On Wednesday, September 9, The Special Needs Trust Act was passed! The passage of this legislation establishes liberties for persons with disabilities which had been previously denied to them.
Prior to passing the Act, only a parent, grandparent, legal guardian of the disabled individual, or a court could establish a special needs trust on behalf of the disabled individual.
It is important to understand the ownership of assets such as bank accounts, investments, retirement accounts, CDs and life insurance policies.
When a new client meets with an estate planning attorney, the first few questions the attorney will ask are:
Everyone has their niche.
Financial advisors have a certain field of expertise, and most are very good at what they do. However, when it comes to elder law, Medicaid and estate planning, there is no substitute for sound legal advice.
Case study:
A retiree originally made an appointment with a law firm specializing in estate planning and elder law – but, a family friend was a financial advisor. He decided to work with his friend and canceled his appointment with the law firm.
A “life estate” is an ownership interest that a person retains in real property while transferring a remainder interest to one or more individuals.
Life estates are sometimes used as a planning technique by individuals who wish to safeguard their residence or other real estate.
There is no question that you would do anything to protect your child. You think about his future day and night. You want to make sure that you have a proper plan in place to provide for him when you…
Many people often get confused what the two programs entail because their names are so similar. Although both programs provide health coverage, the two are very different. Medicare is a federal program that is offered to everyone 65 and over…