The Medicaid program is a health insurance program that is run by the government. It is administered by the federal government in conjunction with each state government. You may be aware of the fact that Medicaid is only available to financially needy individuals. If you have worked throughout your life, you may well have health insurance through your job. Short of this, you have probably acquired health insurance on your own through a direct relationship with an insurer. When you are on … [Read more...] about Does Medicaid Count Assets in a Living Trust?
People who are going through life without an estate plan are failing to fulfill a basic responsibility. If you aren't sure why you should put an estate plan in place, consider these three compelling facts. Your Family Would Suffer the Consequences Many people who fail to put an estate plan in place feel as though it is not necessary, because they are relatively young. In fact, you can look at it another way. Senior citizens are going to have adult children who are self-supporting in … [Read more...] about Three Compelling Reasons to Create an Estate Plan
If you use a last will to record your final wishes regarding the inheritances that your loved ones will be receiving, you nominate someone to handle the estate administration tasks after you die. This person is called the executor of a will. The estate executor has a number of different real world responsibilities. It is not just a ceremonial honor that you bestow upon someone that you love and respect. You may imagine the executor reading a will after the funeral, and the idea would be … [Read more...] about What Does the Executor of a Will Do?
There are numerous different types of trusts used in the field of estate planning. One basic distinction between them is the matter of revocation. You can revoke or dissolve some types of trusts, and you cannot revoke others. As the name would indicate, an irrevocable trust is a trust that cannot be dissolved. Once you convey assets into this type of trust, the decision is final. You cannot change your mind and take back the assets in the trust. Plus, you cannot change the terms of the trust … [Read more...] about What Is the Value of an Irrevocable Trust?
The Medicaid program is a health insurance program. It is jointly administered by the federal government along with the New Jersey state government. It is a program that is in place to provide health insurance for people who have very limited financial resources. You may wonder why you would ever want to be able to qualify for Medicaid in New Jersey if you have resources and you are going to qualify for Medicare when you reach the age of 65. The reason why Medicaid is relevant is because it … [Read more...] about How to Qualify for Medicaid in New Jersey
Planning a will can seem like the simplest way to proceed when you decide to put an estate plan in place. Under very simple circumstances, a will could be an acceptable choice, but you should understand all the facts before you make any final decisions. In this blog post, we will look at three things that you should think about when you are planning a will. 1.) Beware of do-it-yourself estate planning notions. There are websites on the Internet that sell generic legal downloads and … [Read more...] about Three Things to Think About When You Are Planning a Will
You have to develop a practical strategy for aging if you want to be fully prepared for the future. It may be easy to understand the fact financial planning is important as you look ahead toward the different stages of life, but the latter portion can sometimes be misunderstood. As you start to see your retirement years come into focus, you may look forward to crossing things off of your bucket list as you enjoy yourself and spend quality time with your loved ones. Making sure that you have … [Read more...] about Medicaid Planning Can Keep Assets in the Family
The probate process is something to take into consideration when you are engaged in your estate planning efforts. We practice law in the state of New Jersey. In New Jersey, probate matters are handled by the Surrogate's Court. When you pass away when you are in direct, sole personal possession of property, it would become probate property at first. Even if you have a will, the Surrogate's Court would supervise the administration of the estate. Here in New Jersey, the probate process is … [Read more...] about Will My Estate Be Subject to the Probate Process?
People sometimes assume that things take care of yourselves if you pass away without an estate plan. They are under the impression that estate planning is something that is only important for very wealthy people. In fact, you should definitely have an estate plan in place, even if you have a relatively small estate. Everyone has belongings that have some value, and there are heirlooms and other items that may have sentimental value. You should carefully evaluate what you have to pass along, … [Read more...] about Is Estate Planning Necessary If I Have a Small Estate?
If you have never put an estate plan in place, in the back of your mind, you may feel as though you can create a last will at some point in time and you will be prepared. Indeed, many people equate estate planning to the creation of a will, and that's the end of it in their minds. This is a very shortsighted perspective, and you should understand all the facts before you decide that a last will is right for you. A living trust can satisfy many different objectives that a last will cannot … [Read more...] about A Living Trust Can Satisfy Multiple Objectives