Monthly Archives: May 2018

What Is A Qualified Income Trust (QIT)?

If an individual’s income is over the limit to qualify for Medicaid long-term care services (including nursing home care), a Qualified Income Trust (QIT) allows an individual to become eligible by placing income into an account each month that the individual needs Medicaid. The QIT involves a written agreement, establishing a special account, and making [...]

By | 2018-06-27T02:54:12+00:00 May 28th, 2018|

What Are Probate Assets?

Probate administration applies only to probate assets. Probate assets are those assets that were owned in the decedent’s sole name at death, or that were owned by the decedent and one or more co-owners and lacked a provision for automatic succession of ownership at death. For example: A bank account or investment account in the [...]

By | 2018-06-27T02:31:15+00:00 May 22nd, 2018|

The Difference Between Medicare and Medicaid

Medicare and Medicaid are both designed to help disabled citizens and seniors address health-care expenses, but there are significant differences between them:   Medicare is the federal health insurance program for people who are 65 or older, certain younger people with disabilities, and people with End-Stage Renal Disease (permanent kidney failure requiring dialysis or a [...]

By | 2018-06-27T02:55:10+00:00 May 16th, 2018|

Whom Will The Court Appoint To Serve As Personal Representative?

If the decedent had a valid will, the judge will appoint the person or institution named by the decedent in that will to serve as personal representative, as long as the named person or bank or trust company is legally qualified to serve. If the decedent did not have a valid will, the surviving spouse [...]

By | 2018-06-27T02:29:57+00:00 May 15th, 2018|

What Is A Trust?

A trust is a fiduciary relationship where a trustee is tasked with investing, protecting and managing property as well as the income that the property generates for a beneficiary. There can be more than one trustee and more than one beneficiary in a trust. The intent of the grantor, as expressed in the terms of [...]

By | 2018-06-27T02:17:48+00:00 May 7th, 2018|

What Are The Estate’s Obligations To Estate Creditors?

One of the primary purposes of probate is to ensure that the decedent’s debts are paid in an orderly fashion. The personal representative must use diligent efforts to give actual notice of the probate proceeding to ‘known or reasonably ascertainable’ creditors. This gives the creditors an opportunity to file claims in the decedent’s probate estate, [...]

By | 2018-06-27T02:28:30+00:00 May 7th, 2018|

Is A Trust A Substitute For A Will?

No, in most situations. A trust may be used in addition to a will. This is because a trust can handle only the property that has been put into it. Any property of yours that is not placed in the trust either during life or at death in most instances escapes the control of the [...]

By | 2018-06-27T02:26:27+00:00 May 1st, 2018|