Life insurance trust
Summary A life insurance trust is a trust where the asset is a life insurance policy. This article describes what a life insurance policy is and explains how to set one up. It then says who pays the premiums for the policy, and lists the pros and cons of a life insurance trust. What is […]
Letter of last instruction
Summary A letter of last instruction is a document containing important information and after-death wishes that a person writes to the executor of their will or their family members. This article lists some items that a letter of last instruction should contain, and then explains how to create one. What is a letter of last […]
Financial plans versus estate plans
Summary People often confuse financial planning and estate planning, but they are different types of planning that involve different goals and decisions. This article explains what financial plans and estate plans are and lists the main components of each type of plan. It then says what kinds of professionals help to create financial and estate […]
Estate and inheritance taxes
Summary Estate and inheritance taxes are federal and state taxes on a person’s assets after they die. This article explains how the federal estate tax works and how much the federal estate tax exemption is. It then explains state estate and inheritance taxes. What are estate and inheritance taxes? Estate and inheritance taxes are federal […]
Engaging an attorney
Summary Engaging an attorney or lawyer is a helpful step for anyone planning for their elder years and end of life. This article lists what kinds of attorneys are best for elder-care planning and how to find a good attorney. Why should a person hire an attorney? Engaging an attorney or lawyer is a helpful […]
Creating legal documents
Summary Creating legal documents is a central part of estate and end-of-life planning. Documents such as trusts are only valid if they are drawn up by a lawyer or attorney, and a lawyer’s involvement is recommended in the creation of other documents. This article explains which documents require or benefit from a lawyer’s involvement and […]
Communicating with an older adult about their wishes
Summary Caregivers who want to help a person create legal documents for end-of-life and estate planning must be able to find out what their wishes are. This article explains some tips for having those conversations and then describes the kinds of topics that need to be discussed for the main end-of-life and estate-planning legal documents. […]
Charitable trust
Summary A charitable trust is a type of trust that gives some of its assets to groups that the IRS defines as charitable organizations. This article describes the two main kinds of charitable trusts and then explains how they lower taxes and fees. What is a charitable trust? A charitable trust is a type of […]
Asset protection trust
Summary An asset protection trust is a type of trust that keeps creditors from being able to access a person’s assets, such as houses, money, or a business. This article explains how regular and Medicaid asset protection trusts work, with sample scenarios. It goes on to cover who should consider creating an asset protection trust […]
Gift trust
Summary A gift trust is a legal entity that allows a person or couple to give their children, grandchildren, or other loved ones gifts of money, property, and other assets through a trust, instead of giving the assets to them directly. This article explains what a gift trust is, how it works, and the limits […]