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What is a Ladybird Deed?
Can Medicaid take my property?
What is the Lookback Period and why does it matter?
How can I pay for Long Term Care?
What is a trust?
What’s the difference between Guardianship and Power of Attorney?
Guardianship is only available if an individual is incompetent and, therefore, unable to make decisions on their own behalf. The Guardian is appointed by the court to act on behalf of the incompetent individual (the “Ward”) only after the court has found by clear and convincing evidence that the person in question is, in fact, incompetent. A Guardian can act against the wishes of the Ward as long as they act in the Ward’s best interest.
What is probate and why should I avoid it?
If you avoid probate, you avoid the long, tedious, and expensive hassle. You also avoid the chance for creditors to deplete the estate and take your loved ones’ inheritance.
What is the difference between a revocable trust and irrevocable trust?
Control: in a revocable trust, the person who makes the trust is the person who controls the trust (the trustee). For a trust to truly be irrevocable, the person or persons who created the trust cannot be the trustee. An individual creating an irrevocable trust must pick someone other than themselves or their spouse to be trustee. The best way to think about an irrevocable trust is: the person who makes the trust sets the rules of the game but once the game begins, the rules cannot be changed.
Protection: a revocable trust provides protection for assets by allowing the trust maker to. avoid the probate process entirely. An irrevocable trust provides a larger measure of protection by also removing the assets from the trust maker’s name. This can help individuals qualify for benefits like Medicaid, preserve assets, and avoid taxes.