The Veterans Asset Protection Trust can be an applicable and beneficial option for many that are looking for long-term planning options. The Veterans Asset Protection Trust is an intentionally defective grantor trust and can be considered as an option for those who are wartime Veterans or the surviving spouses of a wartime Veteran. This trust is designed to meet the eligibility requirements from the Veterans Administration (VA) of a complete gift or complete relinquishment.
As parents age, it’s common for their adult children or loved ones to become concerned about their financial situation and long-term care as they reach and surpass their retirement years.
According to the National Institute on Aging, most long-term care is provided at home by friends and family. Taking on the care of a loved one can be a grueling, yet rewarding, task.
There are many reasons to help clients avoid probate—it’s costly and time-consuming, not to mention it has the potential to make a public spectacle of a very private matter. More often than not, probate disputes can arise in response to unequal treatment of siblings and other close family members in an individual’s estate plan. Since the loss of a loved one already spikes heightened emotions, adding the uncertainty of what their loved one’s estate was worth, who is playing what role in the administration of their will, and who inheriting what assets can easily aggravate old family divisions, provoking costly family feuds in probate court.
How different is elder law from estate planning, really? Estate planning, in part, deals with helping clients plan for disability, minimize taxes at their death, and to help their estate pass to their desired beneficiaries under conditions set by the client. Estate planning can also involve asset protection, retirement planning, and business succession planning.
Everyone enjoys the warm and magical feeling that comes with new love. People of all ages hope to experience the delights of finding someone to share their life with. For elder clients though, many have already spent many years with someone for which they cared deeply. For this group especially, finding someone new to spend the rest of their life with is an exciting and wonderful surprise.
Decanting is the act of pouring assets from one trust into a different trust with more desirable terms. While a revocable trust can be amended freely while the grantor is alive, an irrevocable trust has more restrictions. To be sure, a trust protector would be the first line of defense when a problem arises. If the original irrevocable trust allows for a trust protector, she may be able to alter that trust to bring about the desired result. If a trust protector is not provided for in the original trust, or if she cannot fix the problem, decanting might be a good solution.
It is November and the kickoff to National Alzheimer’s Disease Awareness Month! According to the Alzheimer’s Association, roughly 5.7 million Americans are living with Alzheimer’s Disease. Every 65 seconds, someone develops this challenging disease. Let’s take a look at some recent breakthroughs and news that offers hope to those diagnosed with Alzheimer’s, their families, and advocates fighting to cure the disease.
Like so many concepts in the law, the word “fiduciary” has Latin roots; it means trust. This is particularly appropriate as the word trust is thought of as the confidence and reliability required in a person of great importance – as well as a legal vehicle to develop such relationships.
Helping clients plan for life’s unexpected events—whether it’s welcoming a new family member, coming into an inheritance, or dealing with an illness—is at the heart of what estate planners do. As we recognize October as Breast Cancer Awareness month, it’s a great opportunity to remind ourselves how we can continue to plan for the curve balls that life throws us.