A Medicaid Asset Protection Trust, often called a MAPT, is a long-term care planning tool that may help preserve certain assets while preparing for future Medicaid eligibility. These trusts may help preserve a home or savings while planning for future long-term care costs, but they also come with strict rules and limitations. Have you ever…
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Living Trust vs Will: Which Do You Need?
If you’re deciding between a living trust and a will, the short answer is this: many people benefit from having both, but the right choice depends on your goals, assets, and how you want your estate handled. So how do you know which one actually fits your situation? What Is the Difference Between a Living…
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Do You Need Probate for a Trust?
Do you still need probate if you have a trust? Usually, no, but the answer depends on how the trust was set up and whether assets were properly transferred into it. This question comes up often, and it is a fair one, especially when someone has taken time to create a trust and expects it…
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Should You Fund Your Trust Immediately?
Yes, in most cases, a revocable trust should be funded as soon as it is signed. An unfunded trust is little more than paperwork, while a funded trust actually controls your assets and does the job you created it to do. So here’s the real question: if you’ve gone through the effort of setting up…
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Should You Name a Corporate Trustee?
People often wonder: Should you put a trusted family member in charge of your trust, or is a corporate trustee a safer choice? The short answer is that a corporate trustee often provides stronger long-term oversight, while an individual trustee may offer more personal insight. The right fit depends on the complexity of your trust…
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How Do You Remove Someone from a Trust?
Can you remove a beneficiary from a trust once it’s created? In many cases, you can, but the process depends on the trust’s terms, whether the trust is revocable or irrevocable, and the level of consent required from other parties. This blog explains how beneficiaries can be removed, when trustee or court approval is needed,…
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Everything You Need to Know About Spendthrift Trusts
What if you could protect your hard-earned assets while still providing for a loved one? Not everyone is prepared to handle a large inheritance, and financial risks like debt, lawsuits, or reckless spending can quickly drain an estate. A spendthrift trust offers a way to ensure your money is used wisely. Instead of giving full…
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When Should I Amend My Existing Trust?
Life is full of changes, and as your circumstances evolve, your trust may need to evolve, too. Have you recently experienced a significant life event, like a marriage, the birth of a child, or a shift in your financial situation? These moments often prompt the need to revisit and update your existing trust. When was…
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The Perils of Drafting an Estate Plan Using AI/ChatGPT
As artificial intelligence continues to integrate into our daily lives, tools like ChatGPT are emerging as helpers in various tasks, including drafting legal documents. But is using AI for something as crucial as your estate plan a good idea? This approach raises several concerns, from privacy issues to the accuracy of the legal content, which…
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Appointing a Power of Attorney: Key Considerations
Have you ever thought about who would manage your affairs if you were unable to? Appointing a Power of Attorney (POA) is an important step to ensure your financial decisions are managed by someone you trust, from paying bills to managing investments. This choice grants a trusted individual the legal authority to act on your…
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