It is a common misconception that any type of living trust can protect your assets from nursing home expenses. While there are various types of trusts, not all of them offer asset protection. Those that do are subject to certain requirements or limitations. However, if you engage in proper nursing home planning, including the use of an appropriate trust, you may be able to avoid exhausting your assets just to pay for nursing home costs. Revocable Living Trusts A revocable trust, more … [Read more...] about Using a Living Trust for Nursing Home Planning
Revocable Living Trust
When it comes to things like maintaining control of your assets during your lifetime and avoiding probate of your estate after death, a living trust is a great choice. It is common for clients to search for ways to avoid the time-consuming, expensive probate process, without having to relinquish complete control of their assets during their lifetime. Here are some of the most important living trust benefits you should consider when creating your estate plan. Understanding what a living trust … [Read more...] about Do You Know about Living Trust Benefits?
Here's a good rule of thumb: do-it-yourself (DIY) is for remodeling and arts and crafts. Sure, there are great DIY magazines out there and DIY products online for you to try. But when it comes to drafting your will or trust, or any other estate planning tool, DIY is not the way to go. DIY wills and trusts can ultimately cause you more problems than you could imagine. Despite the low cost and simplicity of DIY wills, trusts and other online legal forms, there is still a great risk that your … [Read more...] about Do It Yourself Wills and Trusts are not a Quick Fix
When a parent dies, the surviving family members are typically at a loss as to what needs to be done legally, to handle their assets. Here’s a step-by-step guide to get you started on what you need to do when a parent dies. The best advice, though, is to first consult with an experienced and qualified estate planning attorney to make sure you have covered everything. He or she can help guide you through the process, comply with the many legal requirements of estate administration and help you … [Read more...] about Steps to Take When a Parent Dies
The importance of trusts in estate planning is seen in their ability to minimize estate taxes and hopefully avoid probate. A trust is basically a fiduciary agreement, one based on trust and confidence, between the person making the trust (grantor) and the trustee. This agreement gives the trustee the authority to manage the assets of the trust and distribute those assets to the beneficiaries as specified in the trust agreement. There are several different types of trusts with their own … [Read more...] about Trusts Can Satisfy Many Different Objectives
You may know that living trusts provide the benefit of being able to almost completely avoid the requirement that your property pass through probate before your inheritors receive it, but living trusts also offer you the opportunity to ensure that your property is properly managed should something happen to you. Like a power of attorney, you can use a living trust to have someone manage your property if you are suddenly injured, fall ill, or otherwise rendered incapacitated. Here’s how it … [Read more...] about Using a Living Trust in Emergencies
Question 1: What is a trust and how does it work? One way to think about a trust is as a kind of company that you create. This company has a specific purpose or objective that you can select. It will be run or managed by someone you choose, known as the trustee, and can own property just as a company can. It will also use that property for the benefit of other people that you name, known as the beneficiaries. There are, of course, significant differences between a trust and a business … [Read more...] about A Few Basic Questions About Trusts
Question 1: Can I change my revocable living trust? What about an irrevocable trust? Anyone who creates a revocable living trust, known as a trustor, can change the terms of that trust at any time as long as he or she is mentally capable. You cannot change the terms of your trust after you die by, for example, dictating the amendment through your last will and testament. Also, if you created the revocable living trust jointly with a spouse, both you and your spouse will have to agree to any … [Read more...] about Three Considerations When Deciding About Amending A Trust
If you have recently suffered the loss of a family member or loved one, you may be concerned about the legal steps required to probate the decedent’s estate. Probate is the legal process in court by which a decedent’s estate assets are inventoried and valued, debts of the decedent are paid and assets eventually transferred to the beneficiaries or heirs of the estate. Whether or not an estate must go through probate depends on a number of factors. Wills, Trusts, and Estate matters are governed … [Read more...] about Do All Estates Have to Go Through Probate?
Perhaps the most common form of estate planning today involves a Revocable Living Trust. Normally, when you create a Revocable Living Trust, you retitle your assets in the name of the trust and use them for your own benefit. After you pass away, the Trust distributes any remaining assets in the Trust to the named beneficiaries according to the terms of the Trust. However, there are other ways to use a Revocable Living Trust to distribute your assets to your heirs. If you have young children, it … [Read more...] about Revocable Living Trusts Are Not All the Same