Trusts are legal entities that own assets, and all trusts are not alike. They are created by a written trust document with certain provisions that can vary from trust to trust.
Whenever you open a financial account, you’re almost always asked to name a beneficiary. Simply stated, a beneficiary of the account is someone who is entitled to the benefits of the account, typically, on the death of the account holder. If you’ve purchased life insurance, for example, you name a beneficiary who receives the benefits of the policy when you pass.
A transfer occurs anytime you sell, trade, or give away money or property. Sometimes a transfer is for fair value, such as when you trade in your car or buy groceries. Sometimes, though, you make a transfer without expecting anything in return – like a birthday or Christmas gift. This is called a disallowed transfer, and it means you will not be eligible for Medicaid for a certain period of time called the penalty period. [Read More]
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By Ethan Huizenga
Thursday, September 5, 2024
10:00 AM – 12:00 Noon
