When a person decides to set up a family trust, it is meant to benefit his or her relatives. A family trust is meant to specifically benefit the person’s family, which may include blood relatives, relations by marriage, or by relations by law, in the case of adoption. A family trust can be a revocable or an irrevocable trust which is a subcategory of living trusts.
For a single person, estate planning may be the last thing on their mind. For that reason, estate planning for a single person can sometimes be challenging. There are many decisions that need to be made, and it is often easier not to think about it, especially if you are single. However, having an estate plan in place can reduce stress for survivors of the single person, and give the single person peace of mind, knowing that things will be taken care of.
End of life planning is never pleasant, but putting some effort into it now can save yourself and your family many headaches down the road. If you have decided to start end of life planning, you may be surprised at how many options there are, and overwhelmed as to what options are best for you. Today, we will discuss life estates and when you will need one.
As people continue to live longer lives, the possibility of needing long-term care increases. It is not something people like to think about but need to plan for to make sure they are putting themselves and their families in the best position possible if they were to need long-term care. While this means estate planning and end of life planning, it also means Medicaid planning.
It is probably safe to assume that a conversation about a prenup is not what most people want to think about. After all, none of us think we will be in a position to actually need to know what a prenup protects, and how it works, especially after we’ve just committed to the person we love for the rest of our lives. Unfortunately, things do not always work out, and life does not always go the way we planned.
These days, it is not unusual to be part of a blended family. Parents get divorced, and when they remarry, they may be bringing their new spouse’s children into the relationship. There may also be property purchases made or other assets attained in the new marriage.
The Mattar Firm, a law firm focused on asset protection and estate planning, is pleased to announce its expansion into the Tampa Bay area. To better serve the needs of its growing clientele, The Mattar Firm has opened two new offices, including a downtown Tampa office located at 601 Harbour Island Blvd., Suite 109, Tampa, FL 33602 and a Westshore office located at 5401 W. Kennedy Blvd, Suite 100 Tampa, FL 33609.
It is an unfortunate fact of life. When you or a loved one reaches the stage of life, where you may need long-term care or a nursing home, Medicaid can help to cover the cost, as most of us will run out of the money needed to pay for these facilities. However, when the person dies, Medicaid will go after any assets they have in order to pay back what was paid out for the person, in a process called the Medicaid Estate Recovery plan.
Despite the best laid plans, things happen in
life, and it doesn’t always go the way we plan. That is often the case when a
married couple splits up, and separates. Despite the best intentions, it is
sometimes unavoidable, and while the emotional and financial fallout can take a
lot of energy, it may be worth looking at how these life changes may impact
your estate planning.
Owning your property with another person is called
a joint tenancy. While there are certain benefits to owning a property this
way, there are also certain drawbacks. In most cases, a joint tenancy boils
down to the property’s right of survivorship. If one owner were to pass away,
the other owner would take full control of the property. The co-owners of the
property all have a right to use and enjoy the property.