A trustee is an individual or entity appointed to manage and oversee a trust on behalf of the trust’s beneficiaries. The role of a trustee in regard to a trust is to fulfill various responsibilities and duties in accordance with the terms and conditions outlined in the trust document or instrument. Here are some of the key responsibilities and actions that trustees typically undertake in the context of a trust: Asset Management: The trustee is responsible for managing the assets or property placed in the trust. This may include investments, real estate, cash, or other assets, depending on the type…
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Being in charge of your loved one’s digital footprint can be an overwhelming task. It helps if the deceased person left instructions in a digital legacy plan, but if you’re starting from scratch, you should prepare yourself as the process can take months to complete. You will have to contact each company or organization separately in order to manage your loved one’s online accounts and profiles. Start by creating a list of all known digital assets. You may be able to find some of this information in the will, but you might need to ask other family members and/or…
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Creating a digital legacy plan to manage your online accounts is just as important as drafting a will to protect your physical and monetary assets. If you are preplanning a funeral – or making end of life arrangements for yourself – adding a digital legacy document should definitely be on the list of things to do. Appoint a Digital Executor Select a “digital executor” who will protect and organize your digital footprint after death. This trusted person is responsible for carrying out the terms set in a will, but their responsibilities can also extend to handling your internet assets…
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A digital legacy includes all the online accounts, digital assets, and internet profiles that are left behind when a person dies. Some people may only have an email address while others maintain an extensive digital footprint over their lifetime. A digital legacy often contains the following online accounts and profiles: Email Addresses – includes personal and work email addresses. Social Media – Facebook, Twitter, LinkedIn, Instagram, Pinterest, Snapchat, etc. Communication Apps – Skype, WhatsApp Websites and Blogs – personal/business websites and licensed domain names Gaming – Xbox, Wii, Playstation, ESPN Financial Services – banking, trading, 401K (and retirement accounts),…
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Introduction Estate planning involves making important decisions about how your assets will be managed and distributed after your passing. Two common tools used in estate planning are the last will and testament (will) and the revocable trust. While both serve the purpose of facilitating the distribution of assets, they have distinct differences in terms of functionality, privacy, and probate avoidance. We’ll explore the key distinctions between a last will and testament and a revocable trust to help you make informed decisions in your estate planning. Nature of Document: Last Will and Testament (Will): A will is a legal document…
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One common asset protection strategy is the establishment of irrevocable trusts. These trusts effectively transfer ownership of assets, such as property or investments, to a trustee, thereby removing them from the individual’s direct control. By doing so, the assets are shielded from being counted as part of the individual’s resources when determining eligibility for Medicaid or other government assistance programs that may help cover nursing home costs. To learn more about estate planning and elder law, visit Estate and Elder Planning by David Wingate at www.davidwingate.com. For an Initial Consultation, call (301) 663-9230. We can assist you with…
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As individuals and families navigate the challenges of aging, the importance of long-term care, specifically nursing home care, becomes increasingly apparent. However, the staggering costs associated with nursing home care can pose a substantial financial burden on individuals and their loved ones. That’s why asset protection planning plays a vital role in this context.Asset protection planning encompasses a range of strategies aimed at safeguarding one’s assets from being eroded or depleted due to the exorbitant expenses associated with long-term care. By taking a proactive approach to asset protection, individuals can secure their wealth, preserve their financial stability, and ensure that…
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Asset protection planning is an essential step for individuals and families facing the potential high costs of nursing home care. By taking a proactive approach to preserve wealth and financial stability, individuals can receive the care they need without sacrificing their life savings. It is important to consult with an experienced attorney or financial planner who specializes in elder law to develop a customized asset protection plan that aligns with individual circumstances and legal requirements. With careful planning, individuals can navigate the challenges of long-term care while safeguarding their assets for future generations. To learn more about estate planning…
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Early Planning: Start asset protection planning early to maximize the effectiveness of the strategies. Many countries have laws that impose a look-back period, during which asset transfers may affect Medicaid eligibility. By planning ahead, individuals can take advantage of allowable exemptions and ensure their assets are protected when the need for nursing home care arises. Trusts: Irrevocable trusts, such as Medicaid Asset Protection Trusts (MAPTs) or Special Needs Trusts (SNTs), can be valuable tools for asset protection planning. These trusts transfer ownership of assets to a trustee, allowing individuals to qualify for Medicaid while still retaining some control over…
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IntroductionAs individuals and families age, the need for long-term care, such as nursing home care, becomes a reality for many. However, the soaring costs associated with nursing home care can place a significant financial burden on individuals and their families. This is where asset protection planning comes into play. By implementing strategies to safeguard one’s assets, individuals can preserve their wealth, maintain financial stability, and ensure access to the care they need without sacrificing their hard-earned savings.Understanding Asset Protection PlanningAsset protection planning is a proactive and legal approach to shield one’s assets from being depleted due to the high costs…
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