Many Medicaid applicants are unaware that transferring assets for less than fair market value or as a gift can directly impact their eligibility for the government program due to the five-year look-back period. The intricacies of Medicaid rules are significant, and their implications on long-term care planning are substantial. Advanced planning and awareness of these rules can significantly benefit individuals and Read More
Plans > Documents
Many people approach us with a common misconception: the belief that estate planning is simply about signing documents. Although you will have to do that, this perspective is shortsighted and misses the essence of what accurate estate planning entails. Understanding the fundamental difference between having a plan and possessing legal documents is vital. Looking Beyond Documents Estate planning is a highly Read More
What Does It Mean To Break A Trust?
When you create a revocable trust, it’s usually because you want some level of control and flexibility over the operation of that trust. As a result, you may be able to dissolve the trust at some point in time. If you no longer need or want the trust, you can choose to revoke it or change the stipulations inside so long as it’s a revocable trust. Breaking a trust refers to the process of dissolving a trust that has Read More
What Happens to a Revocable Living Trust When the Owner Passes Away?
There are many different types of trusts that people choose to use for estate planning purposes. The most basic, however, are known as revocable living trusts. You can set up a trust like this by contacting a local estate planning lawyer and discussing which assets you hope to place into or distribute through the trust. This involves the grantor or the creator setting up a trust that keeps that person in control Read More
Should I Have a Trust Only When I Hit a Certain Level Of Net Worth?
Everyone needs estate planning, regardless of how much you own or your net worth. Sometimes, people skip valuable estate planning tools because of misconceptions about needing a certain level of wealth to benefit from them. A trust is a popular estate planning tool that can be used by a wide range of people to achieve their goals. You do not need to reach a certain level of net worth or have a specific number of Read More
Important Questions to Ask When Choosing a Trustee in NH
Establishing a trust in New Hampshire requires that you appoint a trustee to manage it. Living trusts may be used for any estate that has a high value of assets and/or possible complications. Living trusts allow people to exercise greater control over when and how their money gets dispersed to their heirs, both during the course of their life and after they pass away, which is significantly different than leaving Read More
Yes, Even Gen Z Needs Estate Planning
Retirement and long-term care needs feeling far off? Not so for Gen Z, who spend more time educating themselves about planning for the future and getting their ducks in a row with finances. And given that 25% of Americans will need long-term care at some point in their lives, it’s wise to spend the time creating an estate plan now. Too many people are under the impression that estate planning is just about taxes Read More
Are Your Loved Ones Prepared to Manage an Inheritance?
If you think about your estate plan as a way for you to pass on gifts to your loved ones, have you considered whether or not they may be eligible or responsible enough to take on these significant assets? A recent study finds that the majority of Americans who may receive an inheritance in the coming years don't have the ability to handle it. New York Life's Wealth Watch Survey found that only 42% of adults Read More
Why Is a Trust So Valuable for Transferring Property?
You may have the best of intentions with passing on property to other people directly, but it can create unexpected consequences if you’re not careful, Instead, you may turn to a range of tools to help ensure your wishes are followed, and one common strategy is to use a trust either during your life or in plans after you pass away to provide more control and clarity. The most substantial transfer of wealth in our Read More
You Must Understand How Divorce Impacts Your Estate
Getting a divorce may be one of the biggest life changes you undertake. It can feel overwhelming, confusing, and emotionally taxing. Those are big reasons why making estate plan updates post-divorce get overlooked, putting your intentions for asset transfer at risk if something happens to you. Depending on where you live, your soon to be ex-spouse may be entitled to assets under your estate. This is because if your Read More
