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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,...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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Special needs trusts (SNTs) are important because they allow a disabled person to keep their assets in a trust for their benefit. These trusts are also necessary because disabled people cannot manage their finances on their own and need to receive help. An SNT helps keep the assets out of...
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An asset protection trust is a great way to avoid a lawsuit if something were to happen to you. With this type of trust, your assets will be protected from creditors, and you’ll have fewer worries about what might happen to your assets. Typically, the only assets that aren’t protected...
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Many people do not know what a will is, but it’s a legal document that outlines the person’s wishes for their property after they pass away. A will specifies who will manage the property until its final distribution. While it’s common to have a living trust set up, having a...
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A revocable living trust is a legally binding document that allows you to make decisions for the management of your trust’s assets after you pass away. Your successor trustee will be tasked with making decisions for the trust in your absence, without the involvement of a court. The benefits of...
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A living trust is a legal arrangement that transfers rights to someone else. The person holding the right gives it to the person with the legal duty to protect it for the benefit of the other person. It is the ideal way to transfer wealth and other assets to loved...
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Having a will can be very useful, and it can help protect your assets when you pass away. The main purpose of a will is to provide your loved ones with your wishes after you pass away. You can also include your beneficiaries, who should receive your property when you...
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Many people don’t understand the importance of making a will. This legal document specifies how you want your assets distributed after your death. Although it won’t take effect until you die, it can still be changed at any time. To make a valid will, you must meet several requirements set...
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What Should You Not Put in a Living Trust? Depending on your situation, some assets should not go into a living trust. It is important to consult with a professional estate planner before making any final decisions about what to include and what to leave out. For example, a trust...
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Power of attorney and guardianship are two legal arrangements wherein someone acts for someone’s benefit in case the person becomes incapacitated. The power of attorney allows the designated individual to make decisions on their behalf when it comes to financial matters. The purpose of both arrangements is to protect a...
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A bloodline trust is an estate planning document in which you designate one person to receive your child’s inheritance when you die. The intention is to protect your daughter’s inheritance from equitable distribution if you and your husband were to separate. A bloodline-based trust may be the best way to...
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Survivorship life insurance policies are important tools in estate planning, because proceeds from a policy can pay off taxes if a spouse dies first. This type of insurance is beneficial because the proceeds from a policy pass directly to beneficiaries, rather than the surviving spouse. It also can be useful...