Comprehensive Elder Law Services Addressing a Full Range of Legal Issues
A goal of estate planning for many parents is to leave assets to adult children and other heirs. In some cases, however, parents may worry about the possible negative consequences of doing so. Consider these statistics: According to a recent report issued by U.S....
For any parent, providing for the basic and higher needs of a child is a top priority. As a child grows, a parent's list of concerns typically evolves from worrying about and providing for a child's basic needs and physical safety to ensuring that a son or daughter...
Trusts of various types have been described in the last several blogs - Revocable, Irrevocable, Testamentary and Special Needs. There are other types of trusts as well, such as those for charities, pets, or education. Whether or not Trusts are right for your...
Special Needs Trusts are funded with the assets of a special needs or disabled beneficiary and are intended to preserve eligibility for Medicaid (Medical Assistance), Supplemental Security Income (SSI) and other government benefits. The beneficiary may have obtained...
Testamentary Trusts are trusts that are in a Last Will and Testament. These Trusts have Settlors (who set up the Trusts by writing them in their Wills), Trustees (who manage the Trusts after the Testator passes away and the estate has been administered) and...
Irrevocable Trusts may be used for estate planning or long term care planning purposes to protect assets. Irrevocable Trusts, like Revocable Living Trusts, have Settlors (who set up the trust), Trustees (who manage it) and beneficiaries (who receive benefits from...
Revocable Living Trusts may hold assets during your lifetime so that you or someone else can manage them. Revocable Living Trusts have Settlors (who set up the trust), Trustees (who manage it) and beneficiaries (who receive benefits from it). These Trusts are often...
Trusts are separate legal entities set up to handle one's affairs and to hold assets. Trusts may be prepared as part of estate planning. Every trust has a Settlor or Grantor (the person or person setting up the trust), a Trustee (the person or persons managing and...