Estate planning is not a “one and done” endeavor. It should be viewed as an ongoing process, because your initial estate plan will be based on your life at that time. The only constant is change, and life events will invariably trigger the need for estate plan updates. In addition to the provisions that are obviously necessary, you should review your estate plan with your attorney periodically to address events that are out of your control. As a layperson, you may not follow legislative … [Read more...] about Revise Your Estate Plan Before It’s Too Late
A fiduciary is someone that has a legal obligation to serve the best interests of another individual or individuals. There are fiduciaries that play a role estate planning, and we will look at them here. Estate Executor The simple will is the most commonly used estate planning document. If you create a will to direct postmortem asset transfers, you would name an executor to act as the administrator after your passing. An estate executor is a prime example of a fiduciary. They would be … [Read more...] about What Is a Fiduciary Duty?
Many individuals with disabilities rely on Medicaid as a much-needed source of health insurance, and they can also receive Supplemental Security Income (SSI). These are need-based programs, so you cannot qualify if you have significant assets. Once eligibility has been granted, it is not necessarily going to stay in place for the rest of the beneficiary’s life. An improvement in financial status could cause a loss of benefits, and this presents a challenge if you are going to be leaving an … [Read more...] about How Can I Leave an Inheritance to a Medicaid Beneficiary?
A lot of people think that estate planning is something that you do not have to think about until you are a senior citizen. In fact, according to a survey that was conducted by Caring.com this year, 67 percent of adults do not have estate plans in place. Surprisingly, only 44 percent of individuals that are 55 years of age and older have wills or trusts, but the numbers are far worse for millennials. This is disturbing because estate planning is important for all responsible adults. Young … [Read more...] about Yes, Millennials Need Estate Plans
When you start to think about the eventualities that you may face when you reach an advanced age, nursing home care will be part of the equation. It is logical to assume that Medicare will cover this type of care, but in fact, this is not the case at all. According to the state, the average cost of nursing home care Vermont is over $10,000 a month. The average length of stay is one year, and 13 percent of people that receive paid care require the assistance for more than five years. A … [Read more...] about What Is the 2021 Medicaid Asset Limit in Vermont?
There are different types of trusts that can be used to satisfy various respective objectives. When it comes to the question of whether you can dissolve a trust, the answer is yes and no, and we will provide clarity here. Irrevocable Trusts There is a legal concept called “incidents of ownership” that is the dividing line between the different types of trusts. Losing ownership of assets does not sound like a good thing, but under some circumstances, it can be beneficial. You do in fact … [Read more...] about Can You Dissolve a Trust?
A lot of people harbor misconceptions about trusts, and one of them is the idea that it is very complicated to administer a trust. They think that the administration process is much simpler if you use a will, but this is not the case. When a will is used, it will be admitted to probate after the death of the testator, and the court would supervise during the administration process. It will usually take eight months to a year for probate to run its course, and no inheritances are distributed … [Read more...] about Trust Administration Demystified
According to a recent survey, most people without estate plans think that it is important, and they know they should take action. Many of them procrastinate because they don’t know how to proceed. With this in mind, let’s look at five questions you can consider to jumpstart your estate planning efforts. Are you concerned about the money management capabilities of your heirs? It can be disconcerting to leave a significant inheritance to someone that is inexperienced or irresponsible with … [Read more...] about Consider These Five Estate Planning Questions
There is a legal process that can enter the picture when assets are being transferred after someone dies. The probate court presides over these matters, and you should know a bit about it when you are making inheritance planning decisions. With this in mind, we are going to share five important pieces of information about probate in this post. Wills Must Be Probated If you express your final wishes in a last will, you would name an executor in the document to act as the administrator. The … [Read more...] about Five Things to Know About Probate
Before we address the subject that serves as the title of this post, we will provide some general information about living trusts. When you understand the benefits, you will see why a living trust may be the ideal centerpiece of your estate plan. Asset Consolidation for Streamlined Estate Administration When a will is used, the executor that is named in the document would be forced to identify and inventory the assets that comprise the estate. Since there is no consolidation of the assets, … [Read more...] about Do You Need a Will With Your Living Trust?