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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...
As part of long term care planning prior to retirement, consider Social Security and other retirement benefits. It is important to know what your income, or maybe both you and your spouse's incomes, will be as you get older. What will you need to live on? What will...
Estate planning seems to come up as people prepare to go on vacations. Why? Maybe they are concerned about not coming back from vacation or suffering an accident while travelling. Whatever the reason, besides packing, stopping the newspaper (if they still get one...
As you may recall, Powers of Attorney in Pennsylvania were changed beginning on January 1, 2015. I last wrote about some of the changes on October 26, 2014 and wanted to write about some of the provisions. My prior post had talked about the change in the NOTICE that...
When doing Medicaid or Medical Assistance planning (also known as long term care planning), it is helpful to know what figures are used by the Pennsylvania Department of Human Services (formerly the Department of Public Welfare) to determine when an individual is...
Long term care planning can often involve the use of family caregivers to provide services to older loved ones. Who is a caregiver? It could be anyone who helps an older person with medication, drives an older person to appointments, picks up groceries or...
As part of estate planning for special needs individuals and their families, supplemental needs trusts and special needs trusts have been around for years. Beginning in 2015, based on changes in the law, there is now another alternative for those who are deemed...