There are several ways to protect your assets, and preserve them for your heirs. One way to do that is through a family trust. When someone decides to set up a family trust, it is meant to benefit their relatives. It is meant to specifically benefit the person’s family, which can include blood relatives, relations by marriage, or relations by law, in the case of adoption. These can be revocable or irrevocable trusts and are essentially a subcategory of living trusts.
After the death of a loved one, there are certain steps that need to be taken in regard to the person’s will to make sure it is probated and that the instructions are carried out. The quicker this is done, the quicker the assets in the will can be distributed.
A living trust is set up to benefit both you and your heirs throughout your and their lifetimes. It is designed to hold your assets safely within it and give you the power to organize it how you would like. A living trust helps to avoid probate and provide for a smooth transfer of assets after a person dies. Transferring assets into a trust can save years and thousands of dollars in legal fees. However, not all of your assets should be included in a living trust, for various reasons. We will go over those here.
Avoiding the probate process may be desirable both for the person who has passed away and for the person’s heirs. It does not have to be a difficult process, as it is easy to ensure your assets are going straight to your heirs while avoiding probate. Here are several ways you can avoid the probate process.
The reality of aging is a part of life, and, as unpleasant as it may be, it may lead to needing long-term care before we pass away.
Whether it is caring for a specific cognitive illness, such as Alzheimer’s disease, or any number of physical ailments that leave a person unable to care for themselves, going into nursing home care requires us to examine a host of issues. This includes the costs of a nursing home and how to protect your assets.
For some people without children, estate planning may not seem necessary. In some cases, people might also think that estate planning is only for the wealthy, and may not apply to them. It may also seem like a stressful endeavor not worth undertaking with no obvious heirs, such as children.
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.