Estate planning includes planning for scenarios that may or may not occur and having advanced directives in place. Here are the different types of documents that may be used in a basic estate plan.
Category: Estate Planning and Administration
As you know, probate – or “estate administration,” as it is called in North Carolina – is the process for legally transferring a deceased person’s property and assets to their...
Social Security Disability, Medicaid, and many other government programs consider a person’s income and assets when determining eligibility. Their rules allow the person to receive benefits from a special needs trust without changing the individual’s eligibility.
If you fail to provide for your pet via an estate plan, your pet may face an uncertain future.
Forbes examines a few different situations in which updating your estate plan may be necessary. For example, financial changes are among the most common reasons; if you come into a lot of money or lose a sum of money; and moving to a new state.
Establishing an LLC will allow you to set up the operating rules. You can make the rules about usage, maintenance, and costs. You also can add a stipulation that prohibits the sale of the property to anyone outside the family.
It is true that Medicaid will help people who are below a certain income threshold with assisted living. However, there is a very strict look back period for Medicaid to ensure that individuals do not divest themselves of all their assets and then apply for Medicaid.
The supplemental needs trust also allows you to choose a trusted adult or trust company to care for and assist your loved one. This can provide a considerable amount of peace of mind. This is also a good time to make sure that your loved one has the right advocates in place to help with other kinds of decisions as well—from health care to living arrangements.
An end-of-life directive, also known as a living will, is a legal document that allows you to state the extent to which you want, or do not want, life-sustaining treatment in the event that you are in an irreversible coma or other permanent vegetative state.
Understanding how trusts operate may help you decide which type works best for you. There are many types of trusts but you choose the best type for your assets and how it will benefit your heirs in the future.