When it comes to estate planning, there are several different types of trusts you can create. But what is the difference between a revocable trust and an irrevocable trust? In this blog post, we will break down the key differences between these two trusts so you can decide which is right for you....
When it comes to estate planning, there are a lot of important documents to consider. One of the most important is a power of attorney for finances. This document appoints someone you trust to handle your financial affairs if you are unable to do so yourself. It's an important thing to think abou...
If you are like most people, you probably don't think about your health very often. But what would happen if you became seriously ill and couldn't make decisions for yourself? That's where a healthcare power of attorney comes in. This document allows you to designate someone to make decisions on ...
Have you ever wondered what would happen during a medical crisis? If you are like most people, you probably don't think about estate planning until there is a crisis. But having an up-to-date estate plan, including a living will, can help ensure your wishes are followed in the event of an emergency. So what is a living will, and what should you include in it? R...
An irrevocable trust is a type of trust agreement that cannot be changed or canceled after it has been created. This type of trust can be used to protect assets from creditors, as well as minimize estate and gift taxes. There are several types of irrevocable trusts, each with its own set of benef...
What is a revocable trust? A revocable trust, also known as a living trust, is a legal document that allows you to control your assets while you're alive and appoint someone to manage them after you die. You can revoke or change the trust at any time. This type of trust is a great way to ensure ...
What is a trust and what are the benefits of having one in your estate plan A trust is a legal entity that holds assets on behalf of beneficiaries. trusts can be used for a variety of purposes, including reducing taxes, avoiding probate, and protecting assets from creditors. Trusts can ...
When you hear the term "will", what comes to mind? For many people, wills evoke images of wealthy old men signing documents in big offices with lawyers by their side. But a will is more than just a tool for the wealthy. A will is a vital legal document that everyone should have, regardless of age...
Estate planning attorneys often witness people making mistakes when they try to create their own estate plans or wills. This is a problem that can easily be avoided with professional legal advice in the first place. 5 Common Estate Planning Mistakes 1. Naming a Minor as a Beneficiary. Many pe...
Most people put off estate planning because they think they don't have enough assets to make it worth their time. But that's not always the case. Even if you only have a small estate, it's important to have an estate plan in place so that your loved ones can avoid costly and time-consuming legal ...
One of the most important decisions you will make in your lifetime is how to best protect your assets and loved ones after you die. For many people, this means creating a will. However, there are several advantages to using a trust instead. What is a Will? A will is a document that allows an in...
What is a Will? A will is a legal document that outlines your desires for property distribution and the care of any minor children. Those wishes may not be carried out if you die without a will. Furthermore, your heirs may end up spending more time, money, and emotional energy after you pass awa...
Probate is the legal process that your estate must go through after you pass. The court will begin the process of dispersing your estate to your heirs during this legal proceeding. If you have a Will and/or Living Trust that clearly states your wishes, probate will be much easier. These document...
Wills and trusts both serve the same primary purpose: transferring your property to your heirs after your death. Before deciding between the two documents, however, the differences in how function should be carefully explored. Advantages of a Trust In comparison to a will, a trust has various a...
When you gift your home to your children, if they ever sell the house, they are responsible for paying taxes on the value gained during their ownership as well as the value gained during your ownership. For example, if you bought a house for 100,000 dollars and it is now worth 200,000 dollars, w...
Nursing home costs are expensive and add up quickly. Within a short period of time, an entire life's savings can be depleted by paying for the cost of a stay in a nursing home. With proper planning, however, substantial value may be able to be preserved and passed along. Here is an example of how...
How the Medicaid System Functions The Medicaid System will pay for your care costs if you meet certain qualifications. The Medicaid System has an asset limit. As of the day this article was written, in Wisconsin, you must have less than $2,000 in assets to qualify for Medicaid. If you have more...
Probate is the process of administering the estate of the person who passed by gathering their assets, paying their liabilities, and distributing the remaining assets to the beneficiaries. Trusts, when properly setup and funded, can avoid probate. The question is: Does a will avoid probate? D...
When it comes to families, people often view their pets as part of their family. A common question is whether a will or trust can provide for a pet after the owner passes. Planning for this family member has an added complexity in that our furry family member is not in a position to handle the...
Oftentimes it is easier to start by thinking about what you should not put into your revocable living trust. However, before we begin, I think it is important you start by considering your initial objectives. That is the first step in determining what assets should be in your trust. Assuming tha...
The answer is probably yes. Depending on your situation, it may be yes, even more. Revocable Living Trust One of the wonderful things about revocable living trusts is there are very few downsides. If you are not familiar with a revocable living trust, I like to think of a trust as a bucket. The...
I am often asked by clients whether or not they should gift their house to their children. You're not going to like this lawyerly answer, but, it depends. What are you trying to achieve? Should I Gift My House to My Children? If you are transferring your house to your child as a gift with the i...
It depends. The important thing to understand is there are different types of trusts. The trust most people are familiar with, the revocable living trust, will NOT protect your assets from nursing home expenses. A revocable living trust allows the trust creator to remain in control of the trust...
You have probably heard about the astronomical costs of nursing-home care if you become seriously ill or injured. You might also know that Medicare would cover only a minimal amount of those costs. Private insurance doesn't seem like a good bet either, if you've heard horror stories about skyro...
Parkinson's disease is a neurodegenerative disorder that causes a progression of symptoms including, body tremors, limb rigidity, Bradykinesia (slow movement), as well as balance and gait problems. The cause of Parkinson's disease (PD) remains largely unknown. One well-known indicator of PD is ...
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