Estate planning is something everyone should do, but a few questions may be stopping some people from protecting their needs in the future. Our New Jersey team at Kridel Law Group wants to help you get the answers you are looking for here, for some of these common questions you may have:
What Is An Inter Vivos Trust?
An inter vivos trust, or a living trust, is a type of trust that can either be revocable or irrevocable. They can help you avoid probate, manage and protect your assets, avoid taxes and protect your privacy. You also can have a more direct influence in the outcome of this type of trust.
What Is A Spendthrift Trusts?
This type of trust allows the grantor (the person who made the trust) to regulate how the beneficiary spends the contents of the trust. This trust option does not allow an heir to use the interest from the trust as collateral for loans, limiting the amount of money an heir can get from the trust. Grantors often choose this option for heirs with substance abuse or other addiction problems.
What Is A Fraudulent Conveyance?
This is the illegal method of transferring property to another party by using a bankruptcy trustee. The main goal of this type of transference is to put assets beyond the reach of creditors, and it can result in severe consequences for everyone involved.
What Is The Medicaid Look-Back Period?
The look-back period in a Medicaid application refers to the five years of financial records that the government uses to determine the arrangement of Medicaid. Only the money in this period of time is considered when determining factors like nursing home care.
How Can I Properly Prepare For My Future?
If you do not have an estate plan in place, or you have not updated your plan in some time, contact our Clifton office today by emailing us here or calling 973-470-0800. We can help you get the answers you need and develop a custom-tailored plan that suits your individual needs.