The most important reason to work with an experienced estate planning lawyer to put your plan in place is so you have a comprehensive understanding of your options. As a layperson, you are not going to know why you should choose a particular course of action. Many people take an overly simplistic approach. They assume that you should use a will to transfer assets because they think that trusts are only for multimillionaires with complex holdings. In reality, this is an oversimplification. There … [Read more...] about Own Property Out of State? You Need a Living Trust
People sometimes pass around information about estate planning that is incomplete or distorted, and they take action that is based on these misguided notions. In this post, we will look at three of these misconceptions to help you avoid mistakes that may yield negative consequences. #1-You can plan your estate yourself with generic documents that you can get online. If you search for information about estate planning on the internet, you will run across ads that are placed by companies that sell … [Read more...] about Three Misconceptions That Lead to Estate Plan Mistakes
It is important to understand the fact that estate planning is an unfolding process rather than a one-time event. The first estate plan that you put in place will be based on your financial situation, your intentions, and your family dynamic at the time that it is created. Over the years, things will probably change, and estate plan revisions will be necessary. Growing Family When you are first setting out as a self-supporting adult, you should have a basic estate plan in place. Your employer … [Read more...] about Your Original Estate Plan May Not Be the Final Version
Probate is a legal process that takes place under the supervision of a court. It is necessary when assets are going to be transferred through the terms of a will. The probate court would provide supervision if there was no will at all. The process serves a purpose because creditors have a chance to come forward seeking satisfaction during probate before the assets are distributed to the heirs. It also provides a forum for anyone that wants to challenge the validity of the will. Though it is not … [Read more...] about Is a Payable on Death Account Subject to Probate?
If you are leaving an inheritance to someone with a disability, this could affect his or her government benefit eligibility. Many people with disabilities rely on Medicaid for health insurance, and some receive income through the Supplemental Security Income (SSI) program. We are often asked if people in this situation will lose their benefits if they receive a direct inheritance? The answer is yes, but only if the inheritance is large enough to trigger loss of eligibility. Fortunately, … [Read more...] about Does an Inheritance Impact Medicaid Eligibility?
The members of the Millennial Generation, those between 25 and 40 years of age, often believe they do not need an estate plan at the present time. Caring.com conducts annual surveys to measure the estate planning preparedness of American adults and uncovered an interesting trend this year. Percentages have been declining over recent years, but there was an uptick in planning among people between 18 and 34. In 2020, 16.4 percent of them had estate plans in place, and the number went up to … [Read more...] about Yes, Estate Planning Is Necessary for Millennials
Many attorneys and financial professionals recommend you have a revocable living trust as it facilitates asset transfers outside of probate. If you use a will, it is admitted to probate, which can be a costly and time-consuming legal process. In addition to the time and money factor, there is a loss of privacy because the records are available to the public. When a living trust is used, the assets are distributed outside of probate, so these drawbacks are avoided. This is a major positive, … [Read more...] about Five Living Trust Benefits That May Surprise You
If you are worried about preserving your legacy, you can be proactive when you plan your estate. Asset protection planning can provide you with peace of mind while you are living. In this post, we will look at different types of asset protection you may want to consider. Small Business Owners, Professionals, and Investors If you own your own business, you should create a shield of separation between your personal property and business-related actions. A commonly used asset protection … [Read more...] about Asset Protection: Take Proactive Steps to Preserve Your Legacy
As you age, you invariably find you do not have the same physical capabilities you once had. If you are like most people, you can take care of your day-to-day needs without assistance, even if you are in your 50s or 60s. No one wants to rely on someone else, but things can be very different when you reach an advanced age. Living into your 80s may seem like an iffy prospect, but the statistics say you may likely experience life as an octogenarian. Longevity Statistics If you visit the Social … [Read more...] about Life As an Octogenarian Could Be Your Future
A lot of people do not understand why they should be concerned about Medicaid eligibility because they are not aware of the long-term care implications. This program will pay for a stay in a nursing home, and there is a Medicaid waiver that will cover in-home custodial care. Why should you care about any of this if you are going to qualify for Medicare? Though a lot of people question the fairness of this fact of life, Medicare does not cover long-term care for seniors that need help with … [Read more...] about Will Medicaid Count My Life Insurance?