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Non-exempt can be temporarily declared exempt, so long as the owner is making a good faith effort to sell the property. Once the property is sold, the proceeds will be considered non-exempt assets and are subject to spend-down. Non-exempt real property owned by a participant, or his/her spouse, may to be excluded as an available […]
Simple steps can be taken to ensure that accumulated debt does not derail your debt upon your passing. Knowing the difference between secured and unsecured debt is a great example of one of the concepts that it is vitally important to get a handle on. Don’t Let Debt Derail Your Estate Plan: Key Strategies to Protect […]
The Spousal Share under a Medicaid Division of Assets, the state assigns a portion of a married couple’s assets to the Community Spouse to live on. These assets are protected from spend down and do not count towards the Medicaid applicant’s countable resources. The Spousal Share is the greater of the current Minimum Spousal Share […]
Irrevocable trusts are designed to permanently transfer assets into a trust for some strategic purpose. With proper guidance, many aspects and terms of the trust can be changed, amended or deleted through strategic drafting. Can an Irrevocable Trust Be Changed? Yes—With the Right GuidanceThe term “irrevocable” often gives the impression of something that’s set in stone. […]
Beneficiary designations bypass the probate process, and are instructions provided directly to a named individual immediately upon the owner’s death. The Importance of Beneficiary Designations in Estate PlanningDesignating a beneficiary means naming a person or entity to receive your assets upon your death. This simple but crucial step plays a major role in your estate plan. […]
Under a Uniform Gift to Minors Account, an individual can make a gift to a minor presently, while holding the minor’s access to the funds until the reach of majority. A custodial account is an account for the benefit of a minor child and managed by a parent or another designated custodian. The custodial account […]