Posts Tagged ‘assets’

Article 105-Estate Planning Series: Why You Need A Trust

Written by Wright Law on . Posted in Estate Planning, Trusts, Will

There are many situations in which a trust is very effective.   For example, property in a trust need not go through the cost and process of probate when you pass.

Probate is the process which permits property (such as land) owned by a deceased person to be passed on to a beneficiary.  But probate in Idaho can’t address a condo or cabin located in another state.  Those who own a home here, and a second home in Arizona, may want to put both properties into a trust and avoid paying two attorneys in two different states for probate.

Article 89-Estate Planning Series: This Is How a Trust Can Help Protect Your Spouse

Written by Wright Law on . Posted in Estate Planning, Trusts

Your family, like all families, must deal with the complications of life.  These are the challenges that come, usually unexpectedly, and throw a wrench in the plans we have for ourselves and our loved ones. 

I recall meeting one man overwhelmed with the challenges of taking care of his wife. She had profound dementia, and he was exhausted.  He could no longer care for her alone.

Article 88-Estate Planning Series: This Is How a Trust Can Protect Your Estate

Written by Wright Law on . Posted in Estate Planning, Trusts

An estate plan is not effective if your assets do not end up with the people you want in the circumstances you want.  However, life’s complications have a way of interfering.  Although a will can ensure your assets go to the people you want to receive them, a trust can help ensure those assets are protected from unintended results. 

Article 87-Estate Planning Series: This Is What a Trust Can Do For You

Written by Wright Law on . Posted in Estate Planning, Trusts, Will

Last column I explained the basic difference between a Will and a trust.  In essence, a Will simply identifies who you want to receive your  assets at your passing.  However, a trust allows much more control over how your assets will be used to address circumstances specific to your family.   More on this to come.

There are many other situations in which a trust is very effective.   For example, those who wish to avoid “probate” can use a trust to hold their assets.  This is especially effective if you own land in more than one state.  A trust can help you avoid paying for probate in two different states.

Article 52-Estate Planning Series: Don’t Let Probate Distract You from the Answer to This Critical Question

Written by Wright Law on . Posted in Estate Planning, Probate, Will

For those who consider probate (or avoiding probate) to be a significant issue, it is important to remember that probate is only a process to transfer assets.  Regardless of whether probate is necessary or appropriate, the process should never become more important than the result.  Specifically, the process of transferring assets should never jeopardize the answer to the following question: “Will my assets end up with the people I want to receive them?”  

Article 31-Estate Planning Series: Qualifying for Medicaid Assistance – Part 6 – Asset Limits

Written by Wright Law on . Posted in Estate Planning, Long Term Care

To qualify for long term care assistance from Medicaid, a senior applicant must establish both health and financial need.  Financial needs are determined based on both the income and the assets of the applicant.  In recent columns I have addressed Medicaid’s income limit.  Starting with this article, I will address Medicaid’s asset limit.

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