Special Needs Trust There are special needs trust options, but you must ensure that they do not restrict the recipient’s access to public benefits. For instance, you may designate assets for the person with special needs directly in your estate plan, but you would need to make sure to account for the possibility of losing…
Qualify for Medicaid Estate Planning Attorney Joseph Hudack knows that many seniors find themselves in need of Medicaid to pay for their long-term care but are surprised to learn that their modest monthly income may disqualify them. The reason for this is that Medicaid is a “means-tested” benefit. In other words, you must not have…
What is Trust Administration? Trust administration is defined as the trustees’ management of trust property according to the trust document’s requests and for the benefit of the beneficiaries after the settlor’s death. Many steps are required to provide an effective administration. It’s recommended to work with an attorney to help in the process. Trust administration…
Asset protection has become a common goal of estate planning. Asset protection trusts come in many different forms and can be used to protect property for your use and benefit as well as for the use and benefit of your family. What is An Asset Protection Trust? An asset protection trust is a special type…
Do You Want to Pay Estate Taxes? No? Using of Trusts for Estate Tax Savings – Well, if you haven’t planned, you might be paying them anyway. When you made your Will, did you leave any money to the government? No way, right? You might be wrong about that. Most of us don’t want to…
Medicaid Asset Protection Trusts Medicaid Asset Protection Trust (MAPT) is probably the most effective tool for protecting the home, but did you know the Medicaid Trust can protect more than just the house? Medicaid Trusts can also hold cash assets, and as long as they’re in the trust for five years, those assets cannot be…
Pick A Trustee, Executor, and Agent Under a Power of Attorney Corona Estate Planning Attorney Joseph Hudack says that while the term “fiduciary” has a long legal history, according to estate planning attorney Joseph Hudack, it often refers to someone who has a legal obligation to act in another person’s best interests. Fiduciaries include people…