You own your home and want to ensure that it passes to particular loved ones upon your death but you’re not sure the best way to do it. This blog post will break down your options for you.
First, it is important to look at your deed and determine how the property is held. Often married couples have a Survivorship deed. With a Survivorship deed, upon the death of one spouse, the real estate transfers to the surviving spouse outside of probate. What that means is that when one spouse dies, the survivor won’t need to go through a court proceeding to transfer the property to the survivor.… Read the rest
A living trust, also known as a revocable trust or a family trust, is a trust you establish during your lifetime. Most people establish living trusts with several goals in mind, setting forth how they wish their assets to be distributed upon death and avoiding probate. What many attorneys forget to make clear to their clients, however, is that a Living Trust can only do its job if it is funded.
What does it mean to fund a trust? Funding is the process of transferring the ownership of your property or changing the beneficiary designations on your property into the name of your trust. Unless your … Read the rest
So you are planning on getting married. Congratulations and best wishes! But before you say “I do” to your new spouse, please consider the following important estate planning tools. Your future, as well as the future of your children and grandchildren, depends on it.
Prenuptial Agreement– Counter to popular opinion, prenuptial agreements are not just for the rich and they’re not just in case of divorce. Prenuptial agreements can be used to ensure that property passes to children or other chosen heirs and not a new spouses, in the event of death, among other useful advantages.
Last… Read the rest
There are many Medicaid planning strategies designed to transfer assets without incurring a penalty. (See http://www.perlalaw.com/blog/personal-caregiver-agreement/). This blog will explore many of these strategies. One such strategy is the Irrevocable Trust. With an Irrevocable Trust, which is a trust that cannot be changed or terminated, drafted so that you receives only income and not principal, you can transfer your assets, wait 60 months and apply for long-term Medicaid without penalty.
Why Can’t I Set Up a Revocable Trust Instead?
As a revocable trust can be changed or … Read the rest