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Creating a trust offers a strategic way to manage and distribute assets while reducing complications. One critical decision involves designating beneficiaries in the trust's name or the trustee's name. Understanding the differences ensures smooth asset distribution...
Gifting assets to family members may seem like a smart way to protect wealth, but it can impact eligibility for Medicaid coverage. Medicaid has strict rules to ensure applicants meet financial requirements, and improper transfers can result in penalties or...
Creating an estate plan can feel overwhelming, but taking the time to think about your future and how to protect your loved ones is crucial. Before getting started, it's helpful to ask yourself some important questions to ensure that your estate plan truly reflects...
Adding a trust to one's estate plan can be a positive step toward future financial goals. Depending on those goals, though, choosing between a revocable and irrevocable trust might be a significant decision with major implications. Both types of trusts offer notable...
Special needs trusts (SNTs) are crucial tools in estate planning for families with a disabled loved one. They help protect government benefits like Medicaid and Supplemental Security Income (SSI) by ensuring that assets are managed without disqualifying the...
When one spouse needs to enter a nursing home, the costs can overwhelm a couple's finances. These expenses can quickly drain assets, potentially leading to the loss of their home. However, a spousal protection trust offers a safeguard against this financial burden....
Estate planning involves making decisions about how to distribute assets after death. Proper asset titling is an important part of this process. By understanding different titling strategies, individuals can ensure their assets pass smoothly to beneficiaries while...
A trust agreement is a crucial legal document that must meet certain conditions to be valid. When a trust agreement fails to do so a court may deem it invalid. Understanding these potential pitfalls can help you ensure that a trust agreement meets all legal...
When clients come to me with concerns about probate, I often suggest looking into Pay-On-Death (POD) accounts. These accounts can be a simple and effective way to ensure that assets pass directly to the beneficiaries without the need for probate. But how reliable are...
Estate planning could seem confusing and intimidating at first. Many people avoid it because of common myths that create fear and hesitation. Knowing the truth about estate planning can help people in multiple ways. Myth 1: Only the wealthy need estate planning Many...