You are not alone if you are a financially successful person with a spendthrift in the family, and this can present a significant estate planning challenge. On the one hand, the person in question has often come to you for financial assistance. You are always willing to help, but you will not be around forever.If you leave a direct inheritance to this family member who is not good with money, the family member may burn through it very quickly. Going forward, there would be nowhere to turn … [Read more...]
What Is a Stretch IRA?
There are some helpful strategies you can choose during the estate planning process that many people never think about. This is one of the major reasons why you should develop a relationship with a licensed attorney that can explain your options to you. Personalized attention is key, and that’s exactly what you get when you work with our firm. With that in mind, we will look at the stretch IRA, an opportunity you may be able to take advantage of if you have an individual retirement account … [Read more...]
A Look at Four Different Types of Wills
A lot of people are under the impression that estate planning revolves around the creation of a last will. In reality, there are a multitude of different legal devices in the estate planning toolkit. Plus, this comes as a surprise to many people, but there are multiple types of wills. We will look at four different wills in this blog post to provide some insight. Last Wills Of course, the most commonly utilized estate planning document is the last will or last will and testament. You can state … [Read more...]
A Probate Attorney Can Provide Assistance
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...]
Why You Need A Probate Lawyer
When you are planning your estate you would do well to engage the services of a local northern Kentucky probate lawyer. Though you have alternatives, such as a revocable living trust, if you use a last will as your primary vehicle to transfer assets, your estate must pass through the legal process of probate. So when your will is being constructed, it should be done with the expectations of the local probate court in mind.This is something to consider when you see websites claiming that it … [Read more...]
What Protections are Available for the Healthy Spouses of Medicaid Recipients?
If you are a community spouse for purposes of Medicaid, then you may be entitled to certain protections when your spouse becomes a nursing home resident so discuss your options with our Florence Medicaid lawyer.A community spouse is the healthy spouse of a Medicaid recipient who still lives at home while the recipient is in a nursing home. In light of the income and asset limitations imposed by Medicaid, there are some protections in place for the community spouse who remains in the home, … [Read more...]
Florence Trust Lawyers Explain the Importance of Funding
A living trust can be an effective building block to construct your estate plan around because it is a versatile device, that is a good fit, for a wide range of people. You can benefit from a living trust, even if you do not consider yourself to be wealthy. But, when it comes to trust administration proper funding is crucial. Let our Florence trust lawyers explain. How a revocable living trust works The revocable living trust is an estate planning device that you should certainly explore … [Read more...]
Planning For a Child With Special Needs
Any family that cares for a child with special needs must consider special needs planning as a part of their overall estate plan. Why? Because someone has to be able to take care of that child in the event of the parents’ death. A special needs trust can be just the solution you’re looking for. Parents of children with developmental disabilities and other special needs often face unique challenges when it comes to estate planning. A simple will or trust is not enough While the average family … [Read more...]
Pros and Cons of Revocable vs Irrevocable Trusts
For many people, the choice between an irrevocable trust and a revocable trust comes down to a matter of asset control. The truth is that there are some clear differences in benefits that should also be considered. Trusts have been around for a very long time, but they’ve only really begun to gain mainstream acceptance in the last several decades. When it comes to choosing between an irrevocable and a revocable trust, our estate planning lawyers can help you decide between revocable vs … [Read more...]
What is Considered a Countable Asset for Medicaid?
When you have been fully capable throughout your life, the concept of long-term care can seem alien to you. This may be especially true if you have taken good care of your health throughout your life. You could assume that it is unlikely that you ever need long-term care, but cannot overlook the costs of long-term care should you ever need it. Here, our Charlotte Medicaid lawyers will explain Medicaid countable assets. Longevity plays a factor in the need for early planning First of all, we … [Read more...]
