A revocable trust, also known as a living trust, is a legal arrangement where a person, known as the grantor, transfers their assets into a trust during their lifetime for the benefit of themselves and/or designated beneficiaries. The key characteristic of a revocable trust is that the grantor retains the ability to modify, amend, or revoke the trust during their lifetime. The purpose of a revocable trust is primarily to avoid Probate. By funding a revocable trust, you can transfer your assets to the trust, allowing them to bypass the probate process. Probate can be time-consuming, expensive, and public. Funding…
A revocable trust, also known as a living trust or inter vivos trust, is a legal arrangement in which an individual (the grantor or settlor) places their assets into a trust during their lifetime. The grantor retains control over the trust and can make changes to it, including revoking or amending the trust’s terms as they see fit. Here are some key features and benefits of a revocable trust: ⦁ Control: One of the primary advantages of a revocable trust is that the grantor maintains control over the assets placed into the trust. They can manage and use the assets…
A trustee is an individual or entity appointed to manage and oversee a trust on behalf of the trust’s beneficiaries. The role of a trustee in regard to a trust is to fulfill various responsibilities and duties in accordance with the terms and conditions outlined in the trust document or instrument. Here are some of the key responsibilities and actions that trustees typically undertake in the context of a trust: Asset Management: The trustee is responsible for managing the assets or property placed in the trust. This may include investments, real estate, cash, or other assets, depending on the type…
Being in charge of your loved one’s digital footprint can be an overwhelming task. It helps if the deceased person left instructions in a digital legacy plan, but if you’re starting from scratch, you should prepare yourself as the process can take months to complete. You will have to contact each company or organization separately in order to manage your loved one’s online accounts and profiles. Start by creating a list of all known digital assets. You may be able to find some of this information in the will, but you might need to ask other family members and/or…
Creating a digital legacy plan to manage your online accounts is just as important as drafting a will to protect your physical and monetary assets. If you are preplanning a funeral – or making end of life arrangements for yourself – adding a digital legacy document should definitely be on the list of things to do. Appoint a Digital Executor Select a “digital executor” who will protect and organize your digital footprint after death. This trusted person is responsible for carrying out the terms set in a will, but their responsibilities can also extend to handling your internet assets…
A digital legacy includes all the online accounts, digital assets, and internet profiles that are left behind when a person dies. Some people may only have an email address while others maintain an extensive digital footprint over their lifetime. A digital legacy often contains the following online accounts and profiles: Email Addresses – includes personal and work email addresses. Social Media – Facebook, Twitter, LinkedIn, Instagram, Pinterest, Snapchat, etc. Communication Apps – Skype, WhatsApp Websites and Blogs – personal/business websites and licensed domain names Gaming – Xbox, Wii, Playstation, ESPN Financial Services – banking, trading, 401K (and retirement accounts),…
Introduction Estate planning involves making important decisions about how your assets will be managed and distributed after your passing. Two common tools used in estate planning are the last will and testament (will) and the revocable trust. While both serve the purpose of facilitating the distribution of assets, they have distinct differences in terms of functionality, privacy, and probate avoidance. We’ll explore the key distinctions between a last will and testament and a revocable trust to help you make informed decisions in your estate planning. Nature of Document: Last Will and Testament (Will): A will is a legal document…
One common asset protection strategy is the establishment of irrevocable trusts. These trusts effectively transfer ownership of assets, such as property or investments, to a trustee, thereby removing them from the individual’s direct control. By doing so, the assets are shielded from being counted as part of the individual’s resources when determining eligibility for Medicaid or other government assistance programs that may help cover nursing home costs. To learn more about estate planning and elder law, visit Estate and Elder Planning by David Wingate at www.davidwingate.com. For an Initial Consultation, call (301) 663-9230. We can assist you with…
As individuals and families navigate the challenges of aging, the importance of long-term care, specifically nursing home care, becomes increasingly apparent. However, the staggering costs associated with nursing home care can pose a substantial financial burden on individuals and their loved ones. That’s why asset protection planning plays a vital role in this context.Asset protection planning encompasses a range of strategies aimed at safeguarding one’s assets from being eroded or depleted due to the exorbitant expenses associated with long-term care. By taking a proactive approach to asset protection, individuals can secure their wealth, preserve their financial stability, and ensure that…
Asset protection planning is an essential step for individuals and families facing the potential high costs of nursing home care. By taking a proactive approach to preserve wealth and financial stability, individuals can receive the care they need without sacrificing their life savings. It is important to consult with an experienced attorney or financial planner who specializes in elder law to develop a customized asset protection plan that aligns with individual circumstances and legal requirements. With careful planning, individuals can navigate the challenges of long-term care while safeguarding their assets for future generations. To learn more about estate planning…
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