The last will is the most commonly utilized vehicle of asset transfer in the field of estate planning. That being stated, many people have misconceptions about the administration process when a will is used. They envision a solemn meeting taking place after the funeral that centers around the “reading of the will” and the imminent distribution of assets. In reality, things are handled much differently.Your estate would be probated if you use a last will as the centerpiece of your estate … [Read more...]
Trust Administration and the Role of the Trustee
When you find out about some of the drawbacks that come with using a last will as the centerpiece of your estate plan, you may be interested in an alternative. For many, the legal device called a revocable living trust will be a better choice. Contrary to popular belief, you don’t have to be extremely wealthy to benefit from this type of trust.There are other trusts that can be utilized, and we will look at them in future blog posts. In this piece, we will examine the trust administration … [Read more...]
The Fundamentals of Estate Planning
Estate planning should be viewed as a relatively broad process that includes several different aspects. The ideal estate plan will vary depending on the situation, because each case is different, and there are multiple approaches that can be taken. That being said, there is a foundation that applies to everyone, and we will take a look at it in this blog post. Avoiding Intestacy The most basic reason why you should put an estate plan in place is to avoid intestacy. This is what happens if you … [Read more...]
Can I Qualify for Medicaid as a Homeowner?
If you are going to qualify for Medicare when you reach the age of 65, you may feel as though Medicaid is not relevant to you. After all, you have planned for retirement, you expect to have savings and income, and you own your own home. Medicaid is a program that is only available to people with virtually no financial resources, right?This is true, but Charlotte elder law attorneys counsel many people about a key Medicaid benefit. The reason why a significant percentage of seniors ultimately … [Read more...]
An Explanation of the Medicaid Look-Back Period
We are going to focus on the Medicaid look-back period in this post, but first, we should explain why this program is relevant to many senior citizens who will qualify for Medicare.Most people will need living assistance eventually, and nursing homes are extremely expensive. Medicare will not pay for this type of care, but Medicaid will cover these costs if you become eligible. You are probably aware that this program is only available to people with sparse financial resources so there is a … [Read more...]
Don’t Overlook Incapacity Planning
When you are thinking about the subject of estate planning, the matter of asset transfers will be front and center. It is definitely important to take the right steps to get bequests into the hands of your loved ones in the best manner. There are a number of approaches you can take, and this is why you should discuss your options with a licensed estate planning attorney from our firm.This being said, there are some other matters to address when you are devising your estate plan. In addition … [Read more...]
Preserve Benefits With a Supplemental Needs Trust
When you plan your estate, you are naturally going to evaluate the assets that you have to pass along to your loved ones and decide how to go about doing it. On the other side of the coin, it is also important to consider the life situation of each person on your inheritance list. With this in mind, we will look at the value of supplemental needs trusts in this blog post. Need-Based Benefits If there is someone with special needs that you would like to provide for in your estate plan, you have … [Read more...]
What Is a Limited Liability Company?
Asset protection can be a concern if you are the owner of a business or a professional practice. There are always litigious types out there who look for successful people to target so you have to be vigilant and take the right steps to protect what you have earned.Many different types of business owners could be targeted by litigants, but people who are in certain lines of work are more vulnerable than others. If you are in one of these high-risk professions (think medical, pharmaceutical, … [Read more...]
What Is a First Party Special Needs Trust?
People with disabilities often rely on need-based government benefit programs. Medicaid is a health insurance program. It is jointly administered by the federal government along with each state government. Supplemental Security Income is another need-based benefit program that provides income for people with disabilities. Since these are need-based programs, there are income and asset limits. It is possible to use a special needs trust to make assets available to enhance the beneficiary's … [Read more...]
What Are the Drawbacks of Joint Tenancy?
You should certainly consider the source when someone is giving you advice, including in the estate planning realm. Sometimes people mean well, and they make suggestions, but they do not understand all of the facts. As a result, misconceptions can circulate, and they can lead to negative consequences. With this in mind, we will look at the drawbacks of joint tenancy in this blog post.A Simple Solution?Joint tenancy is pretty straightforward on the surface. A joint tenant is a co-owner of … [Read more...]
