Author Archives: Andre O. McDonald
Who Should Be the Trustee of a Third-Party Special Needs Trust?
Family members with special needs may require assistance throughout their lives. If you want to ensure that a loved one with a disability is taken care of after you are gone, you can help manage resources for them by using a third-party special needs trust (SNT). Also known as a supplemental needs trust, a… Read More »
Saying Goodbye Is Hard: How a Comprehensive Estate Plan Can Help
When people think about estate planning, they usually focus on who will receive their money and property when they pass away and how it will be received. However, estate planning can also address your end-of-life wishes—the considerations and expenses involved when it is time to say goodbye to your loved ones. The following are… Read More »
What Is a Residuary Clause and Why Is It Important?
When developing your estate plan, it is nearly impossible to address every account or property you own. There are sure to be some things you unintentionally overlook. However, by including a residuary clause, you can intentionally disburse any remaining items inadvertently left over during the estate or trust administration process to a named beneficiary… Read More »
What Happens to Real Estate With a Mortgage When I Die?
Your mortgage, like the rest of your debt, does not simply disappear when you die. If you leave your home that has an outstanding loan to a beneficiary in your will or trust, your beneficiary will inherit not only the property, but also the outstanding debt. They may have the right to keep the… Read More »
How Much Authority Does a Trustee Have Over the Stuff in My Trust?
A trustee is a person or entity responsible for managing and administering your trust according to your instructions and in accordance with state law. They are considered a fiduciary (meaning they are held to a higher standard of care and owe certain duties to the beneficiaries). As a fiduciary, a trustee must protect the… Read More »
I’m a Survivor . . . and Now I Have My Own Trust?
Many married couples share almost everything, including finances. This may be reflected in their estate plan by using one joint living trust instead of two separate trusts. Separate trusts can provide greater flexibility, but a joint trust can be structured so that when one spouse passes away, the trust is split into two subtrusts:… Read More »
Testamentary Trusts: The Best of Both Worlds?
You have several different options when it comes to creating the right estate plan. Some people believe that a revocable living trust is the best way to go, while others think that a last will and testament (commonly known as a will) is best under certain circumstances. Others may find that a combination of… Read More »
What Is the “Last Surviving Spouse Rule”?
Estate planning can be a significant part of successful financial management, especially for married couples. One key consideration is minimizing estate taxes, which can substantially affect the distribution of money and property to a married couple’s loved ones. Part of this is understanding the purpose of the Deceased Spousal Unused Exclusion Amount, commonly referred… Read More »
2024 Standard Protections for Spouses of Medicaid Applicants
Each fall, the Centers for Medicare & Medicaid Services (CMS) renews the federal guidelines that seek to protect individuals whose spouses are applying for or receiving Medicaid long-term care benefits. These protections, known as the Spousal Impoverishment Standards, help to support the financial well-being of seniors who continue residing at home while their spouse on… Read More »
Protecting Your House After You Move into a Nursing Home
When people start thinking about aging and the looming potential for needing long-term nursing care that comes along with it, one of the primary questions people have is: can a nursing home take your house? While you generally do not have to sell your home in order to qualify for Medicaid for nursing home… Read More »
