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  • What Does Per Stirpes Mean In Estate Planning?

    What Does Per Stirpes Mean In Estate Planning?

    A way to distribute assets from an estate “by representation” so that the living members of the generation closest to the person who died will receive the distributions. 

    Example: If you have 3 children and 2 grandchildren, your assets would pass equally to your 3 children provided they are all living at your death 1/3 to each and nothing to your grandkids.  If a child, the parent of your 2 grandchildren dies before you, then those 2 grandchildren would share the amount their parent would have received.  Thus, your 2 surviving children would each receive a 1/3 share of your estate and your 2 grandchildren would split the remaining 1/3 of your estate.

  • What Does Per Capita Mean In Estate Planning?

    What Does Per Capita Mean In Estate Planning?

    A way to distribute assets from an estate “by total headcount” so that all of your descendants/issue will receive distributions regardless of their generation.  

    Example:  If you have 3 children and 2 grandchildren, all of them would share your estate equally and receive 1/5 of your estate at death.

  • What Does Payable On Death Account and Totten Trust Mean In Estate Planning?

    What Does Payable On Death Account and Totten Trust Mean In Estate Planning?

    A bank account that will automatically transfer to a named beneficiary.  This is often, but not always, designated by a “TOD” (transfer on death), “ITF” (in trust for), “ATF” (as trustee for), or “POD” (payable on death) in the title of the account.  These accounts will pass outside of a will and other estate planning documents.  Beware: If you add someone to an account to help you manage your financial affairs, that account will automatically transfer to them at your death.  This will happen whether you intended it to or not.

  • What Does Minor Mean In Regards To Estate Planning?

    What Does Minor Mean In Regards To Estate Planning?

    A person under the legal age of an adult.  This varies by state law, but is generally either 18 or 21.

  • What Does Medicare Mean In Regards To Estate Planning?

    What Does Medicare Mean In Regards To Estate Planning?

    A federally funded health care program primarily for Americans over age sixty-five (65) who are covered by social security.

  • What Does Medicaid Payback Mean In Estate Planning?

    What Does Medicaid Payback Mean In Estate Planning?

    A federal law, administered at the state level, which requires Medicaid recipients age fifty-five (55) or older to reimburse the government for the costs of their medical care.

  • What Does Medicaid Mean In Regards To Estate Planning?

    What Does Medicaid Mean In Regards To Estate Planning?

    A federally-funded health care program covering minor children and the poor.  Eligibility is determined through income and asset restrictions.

  • What Are Living Wills In Estate Planning?

    What Are Living Wills In Estate Planning?

    This is consider the “pull the plug document”.  Despite the word “will” being here, this document comes into effect before death when a doctor declares there is “no hope” and that the injury or illness is terminal.  This document solely addresses what life-sustaining procedures are desired when this medical determination is made.  This document will often 
    discuss organ donation if desired.

  • What Does Life Estate Mean In Estate Planning?

    What Does Life Estate Mean In Estate Planning?

    Often used with real estate, this gives one or more people the right to live on and maintain property for the duration of their lives and provides for transfer of this property automatically to a new owner or owners one the life estate individual/s pass away.  This property would transfer outside of probate.

  • What Are Letters Testamentary and Letters of Administration In Estate Planning?

    What Does Assigns Mean In Estate Planning?

    The official appointment of the personal representative/executor to probate the estate.  Generally, letters testamentary are issued 
    when there is a will and letters of administration are issued when there is no will.