Domestic Asset Protection Trusts protect assets from creditors, are seen by some as a better alternative than certain business entities that have a similar purpose. A Domestic Asset Protection Trust (DAPT) is a special type of irrevocable trust. It allows the grantor to also be a discretionary beneficiary of the trust, while still providing important asset protection from creditors. A Domestic Asset Protection Trust may come with certain benefits, but some asset protection attorneys recommend … [Read more...]
Using a Third-Party Trust for Special Needs Planning
For Sacramento area residents who have special needs or a loved one who does, a special needs trust can be an important part of their special needs planning. Special needs trusts are typically used as a method for providing resources for those with special needs in the event their caregiver is no longer able to continue providing the support and care they need. A third-party trust is one type of trust to consider. How basic trusts operate The primary purpose of a trust is to protect the … [Read more...]
Basics of Estate Planning: Getting the Most out of Charitable Gifts
This is another in a series of blogs on the basics of estate planning. Often, an individual wants to make a gift to charity. They don’t want something complicated, but they want to get the most bang for their buck. Estate planning attorneys and other financial professionals know the client could just contribute cash to the charity. Certainly, that would be fine with the charity. But, there are ways which would be just as good for the charity, and would give a better result to the … [Read more...]
Basics of Estate Planning: Two Common Mistakes with Trusts
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 bend and you’ll end up with a difficult situation. Here are a couple common errors with the use of trusts, and how they could be … [Read more...]
Trust Administration Lawyers Explain Beneficiary Defective Irrevocable Trusts
There are many advantages to using a trust as part of your estate plan. Trusts are very useful because they can provide a means for avoiding probate. Depending on the type of trust you choose, they can provide asset protection, as well. There is a special type of irrevocable trust, the beneficiary defective irrevocable trust, which could provide special advantages to your beneficiary. Lets look at what they are and how they work The basics of a trust A trust is essentially a fiduciary … [Read more...]
What are the Differences between Wills and Trusts?
While you might be quite familiar with wills and trusts, you may not be so familiar with the actual differences between these two common estate planning tools. Wills and trusts serve very different purposes when it comes to estate planning. Nevertheless, despite their differences both can work together to establish a comprehensive estate plan. Wills and trusts are great strategies for estate planning Regardless of age or the size of your potential estate, it is important to be prepared and to … [Read more...]
California Bill Limits Medi-Cal Recovery Against Probate Estates
It is generally understood that California’s Medicaid program, known as Medi-Cal, has the ability to seek reimbursement of the medical costs paid out during an individual’s lifetime from that person’s probate estate after their death. In fact, this is a big concern for most people considering whether to apply for Medi-Cal to cover their nursing home expenses. However, we are aware of the new bill recently passed in California that limits Medi-Cal’s recovery against your probate … [Read more...]
Do Estate Planning Lawyers Recommend Digital Estate Planning?
Having your own a customized estate plan has become more and more common. Digital estate planning has also become more common. But, what exactly is meant by digital estate planning? Nowadays, everyone has at least one digital asset, if not many. Digital assets include any property that is either based on a computer or involves the internet is some way, like online businesses and email accounts. Planning for who should inherit those assets and who should have the necessary information to access … [Read more...]
How Can Medi-Cal Planning Save Previously Transferred Assets?
One of the primary concerns clients have about Medi-Cal eligibility deals with previously transferred assets. In many cases, clients have already taken some bad advice and given away their assets in anticipation of applying for Medi-Cal benefits. However, as Medi-Cal planning lawyers understand, there are still options even for your previously transferred assets. Here is what you need to know. Medi-Cal eligibility for Sacramento residents Medi-Cal is essentially one basic benefits program that … [Read more...]
Estate Planning Tips for Newlyweds
When a couple ties the knot, their lives change in a variety of ways. When a couple begins their new lives together, it is important to think about all of the changes and updates that need to be made. Having a comprehensive estate plan that includes both people is a great way to start. With the help of our Sacramento estate planning lawyers, you can be sure that you are both on the same page with regard to financial affairs, health care, and end of life decisions. The need to update … [Read more...]
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