Although most people continue to use a Last Will and Testament as their primary estate planning document, another option has become increasingly popular as well – a trust. Trusts are also commonly used as a secondary estate planning tool that can help achieve a specific goal, such as incapacity planning or asset protection. Regardless of what type of trust is used, and what the trust is intended to accomplish, all trusts must have a Trustee, appointed by the Settlor (the trust creator) whose … [Read more...]
Medicaid Attorneys Explain the Community Spouse Rules
The average American can now expect to live almost twice as long as his/her ancestor did just a century ago. Living longer, however, also comes with an increase in the likelihood of needing long-term care (LTC). If you do end up needing LTC, the high cost of that care also means you may end up turning to Medicaid for help covering your LTC expenses. To qualify for Medicaid though, you cannot exceed the program’s (very low) income and asset limits. Where does that leave your spouse, however, if … [Read more...]
Can Probate Attorneys Help Me Contest a Will?
The time period immediately following the death of a family member is one that is typically filled with a number of heightened emotions, including grief, despair, and even anger. It can also be a confusing time for those left behind as they try and focus on the practical and legal ramifications of their loved one’s passing. The decedent’s Last Will and Testament must be submitted to the appropriate court for probate as soon after his/her death as possible. One of the first steps in the probate … [Read more...]
Why You May Not Want Your Spouse As A Trustee
Although a Last Will and Testament remains the most common estate planning document, even a relatively simple estate plan will typically require additional tools and strategies to accomplish all the goals of the plan. A trust is among the most popular of these additional tools, due in large part to the flexible nature of a trust and the numerous estate planning goals that can be furthered through the use of a trust agreement. If you decide to include a trust in your estate plan, you will need to … [Read more...]
Top 5 Questions for Estate Planning Lawyers
Despite understanding the importance of having an estate plan in place, over half of all Americans do not have one. Moreover, many of those who do have a plan fail to update and/or expand their plan as needed. One of the primary reasons for the lack of a plan, or for an inadequate plan, is the simple fact that estate planning can be intimidating, confusing or "I'll put it off until next month/year". The average person doesn’t know when to start planning, what to include in a plan, nor when … [Read more...]
Living Trust Attorneys Explain How to Modify or Revoke a Trust
A comprehensive estate plan will almost always employ ancillary documents in addition to a Last Will and Testament in order to accomplish all of the plan’s goals and objective. One of the most popular of these ancillary documents is a Living Trust. In fact, your estate plan may include more than one trust agreement given how flexible a trust can be. Of course, most people also find that their estate planning needs and goals change as they move through the various stages of their life. What … [Read more...]
Probate Attorneys Explain What Happens If the Decedent Didn’t Have a Will
When a family member or close loved one dies, one of the first practical tasks people do is look for the decedent’s Last Will and Testament. What happens though if you can’t find a Will? Not everyone gets around to executing a Will before they die. If you recently lost a loved one, and are wondering what to do in the absence of a Will, a probate attorney explains what happens next. What Is Probate? When an individual dies, that person leaves behind a legal estate consisting of all assets owned … [Read more...]
Why Professional Trustees Make Better Trustees
To create a comprehensive estate plan that addresses all of your estate planning needs and goals you will need to incorporate a variety of estate planning tools and strategies into your overall plan. One of the most common of those tools is a trust. In fact, trusts are frequently found in the average estate plan today. If you are contemplating the use of a trust in your estate plan, one of the most important decisions you will need to make when you create your trust is who to appoint as your … [Read more...]
Basics of Estate Planning: Two Common Mistakes with Trusts
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. This is another in a series of blogs on the basics of estate planning. Trusts are incredibly useful tools. But, like other useful tools, they do not fit every circumstance. They must be used appropriately. For example, a hammer is an exceptional tool to use when looking to drive a nail into a wall. But, if you hit the nail with a glancing blow, the nail will … [Read more...]
Basics of Estate Planning: Lack of Coordination
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. Is your estate plan coordinated? Perhaps the most common mistake in estate planning is a lack of coordination. This is not where the client, attorney, or adviser cannot walk and chew gum at the same time. This is a failure to consider all the different aspects of a plan and how they may (or may not) work together. An ever-increasing share of an individual’s … [Read more...]
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