As complicated as life can be, reconciling an estate after our death can be a tremendous task for surviving loved ones. Even if a person dies leaving a Last Will and Testament (“Will”) that names an executor to oversee the disposition of an estate, assets that are owned in individual name without a beneficiary designation need to go through a legal process called “probate” which is overseen by a court. Establishing a living trust during life can help heirs avoid a lengthy and sometimes costly probate process. Trusts created during life have several advantages, including consolidating and retitling assets during life so everything is under one umbrella (the trust) and then naming individuals to manage both the assets and the plan for distribution after death. Also, while probate details are available to the public and controlled by a court process, a living trust ensures privacy for you and your heirs while ensuring specific estate planning wishes are followed.
A “Revocable Trust” is a planning tool that allows the person creating the trust (the “grantor”) to avoid probate by titling assets in the name of a trustee. A trustee is the legal owner of all of the trust assets – so on the books, ownership is changing hands. Most individual grantors who create a Revocable Trust also serve as the trustee during life so they continue to manage all their own trust assets. The trust document itself names successor trustees, persons who step in to manage trust assets after the grantor’s death or incapacity. For many, this raises questions: How do the roles of a successor trustee and executor differ? If I name a successor trustee, do I also need an executor? How do ensure I avoid probate if I create a Trust? Can they be the same person?
The Centers for Medicare and Medicaid Services (“CMS”) is the federal agency that oversees the Medicare and Medicaid programs. On March 13, 2020, CMS made a number of rule changes that should help streamline the Medicare system for beneficiaries who need to access Medicare benefits during the COVID-19 outbreak. One element of the CMS rule changes will improve Medicare beneficiaries’ access to Medicare Skilled Nursing Facility (“SNF”) services.
As a parent, discovering your baby has special needs can be overwhelming. Perhaps it was something you expected because of prenatal testing or birth trauma, or maybe your baby’s disability or diagnosis was discovered because of developmental delays. Either way, it can feel like you’ve been thrust into an advanced parenting class with no preparation. Where do you possibly begin to help your child take on the challenges ahead? Here are a few suggestions.