Estate planning can seem like a mysterious and complicated matter, but it can be broken down to its component parts. In this post, we will look at five essential documents that should be part of every estate plan. Will or Trust The facilitation of asset transfers is at the core of the estate planning process. You could use a will to state your final wishes, but it is not the best choice unless your situation is extremely simple and straightforward. A living trust is the ideal alternative … [Read more...] about You Need These Five Estate Planning Documents
One of the most commonly held misconceptions about estate planning is the idea that you can no longer access or control assets that you convey into a trust. There is some truth in this, because there are irrevocable trusts, and you cannot act as the trustee if you establish this type of trust. However, the revocable living trust is in a different category. You can rescind the trust after the fact, and you can act as the trustee and the beneficiary while you are alive and well. Let’s look … [Read more...] about Why Would You Use a Trust Instead of a Will?
Before we get to the question that serves as the title this blog post, there are some people that don't understand why they would ever have to worry about Medicaid coverage. We will provide a brief explanation to make that clear, and then we will move on to the subject at hand. Medicare and Long-Term Care Most Americans are going to qualify for Medicare when they reach the age of 65 under currently existing laws. Since this program was conceived as a source of health insurance for senior … [Read more...] about Does Medicaid Count Assets in a Living Trust?
A lot of people think that trusts are only used by very wealthy families with estate tax concerns. In reality, this is not the case when it comes to the revocable living trust, and we will look at the benefits here. No Loss of Control The first thing that we want to establish is the fact that you maintain direct personal control of assets that you convey into a revocable living trust. You would act as the trustee and the beneficiary while you are alive and well, and as the name would indicate, … [Read more...] about Living Trusts Provide Multiple Benefits
When a last will is used to transfer assets, the process of probate will be a major factor. In a will, you would name an executor, and this individual would act as the estate administrator. They would be required to admit the will to probate, and the court would provide supervision. The probate court is responsible for determining the validity of the will that is submitted. Because of this, anyone that wants to come forward to contest the validity of the will could do so during … [Read more...] about Address Possible Estate Challenges
Probate is the legal process of estate administration. If you use a will, you would name an executor to carry out your final wishes, and the probate court would provide supervision. This court would also be involved if you were to pass away without any estate planning documents at all. In some instances, a child or an incapacitated adult will need a guardian. This is another matter that would be handled by the probate court. In this post, we will look at five things you should know about … [Read more...] about Five Key Facts About Probate
The estate planning attorneys here at our firm often explain the anatomy of living trusts to interested clients. Before we proceed to do just that, we should point out the fact that a revocable living trust can be a very useful alternative to a last will. Assets cannot be distributed until the estate has been probated when a will is utilized, and the wait for the inheritors will typically be somewhere around a year. There are also myriad expenses the pile up during probate, and the money … [Read more...] about What Does a Trustee Do?
Revocable living trusts are a good estate planning solution for many people, and this includes those who would not consider themselves to be wealthy. However, there are things they can and cannot accomplish and we would like to provide some clarity here. A revocable living trust is indeed revocable in a literal sense, so you can change the terms or dissolve the trust if you choose to do so. Most people also act as both the trustee the beneficiary while they are still alive so they retain … [Read more...] about What Living Trusts Do & Do Not Accomplish
You may have heard about living trusts and have questions about why you would want to use such a trust to arrange for the transfer of your assets after your passing. We have prepared an informative report that will answer all of your questions and provide you with some insight into why living trusts are becoming so popular these days. To obtain your free Connecticut living trust report simply click this link and complete the form that you will see so that we know where to send access: … [Read more...] about Connecticut Living Trust Information
You should be aware of all of your options when you are planning your estate. People are sometimes hardwired to the idea that estate planning revolves around a last will. In fact, you don't have to use a will to arrange for the transfer of your assets, and there are reasons why you may want to choose an alternative vehicle of asset transfer. One of these would be a revocable living trust. There are those who are under the misguided impression that these trusts are only good for the extremely … [Read more...] about Three Things to Know About Living Trusts