Who Can Set Up the ABLE Account?

ABLE accounts, new tax-free saving accounts for people with disabilities, hold great promise for special needs planning. But among the many questions surrounding ABLE plans is who can open accounts?  Only the person with a disability? Parents?  Other r …


Estate Planning Mistake: You Have a Revocable Living Trust … BUT You Have Not Funded It!

A revocable living trust is often used as a substitute for a last will and testament.  Among other things, a living trust is a great way to make sure your family does not have to go through the probate process and get bogged down in the court system af …


Advantages and Disadvantages of Creating a Testamentary Trust

A testamentary trust is established through your last will and testament. Unlike other trusts, a testamentary trust often does not have a separate trust document. The terms and conditions of the trust are generally found directly in the will. However, …


Why Estate Planning is Easy but Legacy Planning is Hard

Death is finite and unavoidable, so to some it is easy. One moment you are alive and the next you are no more. Planning for that inevitable moment for a person is the job of estate planning attorneys and financial advisors, with the appropriate documen …


What Happens If Your Children Are Given Control of Your Estate Before You’re Ready?

You may have set up a trust or another estate planning tool to help provide for your children. However, what happens when your children have access to that trust sooner than you intended? Or what can you do if your children are not using the trust as y …


How to Handle Sibling Disputes Over a Power of Attorney

A power of attorney is one of the most important estate planning documents, but when one sibling is named in a power of attorney, there is the potential for disputes with other siblings. No matter which side you are on, it is important to know your rig …


5 Ways You Know You Need a Guardianship for Mom (or Dad)

Many adult children see that once their parents reach a certain age, their roles may reverse. The child may be taking care of the parent more and more. But when does the child know that it is time to take the drastic step of establishing a guardianship …


What Every Spouse Needs to Know About Inheriting IRAs

Inheriting an individual retirement account (IRA) can have some unforeseen pitfalls, and a few of the potential mistakes (and steps to avoid them) depend on if the beneficiary is a surviving spouse or another type of beneficiary. There are several solu …


4 Common Mistakes to Avoid During the Medicaid Planning Process

Most of us will eventually require nursing home care, and with a semi-private room in a Jacksonville nursing home costing an average of $252 per day, your savings can be quickly depleted to cover necessary care. To make matters even more difficult fina …


How Is Elder Law Different from Estate Planning?

The difference between elder law and estate planning is not well-understood. Although both areas address your changing personal and financial needs as your life unfolds, there is an important distinction between them: the goal of elder law is to preser …