at all. Estate Planning … [Read more...]
What Assets Can You Have and Still Qualify for Medicaid?
Medicare will pay for covered medical expenses and convalescent care after surgery, but it will not pay for long-term custodial care. This type of care is very expensive, and most people cannot comfortably pay out-of-pocket. As a result, many elders seek Medicaid eligibility, because Medicaid will pay for long-term care. Medicaid pays for the majority of the long-term care that is received by seniors in the United States. Why would this be the case when most people are going to qualify for … [Read more...]
Huntersville Living Trust Compared to the Last Will and Testament
Although most people believe that estate planning involves only creating a last will and testament, a will is not always the best option and it is certainly not the only one. If you use a will to state your final wishes, your heirs will receive lump-sum inheritances. However, everyone is not good at managing money, and this can be disconcerting. Let our Huntersville living trust attorney explain how using a living trust can be a better choice than a simple will.One way to deal with this is … [Read more...]
Important Advice for Estate Executors in Ashland, KY
While being named as an executor of an estate is a real honor, there’s more to the role than most people think. Let our Ashland probate attorney provide some important advice for estate executors in Ashland, KY. When a loved one asks you to serve as an executor of an estate, chances are that your first thought isn’t about all the work that job requires. If you’re like most people, there’s an initial rush of satisfaction and a feeling that you’ve just been given a tremendous honor. Serving as an … [Read more...]
What Does a Living Trust Do For You?
While considering estate planning strategies, you may be wondering, “what does a living trust do for you?” It really depends on what your estate planning goals are. Revocable living trusts are a great option for many people but they may not satisfy the needs of every client. Your living trust attorneys can help you determine how you can get the most out of your trust during your lifetime. What are Some of the Benefits of a Living Trust? Since a revocable living trust can be amended or revoked, … [Read more...]
Do You Know the Basics of Charlotte Trust Administration?
Charlotte trust administration is often an important component of estate planning. The importance of the trustee’s role cannot be overlooked. The trustee is the individual who has been selected for the responsibility of managing the trust property and performing the terms of the trust agreement. In order to properly fulfill the duties of a trustee, you need to know a few important aspects of Charlotte trust administration. Charlotte Trust Administration Can Be a Complicated Process A common … [Read more...]
