In 2012, Illinois froze its rates for spouses of individuals who receive Medicaid-funded, long-term care at $2,739 per month, so those spouses are not receiving an annual bump in the calculation of potential Maximum Monthly Maintenance Needs Allowance (MMMNA). The...
🤔 Should you list your minor children on your life insurance policy? . If you want to make sure your kids are covered through your life insurance, listing them as a beneficiary is not what we typically recommend. Why? . Because they get all the money in one big sum...
BEFORE you see an estate planning attorney, DO THIS FIRST: . Make your inventory list. 📃 . Include all of your assets, both physical and non-physical properties that you own. . Here’s a good starting point: . 🔸 Art 🔸 Jewelry 🔸 Cash 🔸 Real estate 🔸 Bank accounts...
🤔 How do you know what’s in your trust fund already? . Here’s a little trick: . Just look at the name on the asset. . Is YOUR name on the asset, or is the TRUST’S name on the asset? . Because if your name is still on it, then you can be certain that it’s not in the...
⚠️ WARNING: Challenging a will is not cheap, AND it takes a long time. John Lennon’s first son, Julian, is a prime example of this: It took Julian 16 years of battling his father’s will, and he finally settled. What happened? John Lennon did set up a trust for his...
You can’t close it if assets are still in it. THIS IS NOT A DO IT YOURSELF PROJECT. YOU NEED AN ATTORNEY TO DO IT RIGHT! First things first, make sure all of the assets are distributed and out of the trust. Next, let the beneficiaries know you are going to close...
Farrah Fawcett loved her son. . But she didn’t give her son her entire $4.5 million inheritance all at once. 😲 . Wait, what? . That’s right - because she loved him, she planned her trust to the extreme care to make sure her son would be taken care of. . 👍 And that...
Short answer: No, unless you were in joint debt. In other words, if your parents had $20,000 of credit card debt and your name was also on that account, then yes, you would have to continue paying that debt. Creditors can also go after your parents’ estate via...
We love our pets but how do we provide for them. We are awarding 🏅 the late Leona Helmsley for the most unusual pet trust in history: . In her will, she left $12 MILLION for her 9-year-old Maltese, Trouble. . And if that wasn’t strange enough… . Trouble got death and...
(Trustee = someone who manages the trust. Beneficiary = someone who receives the assets in the trust.) Short answer: Yes, you can. .It’s pretty common, actually, especially with spouses. In a family trust that the married couple made, the surviving spouse is usually...
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