What are the disadvantages of a will?
The first estate planning tool that most people think of is a last will and testament. However, there are a number of disadvantages to using a will as your primary estate planning method. In this article, we discuss some of those disadvantages. Three Main Disadvantages of a Will There are three main disadvantages to using […]
What are the disadvantages of living wills?
Everyone should have a living will. But some people try to use a living will by itself to prepare for incapacity, and that can lead to problems. Three Big Disadvantages of Living Wills There are three main disadvantages to using a living will: Living wills have a limited scope; Living wills rely on physician compliance; […]
Does a special needs trust affect supplemental security income?
Generally, a special needs trust will not reduce your supplemental security income (SSI) benefits. However, some special needs trusts will allow for SSI benefits to be impacted in some limited circumstances. A special needs trust is designed to provide some financial help to a disabled beneficiary without disqualifying the beneficiary from receiving government benefits. The […]
Can Medicaid take money from a special needs trust?
No, as long as the trust beneficiary is alive, Medicaid cannot take money from a special needs trust that is properly drafted and managed. However, after the beneficiary dies, the assets in any first-party special needs trust are used to repay Medicaid. Do assets in special needs trusts disqualify you from Medicaid? The assets in […]
How to Revoke a Lady Bird deed in Florida
The most effective way to revoke a Florida lady bird deed is to transfer your property to a third party. It is unclear whether you are allowed to transfer the property back to yourself. The Safest Way to Revoke a Lady Bird Deed The whole point of a lady bird deed is that you can […]
How do I put money in a special needs trust?
A special needs trust is useless until it has been funded. After all, the trust cannot pay for anything until it has some money! So how does someone move money into a special needs trust? The answer depends on whether you are the trustee of the special needs trust or a non-trustee who wants to […]
What happens to a special needs trust when the beneficiary dies?
What happens to a special needs trust after the beneficiary dies depends on the type of special needs trust. For a third-party special needs trust, the trust itself determines what happens to the assets. For a first-party special needs trust, the trust assets will be used to repay Medicaid. What happens to a third party […]
What distribution standard should be used for a special needs trust?
The ultimate goal of both disability trusts and supplemental needs trusts is to make the trust resources unavailable to the disabled individual while still assuring that the resources will ultimately be used for her benefit.[1] This is a difficult balance to achieve. If the trust assets are too easy to access, then the trust may […]
What is probate and how do I avoid it?
What is probate? Probate is a court-supervised process that takes place after you die. Probate involves naming a personal representative, paying your debts, and transferring assets to your beneficiaries in accordance with your last will and testament. After you die, every asset that you own solely in your name is now a part of your […]
Can a trust be a trustee of another trust?
No, a trust cannot be a trustee of another trust. However, the trustee of one trust may also act as the trustee of other trusts. The Florida Trust Code does not put limits on who can be a trustee. This is unlike the role of personal representative, which cannot be done by just anyone. However, […]