Estate Planning

What Is a Medicaid Trust?

A Medicaid trust—more formally called a Medicaid Asset Protection Trust (MAPT)—is a specialized irrevocable trust designed to help individuals qualify for Medicaid while preserving certain assets for their heirs. The primary goal is to shelter assets from being counted in Medicaid’s financial eligibility test, so they are not depleted by long-term care costs.While Medicaid is a joint federal–state program, each state has its own rules about how these trusts are structured and implemented. However, the core principle is the same: you transfer ownership of certain assets to the trust so that, after a waiting period, they are no longer considered…
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Funeral Insurance: What It Is, How It Works, and Who Might Need It

Planning for end-of-life expenses isn’t a topic many people enjoy thinking about, but it can be a final act of care for loved ones. Funeral insurance—also known as burial insurance or final expense insurance—is a tool designed to ease the financial burden of your funeral and related costs. What Is Funeral Insurance? Funeral insurance is a type of life insurance policy designed to cover the costs associated with end-of-life expenses, such as:Funeral and burial or cremation costsFuneral home servicesCasket or urn expensesHeadstone or grave markerFlowers, programs, and other memorial itemsTravel or lodging expenses for family (in some policies)Unpaid medical or…
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What Is a Family Trust?

The moment someone mentions a ‘family trust,’ it’s easy to start questioning your entire estate plan—or lack thereof.  "Family trust" just sounds official—like one of those things responsible people already have figured out.If you’ve ever had that moment—usually right after talking to a friend who just finished their estate plan or seeing a headline with bold promises—you’re not alone. And if you love your family (and who admits they don’t?), then of course you should have one… right?Well, maybe. But before you rush off to fix this apparent hole in your legacy plan, it’s worth pausing to ask: what is a…
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Living Will vs. Healthcare Directive: Understanding the Key Differences

When planning for medical emergencies or end-of-life care, two important legal tools often come into play: the living will and the healthcare directive. While these terms are sometimes used interchangeably, they refer to different aspects of healthcare planning and serve distinct purposes. Understanding the differences can help you make informed decisions about your own care—or help you guide a loved one in doing the same. What Is a Healthcare Directive? A healthcare directive (also called an advance directive or advance healthcare directive) is a broader legal document that appoints someone to make healthcare decisions on your behalf. It sometimes can…
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What Revocable Living Trusts Do – And Can Other Tools Do It Too?

A Revocable Living Trust (RLT) offers many benefits, but it’s not the only estate planning tool available. Many people already have beneficiary designations, joint ownership, or powers of attorney in place—and wonder if that’s enough.Let’s take a closer look at what an RLT can do and compare how other tools measure up. Benefit #1 - Avoid Probate What an RLT Does:Assets titled in the name of the trust avoid probate entirely. This means no court involvement, no delays, and no public process. The successor trustee simply follows the instructions you’ve left behind. However, if you use what's called a "Pour-over…
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What Is a Revocable Living Trust and Do You Need One?

A revocable living trust is one of the most commonly recommended estate planning tools. It can provide privacy, avoid probate, and offer flexibility in how your assets are managed and passed on. But while it offers some advantages, it's important to understand its limitations and know where it fits within your overall estate planning strategy.Revocable Living Trusts are can be one component of a greater estate planning strategy including:Your Last Will and TestamentFinancial Powers of AttorneyBeneficiary Designationsand, Asset Titling What is a Revocable Living Trust? A revocable living trust is a legal arrangement you create during your lifetime to manage…
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Lifetime Gifting Without Regret: How to Give Without Compromising Your Future

Many individuals aspire to share their wealth during their lifetimes with family and friends. Lifetime gifting can be a meaningful expression of love, support, and generosity—helping children buy their first homes, supporting a grandchild’s education, or simply offering help when needed. However, these well-intentioned gifts can sometimes compromise the giver’s own financial security if not approached with thoughtful planning. The Impact of Gifting During Your Lifetime Unlike bequests that aren't received by the beneficiary until death, lifetime gifts allow you to witness and enjoy the benefits your loved one's experience from your generosity. For example, a gift toward a home…
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Gifting and the Annual Exclusion

Lifetime gifts are a wonderful way to bless your loved ones and make a meaningful impact on their lives. Whether it's helping a child with educational expenses, supporting a family member in need, or simply sharing your wealth to enhance their financial security, gifting allows you to express your generosity while witnessing the benefits of your support firsthand. Beyond the emotional rewards, thoughtful lifetime gifting can also provide financial advantages by reducing the size of your taxable estate and taking advantage of tax-free gifting opportunities. With proper planning and an understanding of the applicable tax rules, you can ensure your gifts provide…
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Navigating Finances After Death: A Guide to Handling Common Expenses and Accessing Funds

Dealing with finances after the loss of a loved one can feel overwhelming. Most estates take six to nine months to be fully settled, and some more complex estates can take even longer. A common question I receive is how to manage the immediate expenses like funeral costs, final medical bills, utilities, and ongoing obligations such as mortgages and credit card payments. This guide outlines the most common ways to handle these financial matters after a death, who is able to do what, and how quickly funds may be accessed to cover necessary expenses.Who This is For: Generally, if you are a surviving spouse,…
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Understanding Probate: What It Is, What Assets Go Through It, and How to Navigate It

Understanding probate is part of determining what estate planning strategies to put into place. Many people do not know what probate is other than that they should avoid it at all costs. Before diving into complex and expensive strategies, you should know what it actually is, what it means your for assets, and what it means for your heirs. Probate is a legal process that occurs after a person passes away. It involves validating the deceased person's will (if one exists), settling their debts, and distributing their remaining assets to beneficiaries. Depending on the complexity of the estate, probate can be…
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