Given the numerous and varied estate planning goals that a trust can help you achieve, there is a very good chance you will include at least one trust in your plan. The popularity of trusts also means there is an equally good chance that you will find yourself as a beneficiary of a trust at some point. Whether you create the trust or you benefit from the trust, you may find a spendthrift clause in the trust agreement. To ensure that you understand what that means, the attorneys at Augulis Law … [Read more...] about Advantages of Including a Spendthrift Provision Your Trust
Should I Invest in a Pre-Paid Funeral Plan?
You would undoubtedly prefer to spare your loved ones from having to go through additional grief and stress following your own death. While you cannot entirely spare them from the emotional impact of your passing, you can spare them additional stress and anxiety by incorporating a funeral planning component into your estate plan. As part of that component, you may consider investing in a pre-paid funeral plan with a local funeral home. The estate planning attorneys at Augulis Law Firm discuss … [Read more...] about Should I Invest in a Pre-Paid Funeral Plan?
What Is the Best Way to Plan for Incapacity?
Ideally, your estate plan should accomplish numerous inter-related goals that go beyond simply planning for the disposition of your estate assets after you are gone. For example, a comprehensive estate plan should also protect you, and your assets, in the event of incapacity while you are alive. The living trust lawyers at Augulis Law Firm explain why a living trust often makes an ideal incapacity planning tool. I’m Too Young to Worry about Incapacity This is a common, yet mistaken, … [Read more...] about What Is the Best Way to Plan for Incapacity?
What Is an ILIT?
One of the first orders of business that you must address when you are planning your estate is the matter of potential taxation. There is a federal estate tax that high net worth people must contend with, and it can significantly erode the wealth that you are passing along to your loved ones. At the time of this writing in 2014, the amount of the federal estate tax credit or exclusion is $5.34 million. This is the amount that you could transfer to your heirs tax-free. If your estate exceeds … [Read more...] about What Is an ILIT?
Estate Planning for the Beginner
Although you probably understand the importance of having an estate plan in place, the prospect of creating that plan can be a bit daunting for the uninitiated. Estate planning incorporated a wide range of goals and objectives into one comprehensive plan. That plan may utilize numerous estate planning tools and strategies. All of that can be overwhelming. To help you feel more comfortable with the concept of estate planning, an estate planning attorney at Augulis Law Firm offers a list of top 10 … [Read more...] about Estate Planning for the Beginner
Will I Lose My Home If I Need to Qualify for Medicaid?
Although you may not realize it yet, there is a very good chance that you (or a spouse) will need to qualify for Medicaid as a senior to help cover the high cost of long-term care. With that in mind, it is a good idea to clear up some of the numerous myths and misconceptions about Medicaid eligibility and benefits. One of the most common of those misconceptions is the belief that you cannot own a home and qualify for Medicaid. The Medicaid planning attorneys at Augulis Law Firm clear up the … [Read more...] about Will I Lose My Home If I Need to Qualify for Medicaid?
What Is the Difference between a First-Party and a Third-Party Special Needs Trust?
If you are the parent of a child with special needs, you need to address your child’s needs in your estate plan to ensure that he or she is well protected both during your lifetime and after you are gone. Care must be taken, however, to ensure that your child will actually benefit from the financial assistance you intend to gift to him/her. To help you get started, the special needs planning attorneys at Augulis Law Firm explain how you can provide for your special needs child in your estate … [Read more...] about What Is the Difference between a First-Party and a Third-Party Special Needs Trust?
5 Steps to Create a Trust
Throughout your life, you will likely review and revise your estate plan numerous times to reflect the changes to your family and to your assets. At some point, there is a good chance that you will consider adding a living trust to your estate plan. Working with an experienced trust attorney is the best way to ensure that your trust is drafted and executed correctly. In the meantime, however, a living trust attorney explains the steps involved in creating a living trust. Narrow down your … [Read more...] about 5 Steps to Create a Trust
Can a Beneficiary Sell Her Trust Benefits?
As you may already know, a Last Will and Testament is not the only estate planning tool available for gifting assets to loved ones or other beneficiaries. Many people choose to use a living trust in addition to, or in lieu of, a Will to pass down estate assets. One reason people often choose to use a trust to distribute assets is the ability to direct when assets are distributed and even how assets are used by the beneficiaries. The benefit you gain by being able to dictate how trust assets are … [Read more...] about Can a Beneficiary Sell Her Trust Benefits?
New Jersey Law and a “Deathbed” Will
Most of the time there are no real surprises in the Will left behind by a loved one who recently passed away. In fact, it is not uncommon for the decedent to have discussed the terms of the Will with loved ones prior to his/her death. What happens though if the decedent made a death bed Will at the last minute that changed those terms? Is that Will valid? An attorney at Augulis Law Firm discusses the validity of a deathbed Will in New Jersey. What Is a “Deathbed” Will? Ideally, a Last Will … [Read more...] about New Jersey Law and a “Deathbed” Will
