Estate Planning
| Medicaid Trusts |
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| Medicaid is a needs-based (welfare) benefit program administered separately by each state, but funded in part by the federal government and in part by each state. A person qualifying for Medicaid is allowed to have only a minimal amount of assets, other than a home. Although each state may have certain differences in its particular Medicaid regulations, each must follow certain basic federal guidelines in order to be eligible for the federal subsidy. One of those guidelines is the waiting period imposed on a person who transfers assets and later applies for Medicaid benefits. More... |
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| Per Capita and Per Stirpes |
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| Suppose that an intestate is survived by three children and no grandchildren. Who inherits the intestate's net estate? How much does each person get? For most people, the answer is easy and obvious. Each child takes one-third of the intestate's net estate. More... |
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| The Natural Objects of One's Bounty - I |
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| One advantage of making and leaving a will is that you can specify to whom you want your property to go after you die. Whether or not you make and leave will, it is useful to know the traditional names for the various members of one's family.
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| Trust Elements - Trustee |
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| A trust has five main elements. First, a settlor transfers some or all of his or her property. Second, the property transferred by the settlor is designated trust property. Third, the trust property designated by the settlor is transferred with the settlor's intent that it be managed by another. Fourth, the trust property designated by the settlor is transferred for management by a trustee. Fifth, the trust property designated by the settlor is managed by a trustee for the benefit of a beneficiary. This More... |
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| Probate --Beginning the Process |
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| When a person dies, the first thing that must be done concerning distribution of his property is to determine whether he left a will. In most cases, the spouse or children will know or have an idea that there was or was not a will. If not, a search of the deceased's papers and safe-deposit box may offer some leads. If the deceased had a lawyer or saw one before his death, the lawyer should be asked if he has any knowledge of a will. More... |
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