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Many people were forced to think about how to adequately manage their estates in 2020. While a will and last testament was for many years the most common estate planning, trusts have grown in popularity. As part of a will, a person must specify how his or her properties should be distributed after that individual passes away, while family trusts are established for either a specific individual or a group of people who are not specifically named. This article reviews some valuable details you should understand in deciding whether a will, a trust, or both a will and trust are right for you.

Critical Differences between Trusts and Wills

While the critical differences with trusts and wills teal with the time when the assets are transferred, some of the  other vital differences between trusts and wills include the following:

As we proceed into 2021 and emerge from the COVID-19 pandemic, many fundamental aspects of daily living have been challenged. Among many lessons people learned from the pandemic, one of the most critical ones is the importance of asset protection. Private placement life insurance provides individuals with the opportunity to allocate alternative investments in a tax-efficient manner while creating efficient strategies that do not exist with other life insurance options. Various factors make it an ideal time to consider using private placement life insurance including high lifetime exemptions and attractive federal estate and income tax rates. This article reviews some critical details that you should consider about deciding whether private placement life insurance is right for you.

 How Private Placement Life Insurance Functions

Private placement life insurance trusts are a special type of life insurance that has a high cash value compared to a low death benefit. To minimize fees, the life insurance aspect is kept as affordable as possible, which permits the cash value of the policy to drive death benefits. The purpose behind private placement life insurance trusts is to amass a substantial cash value within a life insurance policy to take advantage of the tax-free handling of income as well as gains from the underlying investments in the policy. 

One of the most important elder law decisions is picking the best nursing home. While this decision is often financially motivated, it’s also critical to find a facility that offers the best possible care to fit your needs. Unfortunately, not all nursing homes are capable of meeting everyone’s needs. To help process best, Medicare has implemented a five-star rating system.

The Separate Nursing Home Ratings

Not all nursing homes meet Medicare standards. After an in-depth review of a nursing home, Medicare assigns facilities with a rating based on a one to five scale with one being the worst and five being the best. Five-star ratings for nursing homes are based on the following separate categories:

The Covid-19 pandemic has led to a larger than usual number of people adopting pets. After all, stay-at-home orders reduced the chances that people had to interact with others and pets began to play an increasingly more important role as companions. Data compiled from PetPoint reveals that animal welfare organizations throughout the country had a difficult time keeping up with the demand. 

With pets playing a role in a record number of people’s lives, it’s critical to understand the powerful and valuable role that pets can play in the lives of seniors and individuals with disabilities.

# 1 – Reducing Loneliness

Many legal scholars and others who are impacted by elder law issues are positively responding to a landmark decision in favor of people who care for their parents at home. This decision has the potential to result in a substantial increase in the number of homes that are transferred to caregivers.

The case in question, A.M. v. Monmouth County Board of Social Services, was decided by New Jersey’s Appellate Division and reaffirmed a New Jersey regulation, which permits older adults to transfer their homes to adult caregiver children without facing Medicaid penalties. The regulation permits the transfer of homes without penalty when an adult child provides care to a parent for a period.

An Influential Victory

  One of the most undesirable situations in the field of estate planning is a person becoming incapacitated or passing away without the proper estate plans in place. To die intestate means that a person passes away with no legal will. This means that if a person intestate, the distribution of that person’s assets is determined based on New York law rather than any consideration for the needs of the deceased person’s loved ones. 

Tragically, many people die without the proper estate planning tools in place. For example, Black Panther star Chadwick Boseman passed away without a will. Boseman’s case is unique because he filed some estate planning documents, but not enough to fully oversee how his estate was handled. Consequently, the distribution of Boseman’s assets was left to the control of a California probate court to distribute Boseman’s estate which is valued at $939,000. Given the celebrity of Boseman’s film roles, his estate was likely worth much more but passed on many assets to trusts. Curiously, however, wills are often written contemporaneously to wills. Boseman’s story brings to mind why you should ignore some of these common reasons and engage in adequate estate planning sometime soon.

# 1 – To Make Sure Your Children Are Cared For

In the recent case of Odom v. Coleman, a brother and sister initiated legal action against another in a matter involving their father’s estate. The dispute between the two siblings focused on whether the father’s estate should be reformed in accordance with Texas Estates Code Section 255.451(a)(3) that allows courts to modify or reform a will if necessary to correct a “scrivener’s error” in the terms of the will to conform with the testator’s intent which must be based on clear and convincing evidence.

The Will In This Case

The will in this case contained a residuary clause that passed on personal property to the son and then the daughter. A rigid interpretation of the will found that the deceased man’s real property would not be included in the residuary cause instead passed through intestacy. The son then initiated legal action to revise the will to omit the word “personal” in the residuary clause. The trial court ultimately for the son and the daughter appealed.

Medicaid is a federal and state program available to individuals who satisfy certain eligibility requirements. Disbursements from Medicaid are designed to help people pay for long-term care costs. Long-term costs often create substantial financial challenges for elderly Americans as well as their loved ones who lose both time and income while caring for their loved ones. Medicaid is still one of the best ways to pay for long-term care. 

Unfortunately, many Americans wait until catastrophic events occur before obtaining Medicare. Under stress, families can commit various errors including listening to misinformed individuals. Medicaid crisis planning allows a person to qualify for Medicaid nursing homes without spending all of a person’s assets.

When it comes to Medicaid, crisis planning exists for individuals who have an imminent need for Medicaid. This urgency can arise if a person is diagnosed with an immediate condition like ALS (“Lou Gehrig’s Disease) which requires immediate placement in a nursing home. In these situations, applicants often have no idea of how much nursing home costs. 

There are more than 40 million family members in the United States who act as caregivers for loved ones. There are also many ways to provide the requisite care for your aging loved one. 

If you recently placed a loved one in a nursing home, you’re likely still getting comfortable with the idea that your loved one will reside in a nursing home. You likely also want to make sure that your loved one receives the best care possible while there. 

As a result, this article reviews some helpful strategies that you can follow to make sure your loved one in a nursing home receives the appropriate care. 

The coronavirus pandemic has substantially altered the way that we engage in business. There are, however, ways to sign estate planning documents remotely without needing to be in close proximity to anyone. 

To better prepare you for navigating the estate planning process remotely, this article reviews some important details that you should remember.

# 1 – Executive Order No. 202.7

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