If you served your country in the United States Armed Forces, or you are a surviving dependent of someone who did, the country owes you a debt of gratitude that can never truly be repaid. Nevertheless, the government does attempt to give back to veterans and their dependents in the form of veterans benefits. Though you may already know about many of the benefits to which you are entitled, a veterans benefits attorney discusses what veterans need to know about some of the more common … [Read more...]
Common Estate Planning Tools Explained
Although most Americans acknowledge the need to have at least a basic estate plan in place, more than half of them do not have one. Various explanations are given for the seeming disparity, including the fact that estate planning can be intimidating for the first-time planner. Along with the need to make potentially life-changing decisions, estate planning involves the use of a number of tools and strategies with which the average person is not familiar. To help take some of the mystery out of … [Read more...]
Is an Inherited IRA Taxable to the Beneficiary?
In recent decades, the popularity of individual retirement accounts (IRAs) has increased significantly as more and more companies do away with employer-sponsored pensions. The ubiquitous nature of IRAs make it increasingly likely that a beneficiary will inherit an IRA as part of an estate after the death of the owner of the estate. If you are one of those beneficiaries, you may be wondering if an inherited IRA is taxable to the beneficiary? What Happens to an IRA When the Account Owner … [Read more...]
Can a Beneficiary Do Anything If the Trustee Isn’t Following the Trust Terms?
Often, an inheritance is left to loved ones through a trust instead of as a direct gift in a Last Will and Testament. As the beneficiary of a trust, you must depend on the Trustee to manage the trust assets and administer the trust using the terms created by the Settlor (creator of the trust). You also must count on the Trustee to distribute the assets to you pursuant to the terms of the trust and/or the authorize distributions if the Trustee has discretionary authority with regard to … [Read more...]
How Do I Modify or Revoke My Revocable Trust?
Though once thought of as only benefitting the wealthiest among us, trusts are now commonly used by the average person to accomplish a wide range of estate planning goals. If you do include a revocable trust in your estate plan, you may later find that you want to modify, or even revoke, that trust. You may be surprised to learn that modifying or revoking a trust if often easier than making changes to your Last Will and Testament; however, if the proper steps are not followed, an attempt to … [Read more...]
Can Medicaid Go after My Estate Assets after I Die?
As much as we all would prefer not to think about, we all stand a chance of ending up in a nursing home as a senior. In fact, the longer you live, the more likely it becomes that you, or your spouse, will need long-term care (LTC). Given the high cost of LTC, it should not be surprising that over half of all seniors currently living in a long-term care facility depend on Medicaid to help them with the high cost of that care. You may have heard about how difficult it can be to qualify for … [Read more...]
Careful Planning Can Avoid Guardianship
Over the course of your lifetime, you will have made millions of decisions for yourself. Most people do not like the idea of turning over the decision-making authority to someone else; however, the reality is that at some point it may be necessary. By planning ahead, you can choose to whom you hand over that authority instead of letting a court decide through a guardianship petition. The Illinois Quad City probate attorneys at Nash, Nash, Bean & Ford, LLP explain what you can do now to avoid … [Read more...]
Are You Planning for Long-Term Care? LTC Planning Month Is a Good Time to Get Started
Although we enjoy a much longer average life expectancy in the United States than our ancestors did just a century ago, the natural aging process will catch up with all of us eventually. With that in mind, why not get started on your long-term care planning this October during Long-Term Care Planning Month? Each year, the month of October is designated as Long-Term Care Planning Month in the United States, providing the perfect opportunity to ensure that both you and your assets are protected … [Read more...]
Court Narrows Field to 2 in Battle Over Manson Estate
Celebrity estate battles frequently serve as examples of the importance of having a well thought out estate plan in place, as well as what can happen when you don’t have a plan in place. The fact that there is yet another “celebrity” estate battle making the news, therefore, should come as no real surprise. The identity of the “celebrity,” however, may come as quite a shock. Charles Manson, who died in prison last year, left very few assets behind; yet, several people have thrown their hat into … [Read more...]
Moline Trust Lawyers Explain How a Trust Helps Avoid Probate
For most people, a Last Will and Testament is the first estate planning document they create. That same Will may continue to serve as the foundation of their estate plan for many years to come. If your Will remains the cornerstone of your estate plan, it might be time to consider another option if probate avoidance is important to you. A trust can accomplish most of the same goals as a Will while also offering a number of additional estate planning benefits, including probate avoidance. The … [Read more...]
