Jackson Estate Planning Attorneys
Jackson Estate Planning Attorneys is recognized as one of America's Most Trusted Estate Planning law firms. Our focus is helping families and individuals in Maine with their estate planning and asset protection. We'll craft an estate plan just for you using a will, trust, and power of attorney. For a free consultation about the estate planning process, contact Jackson Estate Planning Attorneys today. Visit
Jacksonestateplanning. Have you considered including a trust in your Estate Plan?
Clever move. Even if you've already begun preparing, or if you’re thinking of getting a will, trusts could provide an added layer of security for your children, loved ones, and legacy after you're gone. Setting up a Trust may be the best choice for you if you have assets worth more than $160,000, own a home, or have dependents, but where do you begin? Jacksonestateplanning. Dying intestate can be very problematic for those that you will be leaving behind.
When a person dies without a will, state laws governing the distribution of estates will take over, which may significantly differ from what you would have wanted. Similarly, a will that clearly outlines your wishes for property distribution can reduce family disagreements during a very emotionally stressful and challenging period. As such, you must make a last will as soon as possible. Maine Special Needs Trust Attorneys. Estate Planning Attorneys South Portland, ME. Preparing Your Inheritance with Wills, Trusts, and Probates. In very rare cases, the state will not be able to find a relative at all.
This is very rare because the state will try as much as possible to find kin to transfer the estate assets to, even if it means transferring it to a long-lost cousin many times removed. Estate Planning Lawyers. Common questions of estate planning with Jackson Estate Planning Attorneys. Estate planning law can be quite complicated.
Unless you have previously experienced going through an actual proceeding related to will or trust and estate planning, such can be overwhelming. It is not uncommon for a first-time reader on such statutory matters to get confused with all the legal terms. What do trusts, executor, or guardianship mean in this context? Relevant state law, particularly those covering the legal process of setting up a last will and testament, can be a handful to understand. What makes this topic even more difficult is the preconceived notion that wills are simply writing down one's wishes. Why a Reliable Estate Attorney is Crucial When Dealing with Wills and Probate.
By Darin Swayne • 04 Sep, 2020 •
Maine Estate Lawyers. South Portland Maine Asset Protection Lawyers. Overview on Wills and Probate- Jackson Estate Planning Attorneys. By Darin Swayne • 04 Sep, 2020 • If you are planning to put up a trust, your intent and where you want your assets to be protected from will determine whether you need a revocable living trust or an irrevocable trust.
While revocable trusts can protect grantors’ estates from going through the probate process, irrevocable trusts protect from creditors collecting for debt. This article provides an overview of how both kinds of trusts can offer different types of protection for your properties. South Portland Estate Planning Attorneys. Does Revocable and Irrevocable Trusts Can Protect Your Assets? South Portland Probate Attorneys. Elder Law Attorney. The estate planning process is essential for seniors.
Even if you don’t have many assets, establishing an estate plan can ensure that when you pass, your family won’t be burdened with a complex legal situation. For seniors, the estate planning process can involve many different subjects, including: Writing and executing a willCreating a trustPlanning the succession of your businessEnsuring your property stays in the familyManaging your healthcare and end-of-life care decisionsPlanning your medicaid and MaineCare Optimizing your social security and disability benefitsChoosing beneficiaries of your retirement accounts and life insurance policyDealing with problems with an assisted living residenceFighting back against elder abuse and undue influence in the estate planning processArranging your funeral and burial.
Jackson Estate Planning Attorneys .png. Jackson Estate Planning Attorneys. All about Special Needs Trust. You can bequest funds and other assets to your loved one with special needs, but doing so might disqualify them from important benefits under the Medicaid program and Supplemental Security Income or SSI program.
These public monetary benefits, however, only suffice for basic needs such as food, clothing, and shelter. They don’t bode for a better quality of life, which is naturally what you would wish for your loved one. The government has recognized this desire and has come up with rules that allow assets to be held in a special needs or supplemental needs trust for SSI benefits or Medicaid benefits recipients, provided that their requirements are met. Ways to Avoid Going to Probate Court. Avoiding probate addresses the problem of having properties tied for months and lets you save up money that would have gone to probate fees or court costs.
Although most people would do this by establishing a living trust, there are many more estate plan options to consider. You would want to pass on your legacy to family members and heirs without the hassle of an executor going to court and proving the validity of a testator’s will. Avoid Estate Planning Mistakes With These Seven Best Practices. Estate planning should be considered by everyone since each one of us has things that we value such as our home, a car, or savings in the bank.
What You Need to Know about Living Wills. It’s important for people to think ahead and have their wills prepared in order to have their affairs in order when they pass away; however, it’s just as important to spend time on end of life planning by drafting living wills. These, in effect, are advance health care directives that will make sure their wishes for their end-of-life care are carried out. Advance care planning involves preparing directives to remove the burden of stressful decision-making from loved ones in case of grave illness or accident.
It also lowers the odds of disagreement or confusion occurring. If you want to somehow still be in charge of yourself in such a time when you’ve become incapacitated to make your own decisions, take the time to prepare an advance health care directive. You can detail your choices for whatever end of life issues that may arise, including hospice and palliative care.