What is a Medicaid Asset Protection Trust?
The idea of Medicaid Asset Protection Trust for the purposes of protecting against long-term care costs is becoming both more sought-after and more necessary.
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The idea of Medicaid Asset Protection Trust for the purposes of protecting against long-term care costs is becoming both more sought-after and more necessary.
Kirstie Alley enjoyed the fruits of her labor following a successful career in the limelight, leaving behind a $40 million fortune and a massive real estate portfolio.
When you set up your estate plan it is important to coordinate the legal planning documents that you or you and your attorney create with the document provided by your retirement account custodian and/or your life insurance carrier called a ‘Designation of Beneficiary.’
Ever heard the phrase, “a chain is only as strong as its weakest link?” The same goes for a financial portfolio: It’s only as safe as the password that protects it.
There are many stories of strange conditions in wills and trusts over time. For example, the German poet Heinrich ‘Henry’ Heine died in 1856 and left his estate to his wife, Matilda, on the condition that she remarry, so that ‘there will be at least one man to regret my death’.
A pot trust is a type of trust that lists children as beneficiaries, with the trustee using his or her discretion as to how trust assets should be spent. If you have minor children, you might consider setting up a pot trust to meet their financial needs, if something should happen to you. This type of trust allows you to create a single pool of assets to be used for the benefit of multiple children.
Whatever the reason, whether your life is a bed of roses or a getting-worse-nightmare, there are things you can do now to insure what you leave will go to who you want. And when. And in what portion or portions.
When you hear the word trust fund, you might think of wealthy kids a big chunk of cash on their 25th birthday. However, trust funds aren’t just for the rich. They are flexible tools to protect your loved ones.
If you have updated your estate plan during the Covid crisis and even found a way to sign your documents while maintaining social distance, do not overlook the last step of trust funding.
In my parents’ trust, they leave each other their share upon death, and then I become trustee when my last parent dies. I’m really concerned about this whole deal.