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Keeping Property in the Family
For many families, the cabin, cottage, hunting land, or family farm is more than real estate—it is where memories are made and traditions are passed from one generation to the next. Without proper planning, these cherished properties can become the source of family disagreements, forced sales, or even be at risk to help pay for… Read more
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Common Mistakes Successor Trustees Make
Being named as a successor trustee is an honor, but it also carries significant legal responsibilities. Many trustees assume they can immediately distribute assets, only to discover they must first follow the trust’s instructions, identify and value assets, pay valid debts, address tax issues, and keep accurate records. Other common mistakes include failing to communicate… Read more
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Giving Away Assets: A Medicaid Mistake?
Many people believe they can simply give away their assets to qualify for Medicaid. Unfortunately, it is not that simple. Medicaid has a five-year look-back period that reviews transfers made before applying. Gifts or transfers for less than fair market value during that period may result in a penalty period during which Medicaid will not… Read more
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Equally vs Fairly in Estate Planning
Many parents divide their estate equally among their children. In some families, that makes sense. In others, however, equal and fair may not mean the same thing. One child may have received significant financial assistance during your lifetime, another may have special needs, and another may be helping provide care as you age. Blended families,… Read more
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Self-Settled Special Needs Trust
Receiving an inheritance, settlement, or other assets can create an unexpected problem for individuals with disabilities who rely on means-tested benefits such as Medicaid or Supplemental Security Income (SSI). In many cases, receiving assets outright can jeopardize eligibility for these important programs. A self-settled special needs trust may provide a solution. This trust allows assets… Read more
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Should I Put My Child’s Name on My House?
Adding your child’s name to your house may seem like an easy way to avoid probate, but it can create unexpected legal and financial consequences. Depending on how the deed is prepared, you could unintentionally expose your home to your child’s creditors, divorce, or financial difficulties. You may also trigger unfavorable tax consequences or interfere… Read more
