A living trust is an estate planning instrument that allows a person to move assets into a trust to be managed by a trustee for benefit of named beneficiaries. Grantors can serve as their own trustee and also be beneficiaries of the trust during their lifetime.
Dementia is a general term that is used to describe memory loss and impairment in cognitive thinking abilities. Over 40 million people suffer from dementia symptoms.
Most states will recognize these documents and honor them if they were properly executed in the state in which they were created. This is not always the case.
The marital deduction provides that transfers, both during life and at death, from one spouse to another are free from estate and gift tax liability. The deduction amount is unlimited.
When we meet with clients to discuss options for funding long-term care that helps to preserve assets for a surviving spouse or to leave a legacy to the next generation, we hear a lot of complaints about traditional long-term care insurance. What we mean by “traditional” is that the policy insures against future long-term care expenses, requires an annual premium, does not have any cash value or death benefit and premiums can increase in the future.
When you draft a will, the attorney will ask who you want to name as your executor/personal representative. In order to best answer this question, you need to understand all the responsibilities involved.
During the estate planning consultation, you may determine that a living trust accomplishes some of your goals such as avoiding probate, maintaining privacy or setting up terms for asset distribution. The attorneys will create your trust document and you will sign and execute it.
Medicaid planning is a long-term care planning strategy that helps an aging adult or couple protect assets while working towards qualifying for Medicaid government assistance with expenses related to nursing home or in-home care. To qualify for Medicaid, you must meet income and asset limitations imposed by the regulations.
