Monthly Archives: June 2018

Establishing Trusts When a Family has Debt

More than many other estate planning tools, trusts are capable of protecting a family’s assets for future generation. However, if either the person creating the trust or the beneficiary has debt, the trust will likely not be able to protect the assets from creditors. This means that if someone in the family files for bankruptcy, there is a risk that the trust could be seized for the repayment of debts. The Difference Between Revocable and Irrevocable Trusts The role of debt in the creation of a trust emphasizes the distinction between irrevocable and revocable trusts. A person who creates a revocable trust is in control of the trust until his or her death, which means that assets in this type of trust are considered property during the creator’s lifetime and will pass to beneficiaries after the creator’s death. Irrevocable trusts are not in control of the trust’s creator, but sometimes a “spendthrift”  provision can be added to the trust to protect it from creditor seizure if a beneficiary of the trust later files for bankruptcy. The Advantages of a Trust There are some distinct advantages to both irrevocable and revocable trusts. Irrevocable trusts offer the benefit of reducing estate tax,     Read More

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How to Find the Best Nursing Home for a Loved One

One of the many obstacles to helping a family member perform estate planning is that it is often difficult to accept that a loved needs extra care to survive. It is also a challenge to find a good nursing home for a loved one, particularly when statistics suggest that abuse and neglect are occurring at an increased rate all over the country. There are fortunately several signs that a nursing home is a safe and good fit for a loved one. It is important to weigh each potential nursing home against these criteria to make sure that a loved one ends up getting the best care possible. While the following are five signs of nursing home neglect, if you are interested in learning more, AARP has a list of 10. Sign # 1: Examine the Staff Culture It is important to examine how staff members at nursing homes interact with one another. If staff members are combative or passive with one another, this is likely how they will interact with the nursing home’s residents. The best nursing homes have staff that interact with one another in a pleasant manner. Sign # 2: What Activities do Residents Engage in? Empty corridors     Read More

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