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Protecting Your House When Moving Into a Nursing Home
The biggest concern that most have when they are in need of long-term nursing home care is that their primary residence will not be protected. This may or may not be true.
If you're a trustee of a Medicaid Asset Protection Trust (MAPT) established by a loved one—such as a parent—you might wonder about the tax implications of this role, especially as Tax Day approaches. It's crucial to understand the nuances of tax reporting for these trusts to ensure compliance and avoid potential penalties.
In today's diverse society, the definition of a “typical” family has evolved far beyond the traditional model of two spouses and their joint children. Blended families, long-term partnerships with children from previous relationships, and single-by-choice parents are now common.
Question: I had an irrevocable trust drawn up for me years ago. What are its benefits, and do I need to update it?
Revocable Trusts have become increasingly popular estate planning tools to avoid probate. A trust allows for the orderly and private administration of your assets at death without court involvement.
Q: My grandparents on my mom’s side are leaving me their house in their will after they both pass away, will I be able to sell it right away?
When diving into the world of trusts, a frequently asked question revolves around the tax implications: “Does my trust need to file a tax return?” The answer isn’t always straightforward and hinges on several factors related to the structure of the trust.
Estate planning involves careful consideration of various factors to ensure that your assets are protected and distributed according to your wishes. One element that can add an extra layer of flexibility and protection to your trust is the inclusion of a Trust Protector.
An Irrevocable Life Insurance Trust (“ILIT”) is a valuable estate planning tool used to reduce estate taxes – known as death taxes during an election year. Whether you need an ILIT depends on how much your assets are worth now or what your potential net worth is in the future.
When residential property is owned by a trust, the trustee may sell the property if the terms of the trust permit it. The trust would be the seller of the property and the trustee must sign the listing agreement, contract of sale and closing documents.
