It can be a challenge to change an irrevocable trust. Decanting in the trust context allows a trustee to pour the assets of one trust into another under special circumstances.
Alzheimer’s is a devastating and cruel disease. It slowly robs sufferers of their memories, their recognition, and, eventually, their ability to function independently. Given the huge impact this illness can have both on patients and their families, it is no surprise that the expenses associated with treatment and care are likewise huge. By some estimates, Americans (including costs covered by Medicare, Medicaid, private insurers and out-of-pocket by patients and their families) spend upwards of $200 billion annually on Alzheimer’s-related care.
Identity theft schemes constantly evolve and target everyone from infants to those who have recently passed away. Ghosting, stealing the identity of a deceased victim, claims as many as 2.5 million identities a year.
As we have talked about many times on this blog, it is very important for every person to plan their estate and to do so properly. You risk a lot -- and your family could endure emotional and personal strife -- if you don't have a will in place and you haven't established some crucial pillars of an estate plan such as a trust.
First off, we are very sorry that you have landed on this blog post. Whether a loved one passes away suddenly or spent several years in memory care or a skilled nursing facility, it is never easy.
One aspect of an estate plan that can easily be overlooked involves beneficiary designations on retirement plans. Designating your spouse as a beneficiary comes with several significant benefits.
Oftentimes, people are under the impression that if they don’t have substantial wealth, there’s no reason to have a will. But there are multiple types of wills that serve very different functions. Wills are for much more than allocating funds. They are critical resources when it comes to being prepared for the future.