What is a reverse mortgage? Similar to a conventional mortgage (“Conventional Mortgage”), the borrower in a reverse mortgage (“Reverse Mortgage”) will continue to own the home. The lender does not take title to the home, but rather will have a lien on the property. The term “reverse” is essentially referring to a chronological difference compared […]
The treatment of the home residence under the Medicaid rules can be somewhat confusing. Here is a brief rundown of the some of the major points to understand. So long as the property (“Home”) is used as the principal residence by the individual who applies for Medicaid benefits (“Applicant”) and/or the Applicant’s spouse, the Home […]
When a person dies leaving assets owned individually in the decedent’s name only, those assets will need to pass through a court-supervised process known as “probate.” The primary probate for a decedent is conducted under the jurisdiction of the appropriate probate court in the state where the decedent lived. An “ancillary probate” is an additional […]
A prepaid funeral is when a person and/or that person’s family pay for funeral services and related costs while the person is alive. For many individuals, dealing with the financial aspects of the funeral and burial process is simply one more element of comprehensive estate planning. When someone passes away, there is an exhaustive list […]
One of the benefits of proper estate planning is to ensure that you, and your assets, will be taken care of even if you are no longer able to do so yourself. You may become disabled, for instance, and be unable to make important health care decisions for yourself and/or be unable to manage your […]
The plan includes a trust and a pour-over will to ensure that any assets not transferred to the client’s trust during her lifetime will end up in her trust after her death. Her trust includes numerous provisions to ensure the assets left in trust for her children are well protected. Sound like a solid plan? Yes, but…
Last month, in its unanimous decision in Clark v. Rameker, the United States Supreme Court decided that an inherited IRA does not have the same bankruptcy protection as a non-inherited IRA.
Planning for a Loved One with Special Needs In general, a trust is a legal device whereby property of some sort (real estate, cash, tangible personal property, etc.) is managed by a person, termed the Trustee, for the benefit of certain other people, termed the beneficiaries. A special needs trust, also called a “supplemental needs […]
Successor Trustee Meeting May 2014 On May 31, 2014 we held our annual Successor Trustee Meeting. More than 80 of our clients and their family members attended! We were delighted to see such a crowd, and even more delighted to spend some time chatting with many of you and answering your questions. We began […]
Preserving Wealth Over Generations Several common sayings refer to the phenomenon of losing inherited wealth. One is “shirtsleeves to shirtsleeves in three generations.” Another is “the first generation makes it, the second spends it, and the third blows it.” These sayings are supported by numbers. According to a recent article in the Wall Street Journal, […]