Wills are legally binding documents that are used to distribute assets and personal property upon death. To be legally binding, they must be in place when a person dies. While a will may never need updating, it is a good idea to update it whenever something significant occurs in one’s...
What does Estate Law include? Estate planning involves a variety of processes, from drafting a will to transferring property after the death of a person. Estates are legal entities that take care of people and property after the death of an individual. Estate law sets out the decisions that need...
A special needs trust, also known as a supplemental needs trust in some jurisdictions, is a legal document that allows a disabled beneficiary to access property held in trust for their benefit. The trust provides the disabled beneficiary with the opportunity to enjoy the property while they are unable to...
There are two basic types of special needs trusts. First, there are pooled trusts, which are a combination of resources from multiple people. The funds are managed by a third party, such as a grandparent, family member, or friend. A third-party pool trust is a good option for people with...
Using a will is the traditional way to distribute your assets upon death, but there are many benefits to creating a trust instead. A trust avoids probate and is private and will not become public record. A trust can also spell out who will care for your dependents if you...
In today’s world, asset protection is a must. It not only helps protect your property, but also allows you to run your business in a friendly environment. For example, if you own a property management company, you can manage your rentals separately from your personal property. With asset protection, you...
Do you have assets? If so, do you have a legal structure that can protect them? There are many different ways to protect your assets, including separate legal structures, partnerships, and trusts. Some of these structures are common and legal, while others are illegal money-making scams on unsuspecting individuals. Common...
How much should I expect to pay for estate-planning services? The fee for an estate-planning service depends on the scope of the planning, whether it takes a couple of hours or several months. You may be surprised to learn that an attorney can charge significantly more than a general practitioner....
If you are looking to establish a special needs trust, you will need to understand the terms. In addition to the trust, you will need to decide on the trustee. Your trustee can be a family member or a trusted outsider. The purpose of a special needs trust is to...
A bloodline trust works in much the same way as a basic will, with one major difference: the assets of the trust are protected from third-party heirs. It is a great way to avoid conflicts in your family, such as if your daughter-in-law can’t manage your inheritance. If you’re unsure...
If your estate is largely comprised of tangible assets, such as cars and art, the estate planning process will become much simpler. However, there are four important factors to consider when determining the appropriate estate plan. You can make your life easier and avoid hefty taxes with careful planning. These...
Before hiring an estate planning attorney, ask yourself the following questions: What is your personal situation? Does your situation require a specialized attorney? Will you be more satisfied with an attorney with another specialty? Although all attorneys are required to pass the bar exam to practice law in their state,...
One of the main purposes of real estate law is to protect the integrity of property ownership. The law applies to all aspects of buying, selling, and leasing of residential properties, as well as to the rules surrounding non-owner use of real estate. It governs both voluntary and involuntary transfers...
A special needs trust is a legal document that protects an individual with a disability. In this example, Mrs. Jones, who lives in a nursing home, transfers assets to her daughter, Jane. She does this to protect Jane and to qualify her for Medicaid. By transferring her assets to a...
When you have the time, you may wonder: Can I do estate planning myself? The truth is that you don’t have to be an attorney to create an estate plan. While the process may seem complicated, it is not. If you’re not an attorney, you may have to hire someone...
Whether or not a person is disabled or not, a special needs trust can be beneficial to them. While not all government benefits require a trust, those that are means-tested are likely to. Medicaid, for example, has a limit of $2,000, and all assets above that amount must go into...
A trust lawyer will help you create a will or other legal document that directs the distribution of your assets after you pass away. A trust lawyer will also draft the proper documents to protect your assets from lawsuits, taxes, and other concerns. These professionals are trained to make sure...
There are many resources to help you find a trust and wills attorney, and the internet is a great place to start your search. You can ask friends or family for recommendations, or contact your state bar association. Check out their Web site to see if they have a member...
When the beneficiary of a special needs trust passes away, what happens to their assets? There are several different options, but all involve taxes. First, a SNT may be funded by a third party, such as a parent or relative. If not, a third party can fund it on its...
There are many forms of asset protection, including irrevocable trusts, family limited partnerships, and limited liability companies. Asset protection is a very important aspect of any business, and can help protect your assets from creditors, lawsuits, and legal proceedings. Identifying your current situation and future goals will help you decide...
There are many reasons why you might want to know how to set up a special needs trust for your child. Perhaps you have concerns about the financial cost, or you are uncertain about the role each person will play in your child’s life. Whatever the reason, these documents can...
