Archive for October, 2010

Legal Humor – Medicaid Planning

don't wait until it is too late, plan for Medicaid now.

Is it time to plan for Medicaid?

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3 Brief Trust Blogs – #1

Both Irrevocable and Revocable Trusts can be very useful, but each has unique properties that should be used in particular circumstances to meet the Creator of the Trust’s goals.  For example, a Revocable Trust is generally used for estate planning and has similar information to a person’s Will. Also, a person may get a Revocable Trust in order to avoid probate because probate can be a long and costly process. Avoiding probate can make it difficult for someone to contest the Trust; such as a child you want to disinherit. Revocable Trusts can also contain language that will preserve a person’s estate tax exemption which allows more money to pass to their beneficiaries without adverse tax consequences.

If you wish to learn more about Trusts, think about attending this seminar on October 19thSeminar Info

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3 Brief Trust Blogs – #2

A Revocable Trust is not a good tool for Medicaid Planning.  Medicaid is a form of creditor.  Creditors can lien assets that are in control or owned by the Debtor.  A Revocable Trust allows the Creator of the Trust to have absolute control over the Trust assets.  They are free to revoke the Trust, withdraw assets and manage the funds (Usually by being the Trustee and Beneficiary).  For this reason, a Revocable Trust is not useful for Medicaid Planning because the Trust property remains in the Creator’s control.  A better reason to establish a Revocable Trust would be to avoid probate, preserve privacy, deter a contest or entrust asset management in the event the Creator becomes incapacitated.

If you wish to learn more about Trusts, think about attending this seminar on October 19th. Seminar Info

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