A special needs trust (SNT) allows an individual to provide for a disabled beneficiary without jeopardizing the beneficiary’s eligibility for needs-based government benefits. SNT funds can generally be used to pay for almost anything that falls outside the basic support that programs such as Supplemental Security Income (SSI) and Medicaid provide. This includes many goods, […]

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If you have a revocable living trust, you probably named yourself as the initial trustee so that you can continue to manage your financial affairs. However, someone else will eventually need to step in to administer your trust when you are no longer able to act due to incapacity (the inability to manage your affairs), […]

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Many people believe that estate planning is only about planning for their death. But planning for what happens after you die is only one piece of the estate-planning puzzle. It is just as important to plan for what happens if you become unable to manage your own financial or medical affairs while you are alive […]

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You regularly check the balances of your retirement, bank, and investment accounts. But when was the last time you checked the beneficiary designations on these accounts (and really, all the other accounts that allow you to name a beneficiary)? It may have been years since you first opened an individual retirement account, bought a life […]

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While the term fiduciary is a legal term with a rich history, it generally means someone who is legally obligated to act in another person’s best interest. Trustees, executors, and agents are examples of fiduciaries. When you select people to fill these roles in your estate plan, you are picking one or more people to make decisions […]

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Whether it’s to qualify for Medicaid, avoid probate, or reduce your tax burden, transferring ownership of your home to your adult child during your lifetime may seem like a smart move. But in nearly all cases, it’s actually a huge mistake, which can lead to dire consequences for everyone involved. With this in mind, before […]

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The Estate Tax Exemption is a tax imposed by the federal government when property and assets are transferred to your heirs and beneficiaries at your death. Currently, the federal estate tax exempts up to $13.61 million of your estate, meaning your heirs or beneficiaries will not have to pay tax on an asset or property […]

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Probate is required when a person passes and leaves behind assets that are solely in their name. A probate case, overseen by the court, is the process designed to validate the deceased person’s will if one exists, pay off any outstanding debts and taxes, and distribute the remaining assets to the rightful heirs or beneficiaries. […]

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People often put off estate planning for many reasons. We make excuses such as….a trust is too costly, I don’t have enough assets to make it worth the effort, or I’m too young, so I’ll worry about it later. But the more lies and excuses you tell yourself, the more you put yourself and your […]

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Your estate is made up of all your personal possessions, including your home, vehicles, bank accounts, investments, insurance, household items, and more. But your wealth is much more than just your financial assets. It includes your purposes, passions, family values, memories, and stories that make up your personal legacy. The purpose of estate planning is to give […]

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