Monthly Archives: January 2022
QTIP Trusts: Will My Spouse Get What They Need?
A qualified terminable interest property (QTIP) trust is an estate planning tool that married couples can use to minimize uncertainty about the future and maximize certain tax advantages. Since no one can predict how much they will own at the time of their death, which spouse will die first, whether the surviving spouse will… Read More »
What Type of Deed Should I Use When Transferring Real Estate into a Trust?
When using trusts in estate planning, a key element includes transferring real estate belonging to the trustmaker into the trust by recording a deed with the local recording authority. This step is crucial for ensuring that the trustee has the authority to manage and ultimately sell or transfer the property should the trustmaker become… Read More »
Medicaid Eligibility for Nursing Home Level of Care
Think again if you thought Medicaid planning only included meeting strict income and asset limits for long-term care coverage. You will also need to demonstrate you need the level of care typically provided in a nursing home setting. These health eligibility rules are valid if you apply for nursing home coverage or a Medicaid… Read More »
Untangling a Tangled Title: Homeownership, Property Deeds, and Estate Planning
Do you really own the home you live in? If you are currently living in a property that you inherited but the deed has not been transferred into your name, you may be surprised to learn that, under the law, you are technically not the owner. This legal situation is known as “tangled title.”… Read More »