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March 2017 Archives

3 reasons to consider a trust in your estate planning

Trusts are often one of the most misunderstood elements of the estate planning process. Many people assume trusts are just a fancier form of a will, but trusts don't usually replace a will and they are used to meet different goals in the estate planning process. Here are three reasons you might want to consider a trust.

Remarriage may mean revisiting estate plans

These days, many individuals consider marrying more than once a relatively common occurrence. You may have had one marriage end in divorce only to later find a new love and tie the knot once again. While second or additional marriages can often bring a new sense of happiness to a person's life, you may want to consider how remarrying could potentially affect your estate plans.

3 ways to protect your assets while dealing with Medicaid

In the later years of your life, health care can be a demanding and necessary expense. No matter how well you've saved for retirement, a long-term stay in a hospital or nursing home in late life can wipe away years of hard work if you haven't planned appropriately. Luckily, there are ways to leverage options such as Medicaid without leaving yourself or your spouse bereft. Here's an overview of some ways that you can qualify for Medicaid benefits to help with late-life health care without sacrificing everything else.

Prince heirs in legal battle with new estate administrators

Since Prince passed away in earlier 2016, his potential heirs have repeatedly been at odds with estate administrators. They claimed that the first organization put in charge of the pop star's estate -- the Bremer Trust -- failed to handle certain matters with due diligence. Earlier in 2017, the courts removed the estate from Bremer and passed control of it to Comerica. The heirs, it seems, are still not happy.

Are trusts divorce-proof?

It's not uncommon for individuals to use trusts to shelter assets from a spouse should divorce occur. In some cases, trusts might be used to protect your own assets from the marriage, especially in situations where people are marrying later and both parties have already built up substantial assets or businesses. Perhaps even more commonly, individuals might use trusts to leave wealth to adult children while protecting it from the adult child's spouse.

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