Before we drill down to modifying a revocable living trust, we should explain some of the benefits these trusts provide. Many people think a last will is the right transfer device for anyone who is not a multimillionaire, but this is a total misconception. Probate/Succession The distribution process is not as simple and straightforward as it may appear to be on the surface when a last will is utilized. If you were to create a last will, you would name an executor in the document to serve as … [Read more...]
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What Does the Respect for Marriage Act Mean for Estate Planning?
When the Supreme Court issued its opinion in Dobbs v. Jackson Women’s Health Organization, 576 U.S. 644 (2015), Estate Planning practitioners took note. In his concurring opinion, Justice Clarence Thomas indicated that it would be appropriate to revisit the decisions on substantive due process rights. This led Trust and Estate attorneys to question whether Estate Planning for same-sex couples needs to change. President Biden answered the question in the negative by signing into law the Respect … [Read more...]
Medicaid/SSI Eligibility and the Special Needs Trust
Individuals with disabilities often face unique financial challenges, especially when it comes to qualifying for government benefits and ensuring their long-term financial security. Medicaid and Supplemental Security Income (SSI) are vital programs that provide healthcare coverage and financial support to individuals with disabilities. However, strict income and asset limitations can impact eligibility. To navigate these complexities and preserve assets for the well-being of these folks, a … [Read more...]
Business Succession Planning: Shaping Your Business Legacy
Owning a small business is not just about the present; it's about shaping the future. This means thinking ahead about who will take over when you're no longer in charge. Business succession planning is vital for this transition, ensuring your business not only survives but thrives. This guide covers all aspects of small business succession planning, integrating it with key estate planning elements for a complete approach. Understanding the Importance of Succession Planning Succession planning is … [Read more...]
The Benefits of a Revocable Living Trust Over a Simple Will
Estate planning is all about making sure your assets go where you want them to after you pass away. To this end, people often think that a simple will is the obvious solution. However, a lot of folks are finding out that a revocable living trust has some real benefits over a will. Let's dive into these benefits and see why they matter. But before diving into the advantages, it’s essential to understand exactly what these two estate planning tools are in a general sense. What Is a Revocable … [Read more...]
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