When a will is submitted to the probate court following a death, the court must approve the will as valid before the probate process can proceed. While most wills are deemed valid, there are situations in which someone might have reason to challenge the validity of certain provisions or even the entire will. The following are only three examples…
When you are ending your marriage, you have a lot to deal with, such as your divorce case in family court. While it might be difficult to add something else to your plate, you should consider whether your estate plan should be amended. If you have an existing estate plan, it is likely you will want to make some…
There are three important legal documents that parents should have in place before their college student leaves for or returns to school. Once a person reaches the age of majority, his or her parents are no longer entitled to access medical records, financial information, or make decisions on their child’s behalf.
Although it is easy to consider an estate plan a sealed deal once it is completed, one that has not been updated in a while may need to be reviewed for red flags that might indicate it’s out of whack. A plan that is not updated to reflect family and life changes, current laws, or newly acquired assets can…
Careful estate planning can help older or disabled individuals obtain eligibility for Medicaid without depleting their assets, preserving some or all of their wealth while helping them avoid penalties. While the creation of trusts is an attractive solution for many Medicaid applicants, only certain types of trusts are effective for avoiding asset limits, and specific rules apply.
Seven years ago, Bitcoin was a new cryptocurrency worth nothing, but has since become one of the most popular virtual currencies, along with others that have gone on the market. As a result, it’s important to for clients and estate planners to adequately safeguard, manage, and distribute virtual currency without any issues arising.
Individuals should consider creating both a trust and a will to help ensure that all of their assets are protected and distributed in accordance with their wishes. While a will alone offers a number of benefits, the documentation becomes public information upon a person’s passing and a will is subject to probate, which can be extremely costly sometimes.
POD (pay-on-death) and joint accounts are not foolproof estates planning techniques because there are several drawbacks which constrain a testator’s ability to devise their assets and probate can still take control of the assets in some situations.
When the owner of a home with a reverse mortgage dies, the heirs are on the hook for the full loan balance and any interest that’s accrued over the life of the loan term. The lender will expect a quick repayment regardless of whether the beneficiary plans to live in the home or not.
Irrevocable living trusts can be used to protect a person’s assets against nursing home expenses under certain conditions. Since the property transferred is owned by the trust, assets in such a trust are not considered when applying for Medicaid, and assets are shielded from depletion when receiving long-term care.
