What is a Revocable Living Trust?

A Revocable Living Trust is an estate planning option that manages and protects the assets of the individual (grantor) during their lifetime. The Revocable Trust can be amended or revoked as the grantor desires and is included in estate taxes. The Revocable Trust lays out the guidelines of operation for the Trust, what powers the trustee has or does [...]

By |2021-05-25T16:06:19+00:00February 26th, 2021||0 Comments

What is a Last Will and Testament?

A Last Will and Testament is a legal document that communicates a person’s final wishes pertaining to assets and dependents at the time of their death. A person’s Last Will and Testament outlines who will receive their residuary estate. It also outlines who is in charge of the administration of their estate (Executor). In [...]

By |2021-05-25T16:18:45+00:00February 26th, 2021||0 Comments

What is a Living Will?

A Living Will is a legal document in which you have the opportunity to state your wishes regarding life-prolonging treatment and artificially provided nutrition and hydration if or when you no longer have decisional capacity, have a terminal condition, and become permanently unconscious with no hope of recovery as determined by your attending physician [...]

By |2021-05-25T16:29:54+00:00February 26th, 2021||0 Comments

What is a Special Needs Trust?

A Special Needs Trust is an Irrevocable Trust used when a beneficiary has disabilities (which can be either physical or mental) and receiving government benefits. This type of Irrevocable Trust is used to preserve eligibility for an individual receiving government benefits for programs through the Social Security Administration such as the Supplemental Security Income [...]

By |2021-05-25T16:30:59+00:00February 26th, 2021||0 Comments

What is a Prenuptial Agreement and a Postnuptial Agreement?

A Prenuptial Agreement is executed prior to marriage and a Postnuptial Agreement is executed after a marriage takes place. If your family is the result of multiple marriages or prior relationships, a Prenuptial or Postnuptial Agreement can be an effective estate planning tool to ensure that children from different marriages or relationships will be [...]

By |2021-05-25T16:32:38+00:00February 26th, 2021||0 Comments

What is an Irrevocable Trust?

An Irrevocable Trust cannot be altered amended or terminated by the person creating it. Once the assets are transferred into the Trust without retention of any kind of power over the assets, the person creating the Trust can no longer regain ownership of that asset. However, it provides certain benefits that a Revocable Trust [...]

By |2021-05-25T16:33:37+00:00February 26th, 2021||0 Comments

What is a Miller Trust?

A Miller Trust, also called Qualified Income Trusts, is an Irrevocable Trust that provides a way for Medicaid applicants who have income over Medicaid’s limit to become eligible for Medicaid long term care. In short, income over Medicaid’s limit, is put into a Trust and therefore not counted as income, thus allowing the applicant [...]

By |2021-05-25T16:34:52+00:00February 26th, 2021||0 Comments
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