- Can a Nursing Home Take Our Assets? We Have a $1 Million IRA and a Trust to Protect Us
As we age, many of us will need some form of long-term care, whether at home or in a facility. With nursing home costs averaging over $90,000 per year, long-term care expenses can add up quickly. While Medicaid can help you cover these costs, it has strict eligibility requirements that may require you to spend… read more…
- What Is Right of Survivorship and How Does It Work?
The right to survivorship refers to the legal principle that upon the death of a joint owner, the remaining owner(s) automatically inherit the deceased owner’s share of property or assets without having to pass through probate. Here’s how it works. A financial advisor can help you ensure that your assets are set up to avoid… read more…
- How to Avoid Probate in Michigan
Navigating the complexities of estate planning can be daunting, especially when it comes to understanding probate laws. Probate is a legal process in which a deceased person’s estate is settled and distributed. It can be a time-consuming and potentially expensive for those involved. Here is what you need to know about avoiding probate if you… read more…
- How the Lady Bird Deed Works in Florida
If you’re looking to transfer real estate property to a beneficiary when you die, a Lady Bird deed might do the trick. This powerful estate planning instrument is a popular choice among Florida homeowners. This state laws aims to safeguard properties from Medicaid estate recovery and circumvent probate. Let’s breakdown how a lady bird deed… read more…
- How to Amend a Living Trust in California
Living trusts are a fundamental pillar of estate planning. But they need to be dynamic, adapting to your evolving needs and circumstances. Often, these changes are weighty enough to necessitate the altering of your living trust. If you want to amend a living trust in California, understanding the difference between revocable and irrevocable trusts is… read more…
- How to Avoid Probate in California
Depending on the nature of any given asset, there are ways to avoid probate. Probate is the process of managing and distributing someone’s assets after they have died. For someone who dies with a will, the probate court will establish its validity, oversee distribution of assets, manage disputes, and handle any other necessary matters. For someone… read more…
- ‘Upstream Gifting’ Can Help You Avoid Estate Taxes and Preserve Your Stepped-Up Basis
Estate planning usually involves determining how to pass assets on to younger generations. But instead of leaving a piece of real estate, bank account or burgeoning stock portfolio to your children, the smarter tax move might be to leave those assets to your parents. That’s the crux of a clever tax minimization strategy known as… read more…
- How to Avoid Probate in Virginia
When a Virginian dies with assets such as a house, car, bank accounts and investments, these assets usually must go through probate before being distributed to heirs. The probate process ensures that assets go where they should but can take over a year and incur fees. Virginia’s process can be particularly long and costly and… read more…
- How to Avoid Probate in Texas
Having a probate court wade through your estate can be time-consuming, stressful, and expensive. It can also be a public spectacle if disputes develop. Fortunately, there are numerous strategies to sidestep probate, preserve assets and ensure a smooth transfer to loved ones. If you live in Texas, you can implement five key tools to avoid… read more…
- How to Avoid Probate in New York
Imagine you’ve just lost a loved one, and while you’re still grappling with the emotional loss, you find yourself trapped in the snares of the legal system trying to sort out their estate. This legal process is called probate and can add a daunting layer of complexity, time demands and expenses to an already challenging… read more…
- How to Avoid Probate in Arizona
Probate is a legal process triggered after a person’s death. It can be lengthy, expensive and public, potentially adding unnecessary stress during an already challenging time. However, thoughtful planning and an understanding of Arizona’s specific probate laws could potentially help your estate bypass this process, aiming to ensure that your assets are distributed according to… read more…
- Can a Nursing Home Take Our Assets? We Have a $500k IRA and a Trust to Protect Us
Can a nursing home seize your savings? What if your money is in a trust or a Roth IRA? For married and single retirees alike, these are important questions with nuanced answers. First for the good news: A nursing home cannot simply take your retirement accounts or savings. Short of legal action due to an… read more…
- How to Avoid Probate in Ohio
Probate is a critical legal process for handling someone’s assets when they pass away. The court oversees the allocation of assets, consuming time and resources. While this process serves as a vital framework for estate management, alternative estate planning options enable your estate to bypass probate. Doing so is advantageous because probate can experience delays… read more…
- Differences Between a Living Trust and a Will in Arizona
A living trust can help you to manage your assets during your lifetime and beyond. A will, on the other hand, is specifically designed to allow you to direct the distribution of your assets after your death. Where you live and the amount of assets that you have can influence whether you need to include… read more…
- Differences Between a Living Trust and a Will in Florida
Weighing whether you need a trust vs. will in Florida? A last will and testament is a basic building block for establishing an estate plan. You may, however, need to consider adding a trust to your plan if you have significant assets or a more complicated estate. There are some important differences between the two… read more…
- Differences Between a Living Trust and a Will in Texas
A living trust and a will serve different purposes in Texas estate planning, each with its own benefits and limitations. A living trust allows assets to bypass probate, offering a smoother transition of property to beneficiaries, while a will outlines asset distribution but typically requires probate court approval. Texas law recognizes both options, but factors… read more…
- Estate Planning Tips to Protect Intellectual Property
Estate planning is a crucial process to ensure that your assets are distributed according to your wishes after passing. While many people focus on tangible assets like homes and investments, it’s equally important to consider the protection of intellectual property (IP). Intellectual property can include patents and trademarks and may hold substantial value. Just as… read more…
- Living Trust vs. Will in California: Differences and How to Choose
Today’s financial decision shape the future for children, great-grandchildren and future descendants. For Californians, navigating the landscape of living trusts and wills is paramount in ensuring a seamless asset transition and safeguarding family members’ well-being. Each of these legal instruments carries advantages and considerations, offering distinct avenues toward realizing your legacy. Read on to equip… read more…
- Pros and Cons of Starting a Private Family Foundation
Private family foundations have gained popularity as a means for wealthy families to make a positive impact on society while maintaining control over their charitable endeavors. However, like any philanthropic venture, they come with their own set of advantages and disadvantages. A financial advisor can help you determine whether a private family foundation is right… read more…
- How to Make a Succession Plan for a Family Business
Who takes over the reins of your family business when you step down is a critical question for the long-term success of the business. The issue becomes even more complex and sensitive when dealing with a family business where personal relationships and business dynamics intersect. As shown in studies conducted over several years, the majority… read more…
- How to Create a Trust Fund for Your Grandchildren
Creating a trust fund for your grandchildren can be an effective strategy, not just for the wealthy, but for anyone interested in financial planning. It can provide a level of financial security and a safety net for the future. But doing so requires careful consideration, understanding of different trust types, clear instructions, and in many… read more…
- Trust Fund vs. Will for Estate Planning
Estate planning involves both trust funds and wills to help ensure the smooth transition of assets to your beneficiaries. A trust fund is a legal entity that holds and manages assets on behalf of another individual or organization. A will, on the other hand, is a legal document that directs the distribution of assets after… read more…
- How to Build Wealth With an Inheritance
Money passed down to the next generation comes with feelings of gratefulness, loss and responsibility. In addition, receiving an inheritance worth hundreds of thousands of dollars can be jarring. It offers an extraordinary opportunity to secure your financial future, but doing so requires knowledge and discipline. From assessing your current financial standing to deploying savvy… read more…
- What Is a Family Limited Partnership?
A family limited partnership (FLP) is a complex structure that serves a strategic purpose for individuals desiring to manage and protect family assets, limit liability and potentially secure tax benefits. This article targets families interested in estate planning, providing a comprehensive understanding of how FLPs function, their advantages and disadvantages, as well as tips on… read more…
- Does Putting Your Home in a Trust Protect It From Medicaid?
An individual can protect their assets from Medicaid, including their home, by placing them into a trust. Essentially, the assets become owned by the trust and not by the individual. This mechanism can decrease the individual’s asset count for Medicaid eligibility, presenting a way to potentially conserve wealth and secure necessary medical care. However, like all… read more…