Estate Planning

Medicaid provides health care coverage for qualifying low-income residents in the U.S. While it is a federally mandated program, Medicaid is operated at the state level. With a comprehensive application process and stringent eligibility requirements, it can be frustrating to gain access to Medicaid benefits. This is unfortunate, especially when you consider how many people need access to the program for covering things like doctor visits and nursing home care.
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A living trust as a legal construct in which assets can be stored for distribution at some point and under certain specified conditions to the trust beneficiaries. The trust is managed by the trustee according to the terms set forth in the trust document and for the benefit of the beneficiaries. Many people establish a living trust in order to avoid the probate process. Probate is the public, court-supervised process of administering a decedent’ estate. It can be time consuming and costly.

To establish a trust, the trustor, the creator of the trust, transfers assets into the trust and appoints a trustee to manage the trust for the benefit of the beneficiaries. Trusts can be established for a number of reasons, including probate avoidance, and have many benefits. If you are looking to include a trust in your estate plan, you will need to choose a trustee to manage that trust.
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Taxes are rarely anyone’s favorite subject. With tax season just wrapping up, you may have had your fill of the topic for a while. Regardless, however, taxes remain an important thing to confront. This may be especially true in the

Have you ever heard of a living trust? Have you ever considered using a living trust in your estate plan? While an extremely useful estate planning tool, many have not heard of a living trust or, may have heard of it, but have never considered adding to their estate plan. That is mainly because trusts remain mysterious to most. Many view it is something that wealthy individuals establish for things like tax purposes. The truth is, however, that trusts can be useful to everyone. To give you a clearer picture of what a living trust is, we will discuss the pros and cons of living trusts here.
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When you think about estate planning, you may start to wonder about what an estate really is. What is included in this estate you are planning for? It is a good question and a great way to begin reflecting on your estate and how you want it to be handled after you pass away. Let’s take a look at the different meanings of the word “estate” and the implications the relevant definitions can have on your estate planning process.

Many single parents are the sole providers and caregivers to their children. It is important to approach estate planning for single parents with this in mind. In a strong estate plan, the tools used will reflect the unique circumstances of the individual. Single parents, here are some things to consider when engaging in estate planning.

Estate Planning Considerations for Single Parents

One of the big things that single parents should consider when estate planning is the possibility of getting remarried.

We are all guilty of it. We take for granted our health. When we are feeling good, it can be difficult to imagine feeling otherwise. Health is, of course, a gift to be enjoyed, but it is not something to be complacent about. Even those of us who do all we can to maintain a safe and happy lifestyle are not immune from injury or sudden illness that could leave us incapacitated.
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When you think of estate planning, you may think of who you want to inherit your home, your financial holdings, and other higher financial value items. This is, after all, an important part of estate planning and absolutely something that merits significant reflection. Amidst all of your estate planning decision making efforts, remember to take stock of your sentimental assets as well. Not all assets of significance have great financial value, after all. Some of your most treasured items may not be worth something to someone who does not know you, but may be something close to your heart, nonetheless.
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Are you planning on leaving your home to your children after you pass away? Many people do, especially considering a home is often a person’s most substantial asset. If you know that you want your children to inherit your home, the next step is deciding on how you want to make sure this happens.

Ways to Make Sure Your Children Inherit Your Home

A will is probably the best known estate planning tool for asset distribution after a person dies. In a will, you can simply state that you wish for your children to inherit your home. Most often, a person transfers ownership interests in equal shares to his or her surviving children.
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If you have dipped your toe into the estate planning world, you likely know that there are a plethora of legal tools that may be used in an estate plan despite most people only having a passing familiarity with wills. In fact, did you know that many people opt to put a living trust in place to supplant the role of a will in distributing assets of an estate? It’s true! Both wills and living trusts can be used as estate planning tools to help ensure your assets are properly protected and distributed to your heirs upon your death. So, what is the difference between a will and a living trust?

The Differences Between a Will and Living Trust

A will is a written legal document used to express the wishes of the testator, the person creating a will. A will outlines how the testator wishes for his or her affairs to be handled after dying. It can direct that certain assets be distributed to family, friends, or even charities.
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