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Trust or Will: Which One Should I Use to Handle My Bonita Springs Estate?

When you have already worked hard for decades to accumulate your Bonita Springs wealth, you should find the best way to protect your assets and heirs from predators and creditors after your death. You can embrace various strategies to ensure your assets are distributed to your beneficiaries as you intended them to be. Since each person has unique circumstances, it is crucial to seek professional assistance to ensure that you make the best legal decision, which is unique to your circumstances. That said, a Trust would be more effective for some, while a Will may be useful for others. In most cases, a Trust will be more superior than a Will.

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Gifts That Can Disqualify you from Medicaid

Gifts That Can Disqualify you from Medicaid

Many times, you have heard that it is always better to give than to receive. It is a good practice unless you think that someday, you will apply for Medicaid. If you consider the Medicaid long-term care benefits, then you need to rethink about giving away your property or money, because any gifting will subject you to specific penalties. Gifting before applying for Medicaid reduces your eligibility and exposes you to the risks of penalty.

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Not all Powers of Attorney are Created Equal

Power of Attorney

A Power of Attorney is a document written which grants permit to an agent, who acts on behalf of principal. The power of attorney applies when the principal is unfit to make decisions concerning a case. A power of attorney is a very crucial document. It can be implemented when one is mentally, physically, and cognitively incapacitated and there is a need for someone else to make your final decisions. The power of attorney is durable. “Durable” shows that the agent chosen can act even in cases of disability or incapacitation. Powers of an attorney are different as illustrated below.

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Life Events that May Require a Review of Your Estate Planning

Estate planning is never a one-and-done type of a deal. You may have a totally solid estate plan in place today, but it can be worthless with time if you do not update it.

Regardless of who you are, your life circumstances will evolve continuously as your finances, family situation, goals and the law may change, necessitating the need to update your estate planning documents. If you do not experience a major life event, you should review your estate plan at least yearly to update its terms.

However, numerous life events prompt you to update your estate plan to save your loved ones from conflicts and court cases. Below are some major life events that require you to review your plan immediately:

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When Does a Medicaid Penalty Period Begin?

When you apply for Medicaid, the government will “look back” at the previous five years preceding the date of your application. Specifically, Medicaid evaluates how many gifts of money you gave to individuals or entities, with some exceptions. These gifts are added up and then divided by Medicaid’s penalty divisor to determine how many “penalty period” months they attach to your application.

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Who is Responsible for a Deceased Family Member’s Debt?

After the loss of a loved one, one of the last things you want to consider is any debt they’ve left behind. When a family member dies, their assets, including life insurance policies, vehicles, real estate, bank accounts, and retirement investments, among other things, comprise their estate. The estate may be bequeathed to heirs, but it can also be used to settle outstanding debts of the deceased. A professional probate lawyer, such as The Mattar Firm, can help you and your family navigate what constitutes the estate and which debts will need to be settled from the estate.

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Own Rental Property? Here’s How Proactive Estate Planning Can Help

A comprehensive estate plan needs to address all your assets. This plan may be straight forward for most people as they only include the most common items, such as personal property, their residence, and financial accounts. Other assets, such as retirement funds, life insurance, and annuities, do not necessarily require inclusion in the living trust. This all is contingent on the classification of account.

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Naples Estate Planning Lawyer Explores Healthcare Proxies

The city of Naples has hard working people who want to feel safe as they go through their daily lives. It takes more than a seatbelt and good brakes to feel safe in Naples. People need to know that if something does happen to them that there is someone who can speak on their behalf and make the right medical decisions. That is why the people of Naples need to become familiar with health proxies.

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No Will and a Child with Special Needs

A clinical term describing children and adults who require partial or full assistance to perform necessary daily activities, special needs children have been diagnosed with permanent and severe psychological, mental/cognitive and/or physically disabling conditions. Disorders considered as “special needs” range from Down Syndrome, blindness and attention-deficit disorder to cerebral palsy, dyslexia and autism.

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