INSURANCE – LONG-TERM CARE – UNDESIRABLE POLICY OPTIONS Long-term care insurance can provide peace of mind to those who are concerned about how they will finance long-term care, if needed. It can also provide significant financial assistance to buyers. However, some policy terms can negate many of the benefits of coverage. It is critical that…

ASSISTED CARE FACILITIES FOR ELDERLY INDIVIDUALS An assisted care facility is a facility for elderly people that provides housing with assistance to the elder person. In this environment an individual has an apartment-type area to reside in. The assisted living environment provides both an independent atmosphere for the elder person along with assistance when needed….

TRUSTS, PUBLIC AND PRIVATE – I Trusts, Public and Private – I An express trust is either public or private. A public trust, also known as a charitable trust, is an express trust created for a charitable purpose. If an express trust is not a charitable trust, it is deemed to be a private trust….

TRUST ELEMENTS – BENEFICIARY Trust Elements – Beneficiary A trust has five main elements. First, a settlor transfers some or all of his or her property. Second, the property transferred by the settlor is designated trust property. Third, the trust property designated by the settlor is transferred with the settlor’s intent that it be managed…

PROBATE — OVERVIEW In a civilized society, a legal mechanism for dealing with a deceased person’s property is essential. Think of the chaos that would result if, when someone died, the law allowed anyone free access to take all or any part of the deceased person’s property on a “first come” basis. Instead, we have…

DISTRIBUTION PROVISIONS Spray Provisions A very common and valuable provision seen in most family trusts and invariably in dynasty trusts is the spray or sprinkle provision. Where there is more than one beneficiary, this provision allows the trustee to distribute (spray) the income and/or principal among the beneficiaries in varying proportions as the trustee feels…

Codicils In Latin, the word “codicil” means “little will. A codicil is a formal document that amends the provisions of a will. The amendments may change, modify, or supplement the provisions of a will. Codicil Requirements A codicil must be executed with the same formalities of a will. Unlike a will, however, a codicil need…

Trust & Estate Resources Codicils In Latin, the word “codicil” means “little will. A codicil is a formal document that amends the provisions of a will. The amendments may change, modify, or supplement the provisions of a will. Distribution Provisions A very common and valuable provision seen in most family trusts and invariably in dynasty…