FAQs

Answers to Your Frequently Answered Questions


Estate Planning

  • What is estate planning?
  • Why is it important to establish an estate plan?
  • What does my estate include?
  • How do I name a guardian for my children?
  • What estate planning documents should I have?

Special Needs Planning

  • What is the purpose of a Special Needs Trust?
  • When should a Special Needs Trust be established?
  • Who can establish a Special Needs Trust?
  • Our family is wealthy. Do we still need to create a Special Needs Trust?

Living Trusts

  • What is Probate and why does everyone want to avoid it?
  • What is a Revocable Living Trust?
  • What are the advantages of having a Living Trust?
  • Will I lose any control over my property if I create a Revocable Living Trust?
  • Do I have to transfer all my assets to my Living Trust?
  • If I transfer title to real property to my Living Trust can the bank accelerate my mortgage?

Elder Law

  • What is long-term care insurance and is it really necessary?
  • What is Medicaid Planning and what does it involve?
  • Doesn’t Medicare provide coverage for long term care?
  • Is Medicaid Planning legal?
  • How long will it take to become eligible for Medicaid?
  • Can my children take money out of our joint account without affecting my eligibility?
  • What are some criteria to look for when selecting a nursing home?
  • Should I wait until I need Medicaid benefits before I see an elder law attorney?

Estate Taxes

  • Will my estate be subject to death taxes?
  • What is my taxable estate?
  • What is the unlimited marital deduction?
  • What is a Credit Shelter or A/B Trust and how does it work?
  • What is a Qualified Personal Residence Trust (QPRT) and how does it work?
  • What is an Irrevocable Life Insurance Trust and how does it work?
  • What is a Family Limited Partnership and how does it work?

Planning for Incapacity

  • What is a Durable Power of Attorney?
  • Who can establish a Power of Attorney?
  • Who may act as an agent under a Power of Attorney?
  • What is a Durable Power of Attorney for Health Care?
  • What is a “Living Will”?
  • What is a HIPAA Authorization?